Are you a financially opportunistic home owner looking to save money without sacrificing on home insurance coverage? There is nothing to be ashamed of for wanting to be frugal. In addition, you do not have to expect less just because you want to pay less on your premium. The home insurance industry is a place of fierce competition, so it is up to you to do your homework and keep your eye out for the best deal possible. Here are four tactics you can use to slash costs while preserving coverage.
Improve Your Credit Score
The financial world revolves around credit. It only makes sense that by improving your credit score, you will save money on how much you pay for your insurance premium. This is definitely beneficial in the case where your policies are being bundled, because car insurance rates will also be partly determined by your credit score. Remember, your credit score indicates to an insurance company how much of a risk you pose; therefore, improving your credit score will cause an insurance company to want to give you breaks.
Bundle Your Insurance Coverage
Many home insurance and car insurance companies such as Thomson Schindle Green Insurance & Financial Services Ltd. allow people to bundle their car and home insurance into a single coverage package. When you do this, chances are that you will be in line for a significant discount. This option is a win-win for both the insurance companies and their clients; therefore, be sure to ask what bundling options might be available to ensure you get the same insurance coverage at a lower price.
Play With Your Deductible
If you do not live in a high risk area anyway, it might be a smart idea to consider raising your deductible. The deductible is the amount you will have to put forth for repairs before your insurance company will pitch in to provide additional financial help. You might expect that your insurance company is going to like it when you raise your deductible. As a result, the higher your deductible, the less you will pay on your monthly premium costs. According to Zillow.com, the option to raise your deductible does not affect the amount of coverage attached to your home, but it can save you up to 15-percent on your monthly premium.
Check Out a Reputable Independently Owned Insurance Provider
Large insurance companies do not have to fight so hard for your business. Typically this means it will be harder to get a good discount rate with these larger insurance companies. Reputable independent insurance providers, on the other hand, will work harder to provide you with a good rate and to ensure a broad amount of coverage. This means you will save more money over the long term without sacrificing excellent coverage.
The home insurance industry can be a little difficult to navigate at times, but with a little due diligence, you can be sure to get a great rate, excellent coverage and not break the bank in the process. By following a few simple guidelines, like those mentioned above, you will be well on your way to finding the right insurance company with which to work. If any part of an insurance policy is too difficult for you to understand, be absolutely sure to ask questions until you are sure you understand how your coverage works.