8 Ways to Lower Your Insurance Premiums

8 Ways to Lower Your Insurance Premiums

One of the many looming questions buyers have is what will my homeowners insurance rate be on a new home?  We’ve seen buyers walk away from a home due to steep insurance costs increasing their monthly payment close to $1,000 in some cases.  

Did you know that there are new carriers writing in our area? And YES, the new competitive carrier rates are lower than what we have been seeing lately.  Reach out to your insurance agent or we can provide contact info to some of the agents we commonly work with!

There are multiple factors that can help decrease your policy rate: 

1- New roof– Getting a new roof helps in getting a better rate. If you have an older roof it is a good option to replace it. It’s a good idea to discuss this with your local agent and roofing company. 

2- Sign up for paperless billing – This is an easy one! Save the environment and extra cash one click at a time. 

2- Retirement – If you recently retired, update your insurance carrier. It may decrease your rate. Why? Retirees tend to spend additional time at home, lowering the danger of unattended disasters and burglary.

3- Get married –  If you have that special someone, it may be time to get hitched – it may decrease your current rate! Statistically speaking, married people are less likely to file insurance claims. 

4- Fire insurance score – This is made up of your credit, insurance history and claims. The frequency and severity of fire losses is why insurers take scores into account when determining premiums. Insurance companies look at your insurance history and claims to determine the likeliness of a fire. 

5- Insurance bundling – Bundle your auto or flood with your homeowners insurance. Reach out to your insurance agent and bundle your insured properties and autos.

6- Functional Storm shutters– Any precaution to protect your home’s windows to prevent water intrusion can help decrease your rate. 

7- Wind mitigation study– Less common but sometimes effective solution – For a few hundred dollars you can get a wind mitigation study on your property. During this survey the inspector looks at many features of your home, some are door/window coverings, the way your roof is attached to your home or how your roof is sealed to prevent water from entering. If you would like more information on how to get this completed, please let us know! We have Wind Mitigation Inspectors that we can recommend.

8- Increase your credit score –  A higher or lower score can affect your insurance rate. If your score is low work on increasing it, then ask your agent for a new quote. Reach out and we can put you in touch with someone who can assist with increasing your credit score. 

Do not let the rates sway you from moving into your new home and do shop around for the best rate. Let us know if you’ve completed any of these steps and had success in decreasing your rate. DM us with any questions or concerns. We are here to help with your real estate needs!


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