Here in North Carolina, you can most often expect to pay a hefty sum when it comes to home insurance, especially if you're looking to be covered for all the contingencies that come with home ownership and maintenance.
Whether it's a possibility that's crossed your mind or not, it's worth finding out whether you're paying more than you should for your home insurance.
Have You Filed More Than A Couple Of Home Insurance Claims?
It's a reasonable assumption that the more claims you make on your insurance - whether that be home insurance, life insurance, or auto insurance - the higher the premiums.
There are a couple of factors that might lead insurance providers to adjust your rates. Some of the main ones include:
• Types of incident you file claims for
• Claims you have filed in the past
• Where you live
• Your Credit History
• Your Age
Filing more than one insurance claim in a five year period can result in losing your insurance. Guidelines vary from company to company, so be sure to consult agents before jumping to make a claim.
If you have a history of making lots of claims, insurance providers may see you as a 'risky customer' and decide to increase your rates, and in severe cases cancel your policy.
Only file claims for major issues. Hold back on making claims over minor cosmetic damage, as every claim you make is entered into a database known as the Comprehensive Loss Underwriting Exchange (CLUE).
Bundle Your Policies
Getting your home insurance, life insurance, and auto insurance under different providers can easily lead to you getting overcharged.
Often by bundling your various policies under one reliable provider, you can get loyalty discounts. Of course, this depends on your provider and which policies you're bundling, but you get the idea.
Invest In Home Security
It's pretty common to get discounts and cuts from your premium, simply by installing a burglar alarm, monitoring systems, a carbon monoxide detector, or dead-bolt locks.
Not everything qualifies for a discount, so before you buy, see what your insurer recommends. You want to check how much certain devices cost to install vs. how much they'll save you in premiums.
Maintain a good credit record
A good and stable credit history is a must if you want to cut insurance costs. You'll be more likely to get charged lower premiums by insurers if you have one.
This is particularly important for first time buyers looking into insurance policies for the first time. Credit information is progressively being used as a tool to price individual home insurance policies.
To ensure your credit standing, you need to:
• Pay bills on time
• Don't default on any loans
• Keep credit balances low
Keep on top of your credit record and have any mistakes corrected so all your information stays accurate.
Home insurance is such a huge part of buying a new home, and it's important to get it right. Otherwise, Raleigh's home insurance is what you need to be looking into.
If you're considering switching policies or investing in home insurance, be sure to contact us at Amistad Insurance Services today: 919.926.7166.