Think again if you believed that your homeowner’s insurance rates will decrease with time. This year, bills are expected to increase by an average of 7%. And given the increase in natural disasters, there probably won’t be much relief very soon.
However, there are some covert ways to influence your premium. Consumer Reports details the cost-cutting measures to deal with growing insurance premiums.
Although there is an advantage to remaining loyal to a company, it is not as big as the benefit of finding a better deal overall through comparison shopping.
Bundling is the greatest method to receive a significant savings, according to CR, if you’ve selected the correct insurer.
This entails purchasing both your auto and home insurance from the same provider, which might result in a 30% savings. Consider adding more products to your bundle, such as insurance for a motorcycle or boat.
1. Raise your deductible. Your premium can be reduced by 25% by going from a $500 to a $1,000 deductible. Furthermore, although a low deductible may save you money in the event of a claim, it is unlikely that you will do so anytime soon.
2. Report home improvements. Inform your agent if you fix outdated plumbing, add security cameras, or put in gas or water leak detectors. With each extra item, you might be able to cut 2-6% from the total.
Even trimming back dry vegetation around your house and sheds could result in a bill credit if you reside in a fire-prone area.
And finally, regardless of the cost of the premium, choose an insurance that offers top-notch service. Amica and USAA are two insurance providers that frequently score highly in Consumer Reports’ evaluations.
Extreme weather-related calamities, according to Consumer Reports, are a big factor in the increase. Use these money-saving strategies even if you don’t live in a disaster-prone location because your rates still might go up.