Home insurance is a safety net that protects you from financial devastation if an accident or injury takes place on your property. Your policy is also going to help you replace your possessions in the event of a burglary. If your home insurance payments are no longer manageable, then here are a few steps that you can take to get your premiums back under control.
Improve Your Home Security
Your insurance provider might offer a variety of discounts for security upgrades. Even relatively minor projects like installing wireless cameras could save you a few hundred dollars every year. Before installing those devices, you should first contact your current insurance provider and ask for a list of all the discounts they offer.
Bundle Your Policies
Companies such as Floridainsurance.com often give discounts to clients who bundle all of their separate policies. As an added bonus, you won’t have to worry about making multiple payments at different times each month. When bundling, you should mention all of your active policies including your car, home, health, and life insurance.
Boost Your Credit Score
Most insurance providers now factor in a policyholder’s credit score when determining their premiums and deductibles. As a general rule, policyholders who have higher credit scores tend to file fewer claims. Paying your bills on time, closing out unused accounts, and correcting errors on your credit report will all raise your credit score by a few points.
Rethink Small Claims
It might be tempting to file a claim for minor damage around your home, but those claims will eventually add up. Insurance providers typically increase premiums when policyholders file more than one or two claims a year. The best way to avoid making those small claims is to build an emergency fund that can cover issues like burst pipes and wind damage.
Another way to lower your insurance premiums is to increase your deductible. You will have to pay more out of pocket if an accident occurs, but your monthly payments could be reduced by a significant amount.
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