Hello friends and welcome back to my Home Ownership 101 Series. Today’s topic is about how home insurance. If you are a home owner you may have quickly purchased home owner’s insurance around the time of buying your home since it was a requirement from your lender. However if you didn’t take the time to shop around, you may not be getting the best rate. Also you might not be aware that there are some ways that you can actually lower your rate with your existing insurance company. Today I am sharing some tips on how to save money on home insurance. *This post contains affiliate links.
Obtaining home insurance is an important part of owning a home. While houses nowadays are built to be more sturdy than houses made out of sticks and mud, they aren’t indestructible. Having home insurance gives homeowners better peace of mind knowing that their home is protected.
While home insurance is necessary when buying a home, it doesn’t exactly come at a cheap cost. That doesn’t mean that you’ll be stuck shelling out huge sums of money every month for home insurance either. If you’re worried about how you can save money on your home insurance, look no further. Here are some ways to save money when purchasing home insurance.
Improve your credit score
Getting home insurance is great because you won’t feel so financially burdened as a homeowner should your home need significant repairs after an untoward incident. But at the end of the day, home insurance companies still run a business. While they are obligated to hold up their end of their deal, they still want to make sure that they mitigate the risks of someone filing a claim.
Part of their risk management and reduction strategies is looking at your credit score. Basically, the higher your credit score, the less you are deemed as a risk to them. So before you go shopping around for home insurance policies, make sure you find out your credit score and if necessary, rebuild your credit score. That way, your monthly premiums will be lower than if you had a lower credit score.
Install a few security features
Home insurance companies will also need to shell out some dollars when you make a theft-related claim. This is when getting a home insurance quote from Allstate and other insurance companies, certain discounts are provided to the homeowner if the home has been equipped with anti-theft devices.
Insurance companies do have a list of devices and features that will knock a few digits off your monthly premium, so before you spend more money installing every security system known to man, better check what your insurer recommends before making the move.
Disaster-proof your home
In the same vein that a more secure home leads to discounts on monthly premiums, insurance companies also provide additional discounts when a home is less likely to sustain serious damage from a fire, tornado, or even an earthquake.
Installing storm shutters, making your roof hail-resistant, and reinforcing your house’s frame to better withstand earthquakes are just some of the things you can do to save money on your home insurance policy. By making your home disaster-proof, this reduces the chances of you filing a claim, which makes the insurance provider happy, which they reward you for by giving you a lower premium.
Saving money on a home insurance policy is all about reducing the likelihood of a claim from occurring. While insurance agents will prescribe you with a policy that will best fit you and your home’s needs, they are simply providing you with a stock version of the package. Different insurance companies have more than one type of discount you might qualify for, so don’t hesitate to ask. You’d be surprised how many discounts you actually qualify for.
I hope you have found these tips on how to save on home owner’s insurance to be helpful. Hopefully you will never have to file at claim, but there is at least some peace of mind in having full coverage at the best rate possible.
Thanks for visiting today!