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For most of us, purchasing a house is one of the most significant investments we will make in our life. Now, regardless of whether you will be living in the house you’ve purchased or rented, you will need homeowners’ insurance. Your homeowners’ insurance, or home insurance, protects you from financial unknowns if your house were to get destroyed or damaged.
While purchasing home insurance is certainly an added expense, your policy could help you save money in the long run. Here are certain steps you can take to lower your insurance premium:
1. Shop around: The price of a home insurance policy is likely to vary from insurer to insurer. Before you settle on the first offer you receive, ensure that you get quotes from multiple insurance companies. Doing this can help you save anywhere from a few dollars to hundreds.
2. Check your credit score: Your credit score has a direct impact on your insurance premium. If you have a high credit score, your insurer will assume that you are less likely to raise a claim, and will offer you a lower premium. So, ensure that you check your credit score and work towards improving it, if required.
3. Opt for a higher deductible: The deductible you choose determines how much money you will have to pay out of your pocket when you raise a claim. Your insurer will only pay the balance amount. If you are looking to save on your insurance premiums, it is a good idea to opt for a higher deductible.
4 Bundle your policies: If an insurer sells home insurance, they will likely have other general insurance products as part of their portfolio. Buying different types of insurance covers from the same provider could help you get a discount
5. Reconsider Renovations: Renovating your house to make it safer could cut your premiums cost significantly. On the other hand, if the renovation causes an increase in the house’s value, you may likely be charged a higher premium.
6. Ask your insurer for discounts: Make sure to always ask your insurer if you qualify for any discounts. A few discounts that are offered to home insurance buyers include age discounts, claims-free discounts, and gated community discounts, among others.
7. Ensure that you have sufficient coverage: While it’s smart to look for ways to reduce your premium cost, it’s also important to ensure that you are not uninsured. Not opting for enough coverage could prove to be an expensive mistake if you’re not financially prepared.
Buying a new home can be an exciting time, and the cost of your home insurance cover is most likely going to be the last thing on your mind. However, carefully evaluating factors like the neighborhood in which the house is located, the likelihood of floods or hurricanes in the area, age of the house, if there’s a top-notch security system in place, etc., can play a role in how much you pay for home insurance. A lower premium could come in handy, given that you’ll have more money to put elsewhere.
