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Tips to Lower your Homeowners Insurance Costs June 8, 2018

Just like the price of gas and groceries, your home insurance premiums will keep going up. In fact, home insurance premiums have gone up by more the 50% in the last decade alone. The explanation behind this is quite straightforward; as your property gains value, repair or replacement costs increase as well. However, there are few tweaks you can do to your policy to keep the soaring premiums under control;

Increase Your Deductible

You will pay more for your homeowner’s insurance policy if the deductible is higher. Be sure to ask your insurance agent what’s the highest amount of deductible you can pay. While raising the amount of deductible will lower the premium, make sure that you can afford to pay the premium if a disaster strikes. Some insurers won’t take up your claim unless you pay the deductible.

Make Your Home “Safer”

Make some reinforcement to your home to increase its ability to hold up against disasters such as storm, hurricanes, and earthquakes. Add storm shutters, reinforce the roof, retrofit an older home to resist earthquakes can save you money on insurance costs.

Also, hire a plumbing and heating company to service your pipes, check your solar panels and insulate your home properly. On that note, visit ecoheatplumbing.co.uk and check out EcoHeat, one the best heating and plumbing service providers in Balham, South West London. Other than that, If you reside in a hurricane prone area, erecting water barriers, anchoring the floor and adding approved gable ends will attract premium discounts.

Shop for Discounts

One of the easiest ways to cut your home insurance premiums is by shopping for discounts.  Different insurance companies will offer varying rates, and you may want to compare quotes. Consider getting online insurance quotes as well to see which company saves you the most money.

Insure Only What’s Necessary

Make sure that review your policy on every renewal. This will help you eliminate unnecessary coverage based on the happenings of the previous insurance period. However, always make sure that the policy covers for replacement of your property and contents.

Have Your Policies Under One Company

Pooling all your insurance policies under one company will attract you discounts. Be sure to check with your insurer about consolidating your plans and the premium it draws.

Take Advantage of the No Claim Discount

Most companies will offer discounts on premium if you haven’t claimed for the past insurance period.  Ask your agent or the company about no claim discount every time you’re renewing your policy.

And in conclusion, improve your credit score. Your credit is not only crucial to lending institutions but also to your insurance company. Your insurer will look at your score, and if it’s terrible, your premium will be higher. You can clean your credit by lowering debt to income ration and pay off your credit card bills.

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