9 Methods to Lower Your Homeowners’ Insurance Quote
Formulating a homeowners’ insurance quote before purchasing a policy is critical to ensure you get the best deal. Many buy homeowners’ insurance without understanding the factors affecting coverage and premium cost. When you understand how carriers determine premiums for homeowners’ policies, it is easier to reduce that expense.
9 Ways to Lower the Homeowners’ Insurance Quote
There are many common ways to lower the premiums of your home insurance.
Increase Your Homeowners’ Insurance Deductible
The deductible that is on your policy is the amount you pay out for a covered loss. Your insurance coverage only applies after you pay that portion. Increasing your deductible reduces your policy premium.
Ask About Coverage Discounts
Most insurance carriers offer various discount options, including discounts for being claim-free or staying with the same carrier for several years. Some companies offer discounts for retirees and military members or veterans.
Add Additional Lines
Multi-line discounts are popular because they encourage policyholders to bring other coverage needs to the company. You can add your car, motorcycle, or liability umbrellas to your homeowners’ insurance for multi-policy discounts.
Notify Your Homeowners Insurance Carrier About Improvements
When you replace your roof, upgrade your water heater, or install new impact-resistant windows, notify your insurance carrier. These improvements often result in reduced premiums due to risk mitigation.
Improve Your Home Security
Install a central monitoring system and security alarm with real-time communication and automatic emergency dispatch. Insurance carriers recognize the reduced risk of adding these security systems and offer premium reductions for those policies.
Minimize Your Homeowners’ Insurance Risk Factors
Some properties have inherent risk factors known as attractive nuisances. Swimming pools, playground equipment, and trampolines are a few of those hazards. Remove these risk factors from your property to help reduce your insurance carrier’s risk rating for your policy. It reduces your premium.
Avoid the Small-Claim Conundrum
Some homeowners turn to their insurance carriers even for smaller claims. Doing so can create a claim history that may reflect poorly when seeking another policy with a different carrier. With a higher deductible on your policy, consider whether paying for certain things out of pocket makes more financial sense and save your claims for the more significant losses.
Improve Your Credit Score
Insurance carriers consider your credit rating when determining your policy premiums. The lower your credit score, the significantly higher the risk classification for your policy. This results in higher premiums. Take time to improve your credit rating for better insurance premium quotes.
Shop Around With Several Homeowners’ Insurance Carriers
When your policy is due for renewal, call several carriers for quotes to find the best premium offering. Sometimes, you can get a reduced premium offer to encourage you to bring your business to another carrier.
Once you understand how to lower your home insurance quotes, you can potentially save your family hundreds of dollars per year that it may cost to have insurance. Talk with your homeowners’ insurance carrier about any improvements you make on your property and take some steps to mitigate your risk factors and lower your premiums.
About Byrnes Agency
At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.
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Phone: (860) 774-8549
394 Lake Rd
Dayville, CT 06241
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm
Phone: (860) 886-5498
6 Consumers Avenue
Norwich, CT 06360
United States
info@byrnesagency.com
Hours of Operation: Monday- Friday 9:00am-5:00pm