Homeowner’s insurance is very important. It’s your safety net in case something bad happens. Although that safety net is needed, you also need to be able to support your family. If you are struggling to pay your homeowner’s insurance rates every month, following these five steps could reduce your rates:
Multi-Policy Discounts
Most insurance companies want to ensure that you are using them for all of your insurance needs. By insuring your car through the company that insures your home, you will receive a multi-policy discount. If you are looking for an even bigger multi-policy discount, some companies also provide life insurance and health insurance policies.
Higher Deductibles
Your deductible could be another reason for higher insurance rates. By raising your deductible, you can lower your monthly premium. Since homeowner’s insurance is typically used for larger claims, a higher deductible shouldn’t bet hard to meet if an accident occurs.
Home Security
Keeping your family safe is a top priority for you. It is also important to your insurance company. Homeowner’s insurance covers break-ins; naturally, companies want to avoid them at all costs. By installing a security system, such as ADT, your insurance rates will go down. In addition to installing a security system, you should also check all your doors and windows. Make sure that you have a sturdy frame in order to prevent break-ins. Dead bolts and window locks should also be installed as well as fire alarms.
Home Improvements
In some cases, home improvements can lower you insurance rates. However, making improvements to a new home probably won’t affect your rates like it would if you were improving an older home. Older homes are likely to be more hazardous if not improved because of the wiring and such.
Possessions
Possessions are very important, and they need to be protected. However, they depreciate in value over time. When trying to lower insurance rates, it is important to re-evaluate the value of our possessions every year. A computer that is worth $700 this year won’t be worth that next year. By lowering the values of your possessions when necessary, you can lower your insurance rates.
With the foreclosure rates in this economically difficult time, it’s important to keep homeowner’s insurance rates as low as possible. By following these five steps, you can protect your family and lower your rates at the same time.
