Sometimes it can seem impossible to find a good homeowner’s insurance policy at an affordable price. Along with your car, mortgage payments, and other expenditures, it may feel overwhelming. Continue reading for some great tips on how to save on your homeowner’s insurance.
Lower your annual home insurance premiums by raising your deductible. The higher the deductible, the less you pay. Even though you will be stuck with footing the bill for smaller problems you may encounter, it is worth it in the long run. Insurance companies tend to raise a homeowner’s premium after any claim they make, no matter how small.
When looking for insurance quote, share with the insurance company facts about your home’s security systems. You can save five percent on monthly insurance premiums if your alarm system is monitored by a security company.
Check with your homeowner’s insurance before adding any major recreational structures to your property. Adding on a swimming pool, above ground or in ground or even children’s toys, like swingsets and trampolines, can significantly raise your homeowner’s insurance rates. The increased cost of these items should be considered before any major renovation.
When considering insurance for your home, keep in mind that having your mortgage paid off can actually effect your premium amount. Insurance companies will commonly reward you with a lower premium if your mortgage is paid off, because it is generally thought that a home will be better taken care of if it is fully owned.
To save money on your homeowners insurance, you should pay off the mortgage as soon as possible. Most companies will consider you a smaller risk when there is no debt against a property and you will take better care of the property. Look into how much faster you can pay the loan off, by refinancing at 15 years instead of 30.
It’s always nice to save money and still get what you need, and you can do this if you educate yourself. There’s no time to lose! Use what you’ve learned here to get the coverage you need at a price you’ll be happy to pay.