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7 Steps: Maximize Home Insurance Savings
Combine these tips with your huge savings from using home insurance quote comparison to maximize your savings and minimize your premiums.
1. Increase Your Deductible
Insurance premiums are essentially decided by only a few factors. There's risk, coverage types, coverage amounts, and the deductible. The deductible is the amount of money you have to pay out of pocket when filing an insurance claim. And the higher the deductible, the lower the home insurance premium will be.
Set it as high as you can afford if you really want to save on your home insurance premiums.
2. Combine Policies
Most insurance companies provide coverage for almost everything imaginable: home, automobile, boat, etc. Using the same insurance company for all your insurance needs can save you big. Combining home insurance and car insurance alone saves up to 20%.
3. Improve your Credit Score
Raising your credit score will make you seem like a safer bet.
The snowball method is thought to be the most effective way to raise your credit score:
1) Organize your debts smallest to largest;
2) Make the minimum payments on all your debts; and
3) Pay off your debts in whole, one by one, starting with the smallest. The fewer the debts, the better the score.
If you need to bump up your score quickly, but can't pay off anything, try paying your credit cards down to 1/3 of the limit. Most people get a boost there.
4. Build Insurer Loyalty
Long-term policyholders get great discounts from their insurance providers. The longer you stay a customer, the bigger your discount. After a few years, you get a 5% discount. A few more, 6%! Just find out what loyalty discounts other insurers offer before deciding to go with one company. Think long-term and you can save a bundle.
5. Insure the Real Value of your home, not what you paid
Rebuilding your home costs less than what you paid for the whole thing. Just get enough coverage for the rebuilding costs.
6. Reinforcement – Disaster-proof Your House
Up-front costs like stronger building materials, storm windows, and new plumbing, heating, or electricity will save you a lot into the future.
7. Hire Some Security
You won't have to pay so much to protect yourself from theft and vandalism if you have home security. Even a cheap alarm and response system could save as much as 20%!
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