Home insurance is a necessary expense that shields you from severe losses related to the home. However, between the costs of mortgage payments, property taxes, and upkeep, paying a significant amount of coverage can feel like a burden. If you want to save on this cost, consider the tips below to cut your home insurance costs.
How to Keep Home Insurance Costs Down
1. Increase the Deductible
A policy’s deductible refers to the amount you must spend before coverage from the insurance company begins. The higher your deductible is, the lower your premium will be. However, remember that having a high deductible will cost more money upfront if you need to file a claim for a significant accident.
2. Ask About Discounts
Most insurance companies offer many policy discounts, so talk to your agent about those you can receive. You may get a lower rate if you live in a gated community, have a zero-claim history, are retired, or don’t smoke. You can also get a considerable discount if you bundle your coverage with other policies from the same provider—such as auto insurance.
3. Avoid Attractive Nuisances
If you want to buy a pool or trampoline, think twice. While these recreational add-ons can bring value to your life, your insurance company will consider them to be “attractive nuisances.” These are any structures that pose additional safety hazards. They will also require you to build a fence or other barrier around the addition, to prevent other people from using them without permission.
4. Eliminate Unnecessary Coverage
A dependable insurance agent will review your policy to make sure you have all the coverage you need—but none that doesn’t apply to your situation. For example, some policyholders find that paying for land insurance is not as necessary as covering the home and its contents. You might also not need to cover other structures—such as a barn or garage—if you don’t have any on the property.
5. Consider Upgrades
They may require an initial investment, but many home improvements could reduce your insurance costs. Getting an impact-resistant roof will lower your risk of having to file claims for hail or water damage, and in turn, lower your rate. Also, you may decrease the premium by installing a home security system or storm-safe windows.
When you want to cover your home without high costs, get your policy from Stidham Insurance Agency. Serving the Dumas, TX, area for more than 45 years, they will use their extensive industry knowledge to create a home insurance policy that fits your needs. As an independent insurance agency, this team will compare competitive rates from many carriers so that you can explore many options. Visit this Moore County insurance agency online to learn more about their services. Call (806) 935-6888 to request a quote.