5 Tricks To Lower Your Home Insurance Premiums

When buying a home, home insurance should be factored into the cost. Home insurance covers things like damage, theft, and more. In order to reduce home insurance premiums, there are certain things that can be done. The five following tricks can save you a load of money on your home insurance premium. 

1. Make Automatic Payments

The method you use to pay your home insurance is important because it can save you money. Many insurance companies consider automatic payments to be a safer way to collect payments. It shows good faith. Using the automatic withdrawal feature of your home insurance website has the potential to get you a small discount.

2. Raise Your Deductible

Before your insurance pays a claim, there is a set amount of money you must pay before your insurance pays their first dollar. The recommended amount for a deductible is, at minimum, $500. If you raise it to a higher amount, you can qualify for a discount on your premium due to the reduction of risk for the insurance company.

3. Bundle Your Insurance Policies

If you have a car, jewelry, or other insurable possessions, look into combining those insurances with your home insurance. Quote the insurances both together and separately. If the combined price is lower than the individual price, you should bundle them.

4. Increase the Safety of Your Home

Making your home safe is another trick to lower your insurance premium. The less risk associated with your home, the more money that will be discounted. 

• Install storm shutters: Keeping your home safe from storms like major hurricanes are a great way to reduce your premium.
• Secure your doors and windows with dead bolts and strong locks: This will reduce the risk of burglary that is covered by some insurances.
• Install a security system, smoke detector, and fire alarm: Make sure the security system has contact with local authorities. 
• Replace your roof: An old or decayed roof holds high risk of leaks, lost shingles, and damage inside and outside the home. A new roof reduces this risk, lowering your premium.

5. Monitor Your Credit Score

Insurance companies use credit information when considering the amount of your insurance premium. The best way to help your premium is to take good care of your credit score. In order to be in good standing credit-wise, pay your bills by the due date, only get credit you need, and keep balances minimal. Also, check your score regularly and correct any inaccuracies. 

Home insurance is a costly but necessary expense. Be sure to implement the above five tricks to ensure a fairly priced home insurance premium, leaving extra pennies in your pocket. For more information, contact a local insurance company like The Selzer Company.