Whether you’re anxiously counting down the days until you join one of our communities or you’ve long been established in our neighborhoods, homeowner’s insurance is essential for protecting your investment in one of our properties. Most lenders even require borrowers to carry insurance on their homes for the duration of their mortgages. From lightning strikes to fire damage, homeowner’s insurance has your back in the event something unfortunate happens to your home. While it’s certainly a necessity, it can be an inconvenient expense to pay for every month. Follow these tips to secure yourself a great rate without sacrificing your home’s protection.
Shop Around – Countless insurance companies exist, and they are not created equally. Some offer better protection plans for less, and each company sets its own rates. Don’t make the mistake of committing to the first insurance provider you stumble across on the Internet, and instead spend plenty of time browsing around and comparing rates among various companies. Read reviews from people who have purchased from each company or ask your friends and family for recommendations. You’ll be committing to a company for at least six months, so make sure you pick the right one.
Raise Your Deductible – A deductible is the amount of money you have to pay out of pocket towards a loss before your insurance kicks in and covers the rest. The higher you set your deductible, the lower your monthly premium will be. Be careful when using this method to save money though, as setting your deductible too high will make it difficult for you to afford the out of pocket costs should something happen to your home.
Buy All of Your Policies From the Same Insurer – Almost every major insurance provider offers a discount to customers who take out multiple policies. Combine your auto insurance, liability insurance, recreational vehicle insurance or any other policies you have with your homeowner’s insurance to secure a great rate from your provider.
Keep Your Credit Up – Your insurance rates are heavily based on your credit score. The higher your credit score, the lower your monthly premium – and vice versa. Don’t fall behind on your payments to any company and keep your debt in check to ensure your monthly payment stays as low as possible.
Seek Out Discounts – You’d be surprised how many specialized discounts insurance companies offer – and how many you just might qualify for! For example, installing a home security system could cause your premium to drop. Since we build our homes using only the finest materials, you might be able to score multiple discounts for having modern heating, plumbing and electrical systems. If you’re retired or over 55, many providers offer a hefty discount.
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