It’s a good idea to revisit your home insurance policy regularly and make sure that you’ve got the right amount of coverage. Even if you have the right amount of coverage, it might not be too late for savings.
Home insurance pricing is based on several factors, and one person’s policy may cost more or less than another’s. You could save money by switching companies or by adding certain features to your home. Not all discounts will apply to every homeowner, but the more ways you can save money, the better.
Lots Of Discounts Available
There are many discounts available for homeowners, but most people don’t know about them. We consulted with dozens of insurance experts to provide you with a guide. Not all of these discounts will apply to every homeowner, but the more ways you can save money, the better.
Use A Home Security System
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Raise Your Deductible
If you take on more risk under your home insurance policy, your insurer will charge less in premium. For example, if you increase your deductible, your insurance company will lower the cost of your policy. A higher deductible is especially helpful for homeowners who can’t afford monthly premiums.
Combine Policies With One Provider
Combining home insurance with other policies such as auto, life, or renters is a simple way to save money. Many insurance companies offer discounts of 10% or more if you buy two or more policies. Bundling your home and auto insurance with one insurer can save you up to 25 percent.
Packaged Policies Make Sense For Many Homeowners
If you have more than one vehicle, consider a multi-car policy. Most companies will offer a discount if you buy both from them. Jay Feinman, professor at Rutgers Law School, is the author of Delay, Deny Defend. “It makes sense to get a car and a home,” he says.
Know Your Homeowners Association’s Coverage Rules
Some homeowners’ associations (HOA) cover certain items such as roofs and siding, while others may be more stringent about what they cover. Not everyone lives in an HOA, but for those who do, it is important to understand the rules they have around coverage and deductibles.
Choose A Good Credit Score And Make It Better
Every good homeowner wants to make their house as secure as possible. But how, exactly? One way to do just that is to improve your credit score. Although having a perfect credit score is hard, it’s not impossible. And you don’t even have to be a homeowner in order to get some solid benefits.
Having a perfect credit score is hard, but it’s not impossible. A few smart moves could help boost your scores. Pay off old bills and don’t ditch them for cheaper alternatives. Take advantage of any discounts offered by your insurance provider when buying car insurance or homeowners insurance.
Ask About Discounts For Homes With Recent Renovations
If you’ve recently renovated your home, be sure to ask if your insurer offers discounts for homes with recent renovations. There are discounts for upgrading electrical, plumbing, and heating systems, as well as new roofs and siding. Keep in mind that contractors’ estimates typically don’t include the cost of materials or permits, so be sure to factor those into your budget.