Six Surefire Ways to Lower Homeowners Insurance Rates
It’s no secret that buying a home is a financial commitment for years to come. It’s rewarding, though, to choose a home, come to love it, put work into it and make memories there. The investment is worth it.
When times are tough money-wise, it’s smart to think about ways you can save when it comes to your home. Starting with saving a few bucks on your homeowners insurance is a great first step.
So, what are some sure-fire methods to cut costs in that area?
Raise your deductible: The deductible, as with any other type of insurance, is the money you’re required to put forth in the event of a loss before your insurance provider will contribute. If you can afford to raise your deductible, you could save up to 25 percent on your payments. The average homeowner makes a claim only once every nine years. It’s suggested to set your deductible at $500, but if you can realistically double that, do it!
Maintain good credit: Your credit rating determines a great deal for you: what type of car you’re approved to buy, if you’ll be able to take out that loan you need, and insurance rates you’re offered, to name a few. Stay on top of your credit score -check it often, pay on time and don’t buy more on credit than you need to.
Hazard-proof your home: Consider the area that you live in. In Alabama, you probably won’t get much hail or earthquake related damage to your home. Hurricanes and tornadoes occur more often, and they can wreak havoc on the structure of your house or the trees around it. Getting storm shutters installed or fortifying your roof with more durable materials may lower the cost of your insurance.
Clean house: If you have additional structures on your property that aren’t in use, such as a detached garage or shed, then you’re paying for them in your insurance policy. If you’re not using the structure, consider having it removed. Another plus side: more yard space!
Bundle: Most insurance companies offer bundling. If yours offers a discount for buying home and car insurance from the same provider, review the options to ensure that they have everything you need, and bundle up!
Replace appliances: Plumbing, heating and electrical appliances become more risky for an insurance provider the older they get. Why? Older systems are more likely to cause fire or water damage. If your appliances are more than ten years old, consider replacing them.
If you have any questions regarding homeowners insurance, our team is happy to answer them! Please click here to contact the Sargent McDonald team today. We’re happy to help in any way that we can for all of your home buying needs.