Tips to save your money on homeowner’s insurance premium

If you are a homeowner then you also understand the importance of homeowner insurance. The price of the home insurance varies depending on the insurance company from where you purchase the policy. Here we are sharing few things that help in saving your home insurance premium:-

• Raise your deductible

Deductibles refer to the amount of money that homeowner needs to pay towards a loss before your insurance company starts paying a claim. If you pay a higher deductible then it enables you to save more on your premiums. In case you live in a disaster-prone area then your policy may have a separate deductible for specific types of damage. In the same way, if you live in an earth-quake, hail storm, or windstorm-prone area then you may have a separate deductible according to it.

When choosing a premium amount you should pay attention to the cost of repair or other issues that can prompt you to file a claim. You should avoid the small claims that increase your premium. Your deductible should not be higher than what you can afford. In case of emergency, you can ask your agent to know the changes in your premium if you increase your deductible.

• Improve your home security

You can get around a 5 percent of discount for a smoke detector, dead-bolt locks, and burglar alarm. Some insurance companies reduce the premium around 15 or 20 percent if you install fire and burglar alarms that ring at the police in case of any mishap. These systems are very costly and you will not able to get a discount on every system. When you buy such type of system, you should check what your insurer recommends, what the cost of the device is, and how much you can save on premium with this. 

• Should have a good credit record

By establishing a strong credit history you can save on insurance costs. It may surprise you but your credit score leave a substantial impact on your home insurance premium. In many states, companies are using credit-based insurance scores for determining your home insurance rates. In case your insurer thinks you have a low credit score then you may need to pay high rates. If you find your credit score is low then you should check your credit score to identify any errors. Avoid your low score by paying your credit bills on time and reducing your credit card balance.

• Get your auto and home insurance

If you purchase your auto and home insurance from the same company then it will save your money on homeowner’s premiums around 5 to 15 percent. However, it depends on your company, because many insurers offer discounts if you buy policies from them.

If you are also looking for the best homeowners Insurance in Virginia or want to grab more information about insurance policy then you should consult the trusted Homeowner Insurance broker Virginia. For example, Insurance Piggy Bank is one such trusted Home insurance agency that helps you in finding the best homeowners insurance Virginia as well as save your money on premiums. They are associated with multiple insurance companies so that you will get various options to buy the best policy that meet your budget and needs too. They are supported by a highly experienced team of agents who will explain the policies and ensure to meet your prime needs. To know more call their Homeowners Insurance Broker Virginia.

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Created on Sep 2nd 2021 09:46. Viewed 260 times.

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