For many people, buying a home is the biggest financial investment they ever make. You should, as a consequence, purchase an insurance policy to protect it. Homeowners insurance is designed to safeguard your home and personal possessions from loss and damage, but the cost of coverage doesn’t have to bust your budget. Here are several tips that may help lower your premium payments.

4 Ways to Reduce Your Homeowners Insurance Rates

1. Seek Out Discounts

From the installation of smoke detectors and security systems to having multiple policies with the same carrier, you could qualify for several money-saving discounts. Ask your insurance provider about all the discounts you’re eligible for. Collectively, they may add up to significant reductions in your premiums. 

2. Increase Your Deductible 

Take an inventory of your possessions and consider raising your deductible, which is the out-of-pocket costs you pay for repair or replacement before your insurance picks up the tab. Most deductibles start at $500. If possible, increase yours to at least $1,000, and put that amount into an emergency fund. The higher your deductible, the lower your premium payments. 

3. Compare Rates

It pays to shop around for affordable rates, even if you have an existing policy. By making a side-by-side comparison of quotes from different carriers, you’ll have a clear picture of coverage costs. Although lowering your premiums is the goal, resist the temptation to pay less for homeowners insurance that doesn’t offer the comprehensive protection you need.

4. Maintain Good Credit

Policyholders with solid credit records will pay lower rates for homeowners  insurance. Insurance providers will pull your credit reports before they prepare a coverage quote. If you’ve have taken some financial hits that have affected your credit ranking, take immediate steps to improve it by paying down credit card balances and paying all bills on time.

I am Steven Hall, a Farmers Insurance Group agent who has had the pleasure of serving clients for more than 15 years.  I will be happy to review an existing policy or work with you to construct a new one. One of my goals is to ensure that you get affordable homeowners insurance coverage without sacrificing reliable home protection. To get started, call me at (417) 926-7900 or connect with me on Facebook to learn more about my personalized approach to insurance.