If you own your own home, homeowners insurance is a fact of life and can cost you anywhere from a few hundred dollars a year to several thousand, depending on the size of your home and where you live. The good news is there are some things you can do to lower your homeowners insurance rates.
Raise Your Deductible
One of the easiest ways to lower your homeowners insurance rates is to raise your deductible. The more you are willing to pay out of pocket for each claim, the lower your monthly payment will be. For example, if your deductible is currently $500, raising it to $1,000 will lower your premiums. Make sure, however, that you can afford to pay the higher deductible if you have to file a claim.
If you don't have your homeowners and auto insurance from the same companies, get estimates from both about switching. Most companies provide multi-policy discounts that can be as high as 20 to 25 percent.
Shop Around for the Best Deal
Insurers are always looking to add business, so it's fairly easy to get a quote on a new homeowners insurance policy online or by phone. If you do find a better rate, read the fine print to make sure you are getting the same levels of coverage as your old policy.
Some insurance companies offer discounts of anywhere from 5 to 20 percent for home security upgrades, such as installing an alarm system or fire sprinkler system in your home. Check with your insurer to see if it offers such an option.
Look for Special Discounts
If you are a veteran or belong to a union or trade group, check to see if your insurer or another one provides special discounts. You may also qualify for special discounts if you are a senior citizen.
Discover How To Lower Your Auto Insurance Rates in Athens, Georgia
With the cost of fuel continuing to rise, many drivers are wanting to reduce their auto insurance rates to reduce the overall cost of transportation. Auto insurance rates are known as being flexible when it comes to each individual driver, as the rate is based on the driving record and the amount of time spent behind the wheel. Fortunately, there are several ways to reduce the rate by making a few adjustments.
Ask for a Low-Mileage Discount
If you work from home or only drive a few miles to and from work, you will likely qualify for a low-mileage discount. Less time on the road reduces the risk of an accident, which your auto insurance company will recognize. Provide proof of the amount of miles you drive by providing documents from your most recent oil change to your car insurance company.
Buy a Cheaper Car
The type of car you drive and the age of the car greatly determines your insurance rates. Sports cars or vehicles with only two doors often cost more to insure as they are more likely to be driven at high speeds. Luxury cars that have a higher value or price tag are also likely to drive up car insurance rates due to the high cost of parts. Trade in your vehicle for a basic model that is several years old for an easy way of potentially saving hundreds of dollars each year with insurance.
Increase Your Deductible
Although most people assume that having a low deductible will cost them less in the event of an accident, it can actually save more annually. By increasing your deductible to $1,000, it can save 20 to 40 percent each year for a great way to save. Similarly, avoid paying the insurance in installments, which costs more annually than paying it all at once.
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