Although most homeowners may never need to use it, homeowner’s insurance provides the peace of mind that comes from knowing you are covered in case of an emergency. Homeowner’s insurance is a necessary part of owning a home and can be a significant cost. Check out these tips for ideas on how to save on your homeowner’s insurance:
1. Shop Around - There are hundreds of insurance companies out there offering all types of coverage and rates. Before committing to one, take some time to research different companies. Narrow down your top choices and compare rates and coverage. Don’t forget to check reviews about customer service for each one. This website managed by the Texas Department of Insurance can help you compare different companies by generating a list of sample rates and other information from insurers who offer coverage in your area.
2. Raise Your Deductible - Your insurance deductible is the amount you are responsible for paying out of pocket to cover repair or replacement costs if you file a claim on your home. By raising the amount you wish to pay, it is possible to decrease your premium. Before you decide to raise your deductible, be sure to crunch the numbers and determine how much you’re willing to commit. If anything does happen to your home and you are required to pay the deductible, you’ll want to be able to cover the cost without any stress.
3. Bundle Your Policies - Keeping your home and auto insurance with one company can help you save money on both policies. Many insurance companies offer discounts if you hold multiple policies with them. If your home policy is listed under a different company than your car insurance or vice versa, talk to each company to get a quote on a new rate if you move both policies under their umbrella.
4. Maintain Good Credit - Most insurance companies will use your credit score as part of their assessment to determine how much you’ll pay for your coverage. The better your credit score, the lower your rate. Keeping up a good score won’t just help you keep a lower rate on insurance, but can also positively impact your mortgage and other loans.
5. Fix Up Your Home - Keeping your home in the best shape possible not only makes it a great place to live but can also help keep your insurance payments down. Regularly maintain both the interior and exterior of your home by making minor repairs throughout the year. Some insurance companies also offer additional discounts for certain features in your home, like alarm systems and smoke detectors. If your home already has a system or you’re thinking about installing one, make sure to let your insurance company know.
We hope these tips help you save on your homeowner’s insurance. Looking for a new home in the Austin area? Our expert agents are ready to help you buy or sell a home. Contact us for more information about Austin real estate.