Your home is possibly your most valuable asset and you should protect it as such. Still, no one should be over paying for insurance. Here are 6 things you should do to ensure you get the best rate on your homeowner’s insurance:
- Improve your credit. Just like with auto insurance, insurers use your credit information to price your homeowner’s policy. Pay down as much debt as possible, keep up to date on all your loan and credit card payments, and check your credit report regularly to dispute any errors.
- Increase your deductible. Average deductibles are around $500 to $1,000. Increasing the amount of your deductible may help you save on your premium. Whatever amount you decide to raise your deductible to, make sure you have enough savings to cover the potential expense.
- Invest in security and safety features. Installing smoke detectors, burglar alarms, or dead-bolt locks may qualify you for discounts with your insurer. Similarly, updating plumbing and electrical systems, or installing storm shutters and impact-resistant roofing may also qualify your home for additional discounts.
- Review your policy and valuables. Once a year, you should review your policy as well as your belongings and how much they are worth. If you recently sold any jewelry or other valuable for example, you could cancel the part of your insurance that covered those valuables.
- Check for other discounts. Depending on your insurer, you may qualify for additional discounts such as being a long time loyal customer, automatic payments, or clean claims history. You may also qualify for discounts thru your employer or professional association.
- Shop around. As with any else, the best way to make sure you are getting the best deal is to shop around and compare. Don’t settle for the first insurance company you come across. Ask friends and family for referrals, and request quotes from at least 3 insurers.
When shopping for homeowners insurance don’t focus solely on price. Make sure the company you choose is reputable, and offers exceptional service.
Looking for a competitive homeowner’s insurance rate? Contact one of our agents.