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3 Ways to Lower Your Home Insurance Costs

February 24, 2022

Home insurance is a valuable asset that protects your property and family. Although coverage isn't mandatory in every state, many lenders and mortgage companies do require it, so you may wonder about making sure it's affordable. Below are a few ways you can find savings.

How to Reduce Home Insurance Expenses

1. Get Multiple Estimates

Even if your mortgage provider requires insurance coverage, the carrier is up to you. Collect estimates from at least three insurers to find a fair rate. You can also ask friends, family, and professional acquaintances whether they're happy with their carriers. Comparing the estimates you receive with these recommendations makes it easier to find a trustworthy provider.

2. Increase Your Deductible

Typical insurance costs come in two forms. The premium is the amount you pay each month, while the deductible is the amount you pay toward a claim before the provider steps in to cover the balance.

In general, the higher the deductible, the lower the premiums will be. Most deductibles are set low automatically, but this isn't always advantageous. If you only anticipate needing to file small claims, pick a higher rate that is still affordable.

3. Ask for Discounts

Most home insurance providers offer a wide range of discounts to reward everything from renewing for several consecutive years to bundling home and auto insurance policies with the same company. Not all insurers offer the same discounts or the same rates, so ask the providers which discounts you qualify for before purchasing a policy. They may offer additional incentives for home upgrades, such as security systems and solar panels.

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When you’re ready to start saving on home insurance payments, get in touch with Phil Taylor Insurance Agency in Clarksville, AR. This trusted insurer emphasizes dedicated, personal attention and advice to help customers protect their property at affordable rates. They’ll work to understand your circumstances and budget before tailoring a policy to suit your needs. Visit them online or call (479) 754-2616 to request a quote.

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