Many people are looking for ways to cut down on expenses after the economic recession. Home insurance is definitely not something that should be canceled for a quick saving now. There are however, things that you can do to notable reduce the amount of money that you spend on home insurance every month.
Five tips that will help you lower your monthly insurance premiums:
1- Browse all available options:
Many home owners make the costly mistake of simply buying into the very first home insurance policy they find. It is always better to browse around and have a look at all the different options available. While home insurance policies may all look identical at first glance, there are many subtleties that differentiate one from the other. These small differences can add extra value to your policy and help you save money in the long run. For example, a policy may offer a discounted rate for those living in certain areas or include hand bag insurance free of charge.
2- Don’t be afraid to ask for a better rate:
Many home owners do not realize that most insurance companies will give them a better rate if they simply ask them for it. If you feel that the rate is too expensive or you have found a better deal with another insurance provider, tell your existing insurance about it and ask for a reduction in your monthly premium.
3- Make sure you update the inventory insured regularly:
The more items on the inventory list that you have insured; the more you will pay in monthly premiums. If you sell or give an item away that you have insured, make sure that you update your insurance policy so that the item is no longer included.
4- Pay close attention to your credit score:
Many home owners do not realize that their credit score affects their risk profile with the insurance company. If you have a poor credit record then you are viewed as more a risk by the insurance company and will probably have to pay higher home insurance premiums. Try to improve your credit record as much as possible if you wish to benefit from the best possible premium rate.
5- Improve security around the home:
If you improve the security around your home, your risk profile would improve as well. This means that would benefit from a reduction in your monthly insurance premium.