Owning a home comes with the responsibility of insuring it. Although it may seem like a nuisance, insuring your home is one of the most important things you can do. In the event of any kind of disaster, whether it be a tornado or flooding from a broken washing machine, you can be sure your home is covered.
However, many people go for years without realizing they are overpaying or can do things to lower property insurance payments. Take a look at some of these tips for lowering how much you pay every year.
1. Get Regular Quotes
Some people end up paying more than they need to simply because they stay with the same insurer year after year. It can seem like a hassle to continue to get quotes regularly and switch between insurers but it could save you a significant amount of money.
Set some time aside each year to apply for quotes from different insurers. You may be surprised by what you can save if you’re willing to shop around.
2. Raise Your Deductible
When applying for a quote, many people use the deductible recommended by the insurance company. This is usually an average of $500. Did you know that raising your deductible will decrease the amount you pay yearly or monthly?
Your deductible is what you’ll need to pay your insurance company in the event of a claim. If you raise it to $1000 you could save up to 25% off your yearly insurance premium.
3. Correct Your Rebuilding Costs
When you’re asked to fill in details for a quote, you’ll be asked about the cost of rebuilding your home in the event of a disaster. Most people tell the insurance company the figure they purchased their home for. However, this is usually wrong.
It’s important to remember not to include the price of the land in your quote. Find out exactly how much it would cost to rebuild your house only and give that figure instead. Including the price of the land will mean you’re paying much more than you should.
4. Use the Same Insurer for Everything
If you can find an insurer that covers it all, you’re more likely to get a better deal. Many insurance companies offer their clients a reduced price on more insurance. So, if you’re looking for cheaper home insurance, find a company that also offers auto, life, and renters insurance too.
5. Modernize Your Home
The less likely it is for your home to be damaged in a disaster, the better quote you’ll get from your home insurance. Investing in making your home more disaster-resistant could save you a lot of money on your insurance in the long term.
Doing things like updating your plumbing and electrics to avoid water and fire damage could drop your insurance payments hugely. Similarly, adding storm shutters or updating your roofing materials could also make a difference.
6. Work From Home
Recently, many people have found themselves working from home and don’t want to return to the office full time. Working from home means you would be there in the event of a disaster. For example, you’re far more likely to stop a fire from spreading or you’re less likely to be burgled.
In addition, if there were to be a natural disaster, like an earthquake or tornado, you would be in a position to secure the house far more quickly. Insurance companies consider these things and it’s often why people who are retired get lower premiums too.
7. Establish Good Credit
When searching for a good rate from a home insurer, you’ll have better luck if you have good credit. In North Carolina, you’ll be informed if your insurer has had to increase payments for homeowner insurance based on your credit history. If this happens, it’s important to ask for specific details on what the decision was based on.
Some companies are given the wrong information and it will be your job to correct them so you can receive a better rate. The best way to avoid this ever happening is to keep regularly checking your credit report and correcting any information that isn’t true.
8. Check the Worth of Your Possessions
If you’re still using the same homeowner’s insurance policy that you were five years ago, it’s time for an update. You may have the same possessions but many possessions tend to depreciate over the years. So, if you’re still insuring that brand new laptop you bought five years ago for the same price you bought it for, you may need to have it revalued.
You may also want to take items off the list and add items on. This will ensure you aren’t paying more than you need to and all of your valuable items are covered in your most recent policy.
Getting Cover in Raleigh, NC
When you’re looking at how to lower house insurance in Raleigh, NC, you need an insurance company that knows the area well. At Amistad Insurance Services, you can be sure that we’ll give you the best quote we’re able to. We also offer auto insurance, renters insurance, life insurance, and more.
Lower Property Insurance Today
Don’t pay more than you have to. If you’d like to lower property insurance but you’re not sure how to do it, we can help. Take a browse through the services we offer at Amistad Insurance Services and get in touch with any queries. We’re always happy to help.