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Ways to Save Money on Homeowners / Renters Insurance
Renting an apartment or home often requires you to have a renters insurance policy and if you own a home you are certainly aware of the need for good homeowners insurance coverage. You want to make sure that your property has coverage in the event of an emergency. For both renters and homeowners insurance policies, a few simple steps can help keep your monthly costs low.
Find a Reliable Insurer
While it may seem like a simple thing, making sure your insurer is reliable can go a long way. Do some research to be sure your insurance company is providing the coverage you need at a price that is competitive for your area. The internet is always the place to start but you’ll want to talk to an agent to be sure you’re getting exactly the coverage you need.
Reduce Your Risk
The more at risk your home or apartment is, the more money your insurer is going to charge to cover it. If you’re searching for a place to live, take care with where you decide to settle down, as the safety of your neighborhood is going to affect your insurance rate. Making sure you have proper safety equipment, such as smoke detectors, fire extinguishers, and security systems can also help lower the cost of coverage.
We mentioned it in our post about auto insurance, but we’ll say it again here: you’re going to want to shop around before you choose your homeowners/renters insurance policy. You shouldn’t just shop for price, but sometimes you can find comparable coverage at a lower cost just by selecting a different company. Talking with different agents also lets you get a feel for their customer service and how responsive they will be when you make a claim.
Adjust Your Deductible On Your Homeowners Insurance
Like any other insurance policy, you can adjust your deductible to change the amount you’ll pay out of pocket when you make a claim. You can adjust your deductible to lower your premium, though you need to make sure you are comfortable with paying the new out-of-pocket costs before you make any changes.
Consider Hiring a Broker
This one applies a little more to those trying to find a good homeowners insurance policy instead of renters insurance. A broker can do a lot for you, from comparing prices across companies to seeking discounts you may not know are an option. As a third party, the broker won’t use sales tactics in the same way an insurance representative might.
Bundle Your Policy
Many insurance companies don’t just provide one type of coverage; they often do several, and they want your business in as many areas as possible. Because of this, insurance companies tend to offer discounted rates if you take out more than one policy with them. Look into what’s available and see what discounts you can get for combining your homeowners/renters insurance with other plans you have, like your auto or life insurance.
Make Your Home Disaster Resistant
For those who live in disaster-prone areas, there are a lot more risks for your homeowners/renters insurance to cover. If you take steps to make your home more disaster resistant, you’ll be reducing the risk of damage and stress about potential rebuilding costs, all while saving yourself some money on your insurance premium. Installing storm shutters, reinforcing your roof, and updating old heating, electrical, and plumbing systems are all excellent options for reinforcing your home.
The average cost of homeowners insurance – Careful Cents
Thanks for reading, Paul & Tracie Carrigan
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