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There are many ways that you can reduce the rate on your home insurance.  I speak with people all the time that have a higher home rate than they expect.  Here are 12 helpful tips to help you reduce your home insurance rates.

  1. Shop around - Insurance carriers are constantly launching new rating platforms and making rate adjustments in their systems.  Asking your agent to run new rates for you every few years can save you a lot of money.
  2. Raise your deductibles - By raising your deductibles you do assume more risk if you have a claim but it is an effective way of reducing your insurance rates.
  3. Don't confuse what you paid for your house with rebuilding cost - land is not factored into the insurance.  If your home burns down the land is still available to build on.
  4. Bundle your policies - all companies offer a multi-policy discount if you have bot auto and home insurance through the same company.  Most of the time it's advantageous to keep them together but not always.
  5. Make your home disaster resistant - If you live in an area that is prone to high winds or floods then take steps to prevent losses.
  6. Improve home security - Home security system can help reduce your rates and prevent theft.
  7. Seek out discounts - Ask your agent to review the quote again after they give you a final rate to make sure that all discounts are applied.
  8. Maintain good credit - This one is really important.  Most insurance companies use a credit rating factor called you Insurance Score.  It's not exactly your credit score but they are first cousins.  If your credit score is good then typically your insurance score is good as well.
  9. Stay with the same insurer - Some companies offer long-term customer discounts.  I'd still encourage checking your rates every 3-4 years.
  10. Review the limits on your policy and the value of your possessions - If you have schedule property have it appraised from time to time as values can change.
  11. Look for private insurance if you're on the government plan - If you are on the Kentucky Fair Plan and your claim history has gotten better then make sure to get quotes.  The Kentucky Fair Plan does not provide coverage that is on your typical HO3 policy.
  12. When buying a home, consider the cost of home insurance - Get a quote on the home before committing to buy so there are no surprises in your rates.

 

https://www.iii.org/article/twelve-ways-to-lower-your-homeowners-insurance-costs 

Posted 10:02 PM

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