Posted on: 22 August 2018
You want to make sure you take steps to keep your homeowner's insurance at a reasonable rate. By being proactive, you can make sure that you can afford your homeowner's insurance without breaking the bank.
#1 Check Your Deductible
Check and see what your deductible is. Your deductible is the amount that you have to pay if you file a claim before your insurance company will then pay for the damages. For example, if your roof was damaged in a hailstorm, and you have a deductible of $250 dollars and it will cost $5,000 to fix your roof, you have to pay $250 before your insurance company will cover the remaining $4,725 to fix your roof.
It may sound like a good deal to have a lower deductible. However, when you have a lower deductible, you end up paying more every month for your insurance, which can end up costing you more in the long run. If you want to lower your homeowner's insurance premium, increase your deductible. Be sure to set money aside so if you ever need to pay your deductible, you can.
#2 Check Your Credit Score
Check your credit score and make sure that it is accurate. Having a high credit score can actually help lower your insurance premium, which is why it is important to check your credit score and make sure that the information is accurate. If you find inaccurate information, work to get the information corrected.
You can also use the information from your credit report to improve your credit score. Improving your credit score can help lower your insurance rates over time, for both your home and your vehicle.
#3 Combine Insurance Coverage
Next, look into combining your insurance coverage. When you get multiple insurance policies from the same insurance provider, most insurance companies will give you a discount. You will pay less for each policy combine than you would be if you paid for each insurance policy separately. However, if you decide to combine coverage, always compare rates with different insurance companies to make sure that you are really getting the best deal; don't just assume it's a good deal. Compare getting your insurance coverage from different insurance companies, and the rate you would get from combining policies together with multiple insurance companies. This is the best way to figure out who offers the best deal for you.
If you want to keep your homeowner's insurance rate, see if you can afford a higher deductible. Check your credit score, make sure it's accurate, and take steps to improve it for long-term savings. Look into rates at different insurance companies, and see if keeping your policies separate or together is the best money-saving step for your family.
For more information, contact a company such as Bishop Insurance Agency.Share