5 Tips to Get the Best Rate on Your Home Insurance Policy

Home Insurance Policy

For most people, buying a home is the biggest and most expensive investment they’ll ever make. Given how essential our home is to our wellbeing and the stability it provides, it is easy to understand why.

Unfortunately, investing in a home doesn’t stop at purchasing one. In fact, home investment is a lifelong investment. It spans the repairs you have to do in the event of a natural disaster, the expansion you do when you need more space, and the remodeling you do to give it a new look.

Thankfully, there’s a way to save cost, especially when it comes to repairs and that is to purchase a home insurance policy. Sadly, these policies have been steadily increasing over the past decade. In 2020, the average home insurance policy cost almost 60% more than it did ten years prior.

Fortunately, there are steps you can take to get the best possible rates.

In this article, we will outline the steps you need to take to get the best rate on your home insurance.

1. Compare Rates from Different Providers

To get the best rates on your homeowners’ insurance, start by comparing the rates offered by different insurance companies. This is quite easy to do: find an independent insurance agent, to whom you’ll have to provide answers to questions about yourself and the type of insurance you want.

 2.Take out Multiple Policies

Most people purchase multiple insurance policies: life, auto, and homeowner. Some companies reward customers who buy all their policies from them. So, determine how many policies you need to buy, then enquire with different insurance carriers to get the best discounts they offer.

  3. Inquire About Discounts

If your home has extra security measures in place, like a sprinkler system, a burglar alarm system, a smoke detector, and a no-smoking policy, you might qualify for a discount. However, these discounts vary from one company to the other. Find out what your potential insurers offer before you choose.

   4. Maintain a Good Credit Score

The better your credit score, the lesser the premium insurance companies will charge on your policy. If you have a poor credit score, the insurance company will be taking on more risk by giving you insurance coverage; hence, the higher price.

So, to get the best rate for your homeowners’ insurance, maintain an excellent credit score.

   5.  Increase Your Deductible

Another way to reduce your insurance rate is to increase your deductible. The more you’re willing to pay as your deductible, the lesser your insurance will cost. For example, raising your deductible from $500 to $1,000 can reduce your premium by as much as 25%.

With these steps, you can get a more favorable rate on your insurance policy. Consequently, you can spend the savings on something else, like new appliances or remodeling.

Do you have questions regarding your homeowners’ insuranceTalk to the professionals at Gee-Schussler Insurance Agency to get started on your tailored policy today!