It is very important to fully understand homeowners insurance because you can, therefore, maximize the benefits and discounts you receive.
Homeowners insurance essentially protects your property and is usually required by lending agencies to protect their investment in your home.
Policies can range greatly, as can coverage. For example, earthquake and flood coverage is often a separate expense.
Perhaps what is most important to understand about homeowners insurance NC is that it pays to take care of your home with regular maintenance, as well as through research into the topic of insurance.
Read on for five ways you can save money on your homeowners’ insurance.
1. Raise Your Deductible
A deductible is the amount insurers subtract from a claim settlement for property damage. It is the amount that your household will pay in the event of a loss.
The common deductible amount is between $500 and $1,000, but raising the amount you would cover in the event of a loss can make homeowners insurance cheaper.
However, this is not a decision that should be made thoughtlessly, as in the event of a loss you will have to shoulder more of a burden. But, if you have an adequate emergency fund, this may be a worthwhile option.
2. Maintain a Good Credit Record
A great credit score will result in lower-priced options for homeowner’s insurance, as well as many other benefits financially.
Therefore, be mindful of your credit, and maintain a healthy relationship with your debt for long-term benefits.
3. Bundle Your Home and Auto Policies
Buying your home and auto policies from the same insurer is one of the easiest ways to save money.
This step alone can save you 10% to 20%, which is some substantial money back in your pocket.
4. Improve Your Home’s Safety
When homeowners insurance companies determine your rate, they will consider the property’s susceptibility to threats, such as burglary, fires, and storms.
You can improve your perceived threat level by upgrading outdated system, as well as investing in materials that make your home less likely to be burglarized or damaged in a storm.
5. Stay Loyal to Your Insurer
If you have kept the same company for several years, sometimes you can receive discounts from them.
For example, some insurers reduce their premiums by 5 percent when you stay with them for three to five years and again to 10 percent when you remain a policyholder for six years plus.
However, still compare your insurer to similar policies offered by others to make sure you are not paying an unreasonable amount.
The Best of Homeowners Insurance NC
In terms of Homeowners Insurance NC, it is hard to find better policies and rates than those at Amistad Insurance Service.
We offer top-notch homeowners insurance and can help you navigate the complicated North Carolina homeowners insurance market.
For more information on homeowners insurance NC, check out our guide on all-coverage homeowners insurance, and how it may benefit you and your household in the future.