As a homeowner, you have plenty of expenses to deal with, ranging from a mortgage to monthly utilities. Understandably, you may be trying to save money wherever possible. One opportunity to save may lie with your homeowners insurance coverage. You certainly can’t skip out on a policy, but there are many ways to lower expenses while keeping your biggest investment protected.
3 Ways to Save Money on Homeowners Insurance
1. Raise Your Deductible
A deductible is the amount you have to pay for a claim before your homeowners insurance policy kicks in and covers the remainder. Premiums are the fees you pay every month; this rate will go down if you increase the deductible, which can save money over time. Before going this route, however, make sure you have enough saved up to cover any emergency situations that would require you to file a claim and pay more out of pocket.
2. Fortify Your Home Security
If you take extra steps to protect your home, your insurance provider may reduce monthly rates. A house with a surveillance camera or fire extinguisher is far less likely to get burglarized or experience significant damage from a blaze, which means there’s less of a chance you’ll file an insurance claim. The provider, then, can pass those savings to you. Other devices that may help you save include a fire alarm, fire sprinkler system, deadbolts, and smoke detectors.
3. Keep a Good Credit Score
According to research conducted by insurance providers, policyholders are less likely to file a claim when they have a high credit score. This, again, means cost savings passed to you. You can maintain a good score by paying bills in full and on time, maintaining a low card balance, and continually monitoring credit reports for errors.
If you’re looking for an affordable homeowners insurance policy, get in touch with Bryan Nelson of Ives-Johnson Agency today. The Jamestown, NY, agent has more than 25 years of experience and will discuss your needs to find the best policy for your budget and lifestyle. Give him a call today at (716) 488-1191 to request a quote.