Home insurance costs are soaring through the roof. Value Penguin reported that the average nationwide cost of homeowner’s insurance in the United States is $1083. In Florida Annual premiums are over $2000. Did you know that your houses value will affect how much you pay on your premium? A home that costs 100,000 more can increase your rates by over 15%. You might be paying more than you have to for home insurance. However, there are various things that you can do to lower premium costs, which is what I will explain below.
Shop around
The first thing that you should do is shop for home insurance every year. It's ludicrous to remain with the same insurance provider every year as they hike your premiums up. Don't be afraid to look elsewhere because you might be able to save your family hundreds a year. Look at each home insurance carrier closely and see what they offer in terms of discounts to lower your rates.
Bundle insurance policies
It is always best practice to insure everything from one company. The more that you can insurance from one carrier the more that you will be able to save. There are many websites that offer car and house insurance comparisons to help you to cut the growing cost of insurance. Different carriers will offer you different rates depending on a number of different factors. Nearly all insurance carriers allow you to bundle, but you have to find the one that you are most comfortable with.
State Farm - With State Farm you will be able to save up to 17% when you bundle your homeowner's insurance policy along with your auto or life insurance policy.
Nationwide - Compared to some other companies Nationwide might not have the best rates, but you will be able to save up to 20% when you bundle your policies.
Amica Mutual - Amica is a well-known carrier with great reviews on the web. In fact, Amica has been rated the highest home insurance carrier by J.D. Power for 16 years in a row. Combining multiple policies with Amica can save you up to 15%.
Get discounts
Make sure that you get every single discount that you qualify for. I admire companies such as State Farm that double check discounts that the policyholder may have missed. Your job may help you to save 5% or more on your home insurance premium. Your organization or school affiliate can help you lower your policy as well. If you have a security system installed in your home such as ADT, you can save with an alarm system discount. Have you been claim-free for 3+ years? If so, make sure that your insurance carrier is not withholding from you a discount that you deserve. Check to see what discounts that your insurance carrier is offering and take advantage of it.
Improve your credit score.
It is no secret that insurance carriers take a look at your credit history. Bad credit can ruin any chance of you having affordable rates. Take the time to repair your credit. Not only will doing so help you with getting desirable home insurance rates, but it will help you in all aspects of life.
Raise Your Deductible
Increasing your deductible from $500 to $1000 can help you to save up to 6%. Although raising your deductible can significantly lower your rates, make sure that you can afford your deductible. You always want to be able to pay your deductible.
