Becoming an Adult

6 Ways To Reduce Your Home Insurance Premiums

19 December 2016

Robin King

You have likely realized by now how important homeowners insurance is. It protects your home against theft, fires, storms, and other unfortunate events. However, home insurance can get expensive. Some homeowners may even spend hundreds of dollars a month on insurance premiums. The good news is that it doesn't have to always be this way. If you make some changes, you may be able to lower your rates. Here are six effective ways to reduce your home insurance premiums:

Make Necessary Repairs and Additions to Your Home

No matter the size or age of your house, it is important to make the necessary repairs and additions to it. For example, if the roof is old and falling apart, you many want to consider replacing it. Older roofs can't protect your home against storms very well, and your insurance company may charge you more for insurance because of it. The initial costs might seem high, but investing in your home can reduce your home insurance rates in the long run.

Raise Your Credit Score

Your credit score does not just affect your ability to qualify for loans; it can also plays a role in determining your home insurance rates. If you do not have a very good credit score right now, you may get charged more for your home insurance premiums. Insurance companies believe that individuals with low credit scores are more likely to make claims than those with higher scores. Your credit score does not have to stay low forever. If you pay all your bills on time and work to pay off your credit card balances, your score may go up.

Enroll Your Dog in Obedience School

Certain dog breeds, such as Rottweilers and pit bulls, are considered aggressive, so insurance companies consider them bigger risks. If you own one of these dog breeds, your insurance company may charge you higher rates, no matter how sweet and gentle your dog might be. However, you can enroll your dog in obedience school and show your insurance company proof that your dog completed it. If the insurance company knows that your dog is properly trained, they may lower your rates.

Improve Your Home's Security

Another good way you can reduce your home insurance premiums is to add security features to your home. For example, you could install a security alarm system in your home to deter burglars. If intruders hear the alarm go off, they may get spooked and run off. Deadbolts and motion sensor lighting are also great security features for your home. If your insurance company sees that you are making an effort to keep thieves away from your house, they may give you a discount.

Get Rid of Your Trampoline

Kids can have a lot of fun on a trampoline, but this item is considered a safety hazard by many insurance companies, so you may want to get rid of it to help save on insurance costs. They are considered a risk to insurance companies because if your child's friends come over to jump on the trampoline and fall off and get hurt, your insurance company may be held liable for the damages.

Ask About Discounts

The next time you talk to you insurance agent, ask about insurance discounts you may qualify for. For instance, if you are retired, you may receive a discount because you are likely home more often and less susceptible to burglaries. You never know what you might qualify for simply by asking.

You do not have to pay an arm and a leg for your home insurance. If you follow these helpful tips, you can finally lower your home insurance premiums and have more money in your bank account.

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