Save Money on Homeowners Insurance with These Expert Tips
Are you tired of paying more for homeowners insurance? With natural disasters, inflation, and location-based factors contributing to rising premiums, it’s no wonder many homeowners are feeling the pinch. But fear not! The experts at BudgetNinja have got you covered with some valuable tips to trim those premiums and save you some serious cash.
Shop Around for the Best Deal
The first step in saving money on your homeowners insurance is to shop around. Consider working with a local independent agent or broker who sells policies from multiple insurance companies. They may be able to recommend policy add-ons to help your coverage keep up with inflation, which is crucial when filing a claim.
Comparing insurance quotes
Bundle and Save
Purchasing your homeowners and auto coverage from the same company can provide significant savings of up to 30% overall. This is a no-brainer for those looking to reduce their insurance costs.
Higher Deductible, Lower Premium
Increasing your deductible can also lead to lower premiums. For example, going from a $500 deductible to a $1,000 deductible might shave 25% off your premium.
Maintaining your home can help reduce insurance costs
Home Upgrades for Savings
Upgrading your home can also lead to insurance savings. For instance, replacing an old roof can avoid a 15% surcharge from some insurers. Similarly, updating your plumbing can also lead to lower premiums. Installing a home security system and gas and water leak detectors can also result in savings.
Investing in home security can lead to insurance discounts
Clean Up Your Credit
Believe it or not, your credit score can affect your insurance premiums. Most insurers use credit-based insurance scores to determine premiums. So, keeping your credit score in check can lead to lower premiums.
Maintaining a good credit score is essential
Be Honest and Cautious
When applying for homeowners insurance, it’s essential to be truthful about your circumstances. Failing to disclose information or providing inaccurate information can lead to dropped coverage or denied claims.
Honesty is always the best policy
Pet Owners, Take Note
If you’re a pet owner, you may be surprised to learn that certain breeds can increase your insurance premiums. Similarly, having a pool or trampoline on your property can also increase your liability. And, if you’re a smoker, you may be considered a higher risk.
Pet owners, be aware of the risks
By following these expert tips, you can significantly reduce your homeowners insurance premiums and save money in the long run. Remember to always shop around, bundle your policies, and maintain a good credit score to get the best deals.
Start saving money on your homeowners insurance today!
