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Nobody wants to face this fact, but that doesn’t make it any less true: Home insurance is expensive.
You want to get the most out of your investment without breaking the bank. To a degree, there is little that you can do to minimize the cost of a homeowner’s insurance policy – especially if you need specific coverage against matters like flooding and earthquakes. Fortunately, there are some things that you can do to drive down the cost of your insurance premiums, if even just a little bit.
Below, we’ll discuss some of the most practical and most money-saving preventative measures that homeowners can take to save themselves from spending more than they have to on insurance.
Remove Outdated and Unwanted Structures
When you buy a property, or when you have had it for a while, there might be a shed that’s falling apart in the backyard or a similarly defective structure that you cannot use and do not need. Most insurance policies will cover additional structures on the property, meaning that you’ll be paying for that busted-up shed, too. Consider getting rid of it to reduce your premiums.
Exclude Your Land from Your Coverage
The primary role of homeowner’s insurance is to protect your structures and the possessions within them in the event of a disaster. The land itself doesn’t necessarily need to be insured, so if your policy covers it then you should consider dropping it from the policy altogether. After all, the more items the policy covers, the more expensive the policy will be.
Bolster Your Home Security
Homeowner’s insurance policies that cover theft and vandalism could be marked down a fair amount by the addition of anti-theft and other safety measures on the property. Smoke detectors, burglary alarms, security cameras and other theft-deterrent technologies could be an expensive investment in the long run – particularly if you choose more advanced technological means of protecting yourself – but they will save you money on your insurance.
Improve Your Credit Score
A higher credit score equals lower insurance premiums. If you’ve had to do this to purchase your home in the first place, you likely already know that there are certain financial behaviors that you should avoid in order to increase your score over time, including:
- Applying for numerous credit cards in a short span of time
- Accumulating additional debt
- Using more than 30% of the credit that’s available to you
Smart money-managing techniques benefit everyone in a slew of ways, one of which is a reduced premium on one’s homeowner’s insurance policy.