How to secure your home with home insurance and also pay lower home insurance premiums. Here are 6 tips for paying lower home insurance premiums.
Hello and welcome to FundooMoney, your 24X7 buddy for all your money matters. You deploy your life’s savings in buying a home and then furnish it tastefully. But one mishap could ruin it all and set you back financially.
You can secure your home with home insurance. Here, we will discuss how you can do it in a cost-effective way. Shortly, we will provide 6 tips to save on home insurance premiums.
Higher voluntary deductions
There would be expenses from potential damages that you can pay from your pocket. Opt for these voluntary deductions. These are likely to reduce your home insurance premium even as you remain protected from larger damages.
Get premium quotes from several insurers
Different insurers have different ways underwriting the premium and may offer different amount of premium for the same amount of, and similar home insurance. Therefore, make it a point to get quotes from many insurance companies. Go for the one which provides the best coverage at the lowest premium.
Instal a good security system
In your home, have a good security system with adequate features like fire-fighting system, electronic lock, CCTV and so on. All these can help bring down the premium of your home insurance. Earthquake-proof construction also reduces the home insurance premium.
Look for bundled insurance
If you have many insurance plans like those for auto, home, and health and so on, then get all of them from one insurer. This can help you bargain better and get a discount on the overall insurance premium you pay. Try to negotiate with various insurers on the total premium you pay for various insurance covers.
Exploit your credit score
These days many insurers are increasingly considering the credit score of people looking for home insurance. It provides the insurance companies comfort about the credibility of the person. Higher the credit score you have, better are your chances of getting a discount on the home insurance premium.
Look for loyalty rewards
Sticking with the same insurer for a long period can also bring you loyalty reward in terms of discount on premium. Most of the home insurers will offer 5-10% discount on the premium if you stick to them for more than 5 years.
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