Thursday, July 16, 2015

Great Ways to Save on Your Homeowner’s Insurance

The cost of living is certainly increasing with time. It seems like for every penny you earn there’s some inflation within some industry that causes the expenses to rise. That’s why it is essential to periodically evaluate your household budget and research ways to cut back on spending. The thing about it is, there are plenty of ways for consumers to save, but most companies are not going to willingly point it out to you…Why? Well, because they’re in the business of making money, not giving it away. Take, for instance, your homeowner’s insurance; did you know that there were several ways in which you could reduce your monthly premium? Neither did I until I did the research, and here’s what I found:

1.  Improve Your Credit Score
Your credit score and history change all the time. When you purchased your home, if your credit score was on the fair to poor side, you were probably given a high premium amount. Since insurers look to your credit score to determine your ability to pay, a lower credit score puts you in the category for high risk. As such, improving your credit score and requesting a new quote would bring down the rate you’re being charged.

2.  Package Deals
Insurance companies are always looking for opportunities to make customers loyal and to gain new business. As such, many of them offer great incentives for consumers who obtain more than one policy through their company. Check with your current homeowner insurance provider to see what other types of insurance policies they carry. You may find that obtaining your homeowner, car, and life insurance through one company can save you a decent amount of cash.

3.  Beef Up Security
Homeowner’s insurance is essentially “just in case” financial coverage in the event that something should happen to your home such as a robbery or natural disaster. The more vulnerable your home is (i.e. the age of the home, the type of security already in the home, and the area in which you live), the more you’re going to pay for insurance. To lower the premium costs, upgrading your security measures is ideal. By doing something as simple as upgrading the locks on your windows and doors, you can save a percentage on your policy. If you have more money to invest, you can also consider installing a home security system with monitoring services. The info at explains the various risks of not having a home security system and how installing one of high quality can benefit you. Also, insurance companies will view your home as less of a risk and offer a discount on your policy.

4.  Quick Smoking
This one can save you money all the way around as smoking cigarettes can certainly be a HUGE expense already. However, there are several insurance companies that will offer consumers discounts simply because they have a smoke free household. Why? Well because smoking has the potential to cause a house fire which makes your home a risk to insure. However, if no one in the home smokes, this risk is removed and discounts are passed down to you.

5.  Pay for the Year
Last, but certainly not least, if you can afford to do this, pay your homeowner insurance policy up for the year. Companies are willing to offer pretty decent discounts for customers who pay upfront as they want to show their appreciation for your business. You can save a few extra bucks each year by simply paying it forward. Other discounts might include receiving a percentage off for signing up for auto pay.

There’s nothing I love more than being able to save on the things you need. Homeowner’s insurance is one of those things you can’t go without, but can sometimes be more than you can afford. If you can invest in any of the above mentioned ideas, I’m certain you’ll see a large savings on your balance each year. Then you can take all those savings and put it into something like taking a much needed summer vacation
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