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Before you renew your current policy, here are some simple things that you can do to lower your monthly payments.
Take the time to shop around. You can’t buy a home without purchasing homeowners insurance first, but that doesn’t mean you’re stuck with the insurance provider you are currently with. Make sure to compare different companies to find he best deal. Don’t leave this for last minute or you will get stuck with a policy that is expensive. You can even shop rates online to give you a range of ideas.
Bundle your insurance. Many insurance companies offer discounts if you package multiple policies like your car, boat or home insurance for example. On average, most can save 5 to 15 percent off premiums if they purchase two or more policies together.
Safety First. Installing carbon monoxide detectors, smoke detectors and alarm systems can reduce your monthly bill, but you need to let your insurance agent know about any changes you make. Also, ask your agent what steps you can take to make your home more resistant to natural disasters. You may be able to save on your premiums by adding storm shutter, reinforcing your roof or buying stronger roofing materials. Adding a new heating or cooling system can also help lower your payments.
Increase your deductible. Most homeowners prefer small deductibles, but in the long run, taking more of the financial burden if something should happen to your house is a great way to save money. By raising your deductible, your monthly costs can decrease as much as 5 to 10 percent.
Rethink value. It’s not necessary to insure a house for the amount it was purchase for. Even if your house were to completely burn down, you’d still have the land, so consider that when deciding the amount you need to insure. A good insurance agent will be able to calculate the proper cost to replace the house.
Be sure to review your policy each year, to make sure it accurately covers your home.Weston Dean Homes is a San Antonio area custom home builder. For more information call (210) 408-9107.