20 Nov 7 Ways To Save On Your Homeowners Insurance
Shopping for the best rate is one of the simplest ways to lower your homeowners insurance. While online quotes are convenient, we recommend speaking to an agent on the phone to personalize your policy and to get multiple quotes. Utilizing an independent insurance agent is often the easiest way to accomplish this step. Not only do they have relationships with many insurance providers, but they are able to compare apples to apples for your specific coverage needs.
Increase Your Deductible
A deductible is the money you’ll have to pay out before the insurance company will begin paying on a claim and can range anywhere from $500-$5000. Raising yours could mean a sizable savings, allowing you to save extra money. While a higher deductible can be tempting, take caution in raising it to an amount that is too high for your finances. Talk with your independent insurance agent about which deductible is right for you.
Maintain A Healthy Credit Score
A good credit score affects more than your ability to get a loan. Nowadays, insurance companies use it as one of the factors in calculating your insurance premium. A better score means a better rate. Schedule online payments or have your homeowners insurance payment added into your escrow account to avoid late fees. Reviewing your credit score from time to time is a good idea as well. Errors on your credit report can be costly.
Bundle Your Homeowners Insurance & Auto Insurance
Bundling all your insurance needs with one company into one policy not only saves you time and confusion, but money as well. Most insurance companies give a sizable discount for buying more than one type of coverage. While the most common types of insurance to bundle are home and auto insurance, don’t forget to consider adding life, RV, motorcycle, or boat.
Ask About Discounts
There are a lot of different discounts available. Talk to your agent about group discounts or senior citizen discounts. Newer heating, electrical, and plumbing systems are considered more reliable and may qualify you for a lower rate. Also, an added security system, fire extinguishers, smoke alarms and deadbolts could add to your savings.
Maintain The Same Insurance Carrier
Maintaining your insurance coverage with the same company over several years can pay off. Many offer a discount to their loyal customers after a few years.
Having Proper Coverage
Remember, your homeowners insurance should cover the cost of rebuilding your home and replacing the possessions it holds. The land that your home sits on will remain in the case of a tragedy and does not need to be included in your premium. From time to time, you may want to reevaluate the cost of the items in your home as well.
Let Ringnalda TenHaken Insurance Group take the guesswork out of your coverage, whether it be auto, home, life or business insurance. We value strong relationships with both our carriers and with our clients. Our 2 convenient locations are in Grand Rapids and Holland. Give us a call and find out why we say, “Handling your insurance is our privilege!”
Ringnalda TenHaken Insurance Group 4800 Broadmoor SE Grand Rapids, MI 49512. Phone (616)530-2800
Ringnalda TenHaken Insurance Group – Lakeshore 11595 E Lakewood BLVD Suite 30 Holland, MI 49424. Phone (616)796-0400