Purchasing a home is a rewarding experience, but it comes with real financial responsibility. Aside from the mortgage payment and maintenance costs, your monthly budget must also account for homeowners insurance. Although it’s necessary to protect your investment, there’s no need to pay more than you have to for coverage. Fortunately, there are several ways to reduce your rates without compromising on the quality of your policy. Here are a few strategies that will make your premiums more affordable. 

How to Secure Lower Homeowners Insurance Rates 

1. Raise Your Deductible

A deductible is the amount you will have to pay out of pocket before your insurance kicks in to cover the remaining balance on a claim. Setting a higher deductible will require you to put up more money to access your homeowners insurance coverage, but it will decrease the premium. The key is not to raise your deductible any more than you can comfortably afford to pay. 

2. Increase Home Security 

By making your property less risky to insure, you can cut homeowners insurance costs significantly. Increasing your home’s security is an excellent way to reduce your chances of filing a claim due to damage or theft. Some of the best methods for making your property more safe and secure include installing a security system, deadbolt locks, smoke alarms, a sprinkler system, and storm shutters. 

3. Bundle Your Policies

Most insurance companies offer policyholders an opportunity to save when they purchase more than one type of coverage. Therefore, if you need home and auto insurance, consider getting both policies from the same provider. This will also simplify your payments and make the claims process more convenient and efficient.

4. Ask About Additional Discounts 

Although they can vary from one provider to the next, there are several discounts available on homeowners insurance. Often, you can secure a lower rate if you’re age 55 or older, retired or work in a certain profession, have a high credit score, don’t smoke, or haven’t made any claims in the last 10 years. Ask an agent what you qualify for to ensure you’re taking advantage of all possible discounts.

Whether it’s your first time shopping for homeowners insurance or your current policy is up for renewal, rely on the professionals at Taake Insurance Agency LTD to provide adequate and cost-effective coverage. As an independent agency, they have access to a variety of carriers and make it easy to compare plans and prices. Since 1977, the residents of Monroe County, IL, have turned to them for effective insurance solutions and peace of mind. Call (618) 281-7656 to schedule an appointment or visit their website to request a quote.