Home insurance rates fluctuate, but if you are paying more than you think you should for insurance, there are steps you can take to lower your costs. To cut your premiums, you may need to do a little work, but the payoff is more money in your pocket each year.
Tips for Lowering Home Insurance Rates
If you request a home insurance quote, make sure you are providing them with all of the necessary information to receive the best possible price. Some ways you can lower your premiums include:
- Ask for a Credit Check – If your credit score is good or at least, not poor, ask the insurance company to pull your credit when providing you with a quote. A high credit score often means that you are more responsible with your money and less likely to encounter high-priced useless claims in the future.
- Get Home Insurance Quotes Online – Try requesting quotes online from insurance providers, but do not rely solely on the internet. Some insurance companies can provide you with better quotes over the phone, especially after they get all of the facts from you for potential discounts.
- Increase Your Deductible – The less you pay out-of-pocket, the more you pay in premiums. If you can afford a higher deductible amount, increase it on your policy to save on your month-to-month costs. Just make sure you have that amount in savings in case you ever need to file a claim due to damage or loss of property in your home.
- Pair Home Insurance with Auto Insurance – The more business you offer your insurance company, the better rates you will get. Combining your auto and home insurance with the same insurer can yield up to 10 percent off your annual premium.
- Add a Home Security System – Home security systems offer discounts on your annual premium. The discount amount will vary depending on the system, what your existing premium is and if you also include fire and flood monitoring or not.
- Pay Annually Instead of Monthly – Sometimes you will encounter monthly administrative fees when paying in monthly installments. Ask whether paying your insurance in a single lump sum annually will yield any savings.
- Do Not Opt for Too Much Coverage – Paying for coverage you do not need does not yield any benefits. Review your existing policy and the coverage offered with online insurance quotes. If you have more coverage than you need, reduce that to lower your premiums.
- Be Cautious About Claims – While your insurance is there for when you need it, do not file a claim for things that cost less than your deductible. Every time you file a claim, it increases your risk; therefore, it increases your premium.
Find the Right Coverage at the Right Price
Getting quotes is only half the battle. You want to make sure that you are also receiving proper coverage for your home, personal belongings and even your loved ones.
For more information on home insurance, visit one of our offices below:
Medicine Hat home insurance: 403-526-3283
Brooks home insurance: 403-501-5123
Calgary home insurance: 403-723-9416
Bassano home insurance: 403-641-4988
If you want a better rate, contact TSG Insurance for home insurance in Alberta. We can help you find the best coverage with all applicable discounts so that you can save even more. Contact us online for a quote or call us toll-free at 800-830-9423.