The time to set your clocks back has come and gone, but that doesn’t mean that there aren’t things you still need to update. Specifically, if you are looking for ways to lower your home insurance costs, there are five things that you can update in order to get lower rates. Here’s what you should update to lower your home insurance rates:
- Your deductible – If you have never filed a home insurance claim and plan on filing very few, you might be paying too much, simply because your deductible is not high enough. You can solve this problem by actually updating your deductible so that it is higher. If you raise a $500 deductible to a $1000 one, you can actually save up to 25% on your rates.
- The value of your home – Lots of people include the value of the land their home is sitting on when they value their home. However, you don’t have to pay to rebuild that land in the case of fire or theft, so why should it be included in the value of your home when calculating your home insurance rates?
- Bundles – Have your bought your home insurance and car insurance policies from the same company? If you have, are those policies bundled? These kinds of bundles can save you serious money, especially if you have other policies that you can also combine with your home and car insurance.
- Home security – The more secure your home is, the less likely a theft attempt is to be successful, and therefore the less likely you are to file a claim on your home insurance. As this is the case, home insurers prefer home owners who have thoroughly secured their homes. If you have the money to update your home security with an alarm system or monitoring system, you are likely to see a reduction in your monthly rates.
- Your credit score – The better your credit score is, the more likely you are to be able to get great rates when it comes to buying home insurance. If you haven’t checked your score recently, check it and start taking steps to make sure it is as robust as it can possible be. Paying your bills on time and having old, negative, or even false items removed from your report will do this.
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