As a homeowner, it is essential that you have him insurance to protect you, your family and your assets. While it is a necessary expense, you don’t need to pay excessive bills every month. With some research and action, you can reduce you bill to help make it more affordable for your budget and your lifestyle. Here are 5 easy and effective ways to reduce your homeowners insurance bill each month.
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First, never settle for continuously paying your current rate. If the cost is out of control and unfeasible for you, you can do something about it! Even if you currently have homeowner’s insurance there is nothing stating that you cannot switch to another plan or another company. Making a few quick phone calls can make a big difference, allowing you to switch to a company who will offer a competitive rate and be more flexible than the company you are currently working with.
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Invest in installing a home security system. Showing your insurance company that you are actively taking measures to protect your home and reduce your likelihood of filing a claim, allows them to feel more confident in you as a customer. This will often convince them to lower your monthly rate as compensation for your proactive measures. Some companies will even lower your rate by 5% or more since they know your risk of burglary is significantly decreased.
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Increase your deductible. The deductible is the amount you are required to pay for any insurance issues before the insurance will kick in. the higher the deductible, the less your rates will be, since they know you will cover smaller issues before filing a claim through the insurance company. Make sure you increase your deductible, but keep it at a price that you can realistically afford to pay in case of an emergency without wiping out your savings.
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If you are buying a home, be sure to ask the realtor or owner for a copy of the home’s claim history. If a home has experience consistent damages such as water damage and flooding several times, insurance companies will know this and this fact, even though it had nothing to do with you, could spike your insurance rates up as high as 300%! Always know before purchasing so that you can save yourself from an insurance nightmare and crazy expenses each month.
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Assess the value of the possessions in your home. The more accurate the detailed your estimate, the easier it will be for you to have a real, concrete discussion with your insurance agent. This will ensure that you get the proper amount of coverage needed in case of an emergency based on your actual belongings.
If your home insurance rate is getting out of control, you can do something about it. Take matters into you own hands and take initiative to lower the cost and the burden. Be sure to shop around with other companies such as Pronto Insurance Franchise, install a home security system, increase your deductible, get a record of a home’s insurance claim history before buying, and assess the value of your home’s possessions. Employing these tips will save you money right away, helping ease the strain on your wallet, and providing you with peace of mind.