Your homeowner’s insurance is there to help you in case anything goes wrong in your home. That being said, 5.3% of homeowners filed an insurance claim in 2016, according to ISO. Insurance claims can raise your rates, unfortunately.
And while there are countless ways to raise your insurance premiums, most people have no clue how they can lower their homeowner’s insurance rates.
There are some things you can do to bring your rates back down, though.
Raise your deductible
Your deductible is the amount of money you will have to pay towards a loss before your insurance company will start to pay for the claim according to the terms on your policy. If you can afford to, you should raise your deductible. You can save as much as 25% on your premiums because the higher your deductible, the more money you can save.
Bundle your home and auto insurance
You can’t go without home insurance, and you can’t go without car insurance. The good news is that you can get those insurance policies from the same company and save some money. If you bundle your homeowner’s policy with your auto and liability coverage, it will take 5% to 15% off of your premium.
When your insurance policy is up for renewal, consider bundling the policies within a single company that offers better combined rates.
Improve your home security
If someone breaks into your home, you’ll often have to file an insurance claim, and your rates are likely to go up. However, if you can install a burglar alarm or a more sophisticated home security system that contacts the police, your insurance policy should go down. You can get a discount of 2% to 6% with a functioning residential security system installed on the premises.
Get a generator
Finally, you can get a generator for your home to help bring down your insurance rates. A working generator help ensures that your home’s systems and appliances that rely on electricity to function will continue to operate during a power outage. This means your home won’t flood because your sump pump isn’t running, your refrigerator will still work, etc. Depending on your insurance company, you can get a discount of 4% to 10% on your policy.
If you want to lower your homeowner’s insurance, try some of these simple tricks. You can also call your insurance company and see if they are offering any discounts or if there’s anything else you can do to bring your rates down. Many homeowner’s insurance companies offer discounts for veterans and other special groups, but you won’t know for sure unless you take the time to find out.
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