“A little investigating – and sometimes a little sweat equity – may result in lower homeowner premiums,” McCormick said. “First and foremost, check to see if your insurance company offers multiple policy discounts.”
Most companies offer discounted rates for customers with multiple policies. Consider combining your auto, life, homeowners and other policies for better prices.
Investing in updates to your home can also translate to discounted homeowners insurance rates. Adding safety features like smoke and burglar alarms lower your claim risk, which may mean savings for you.
“You may also want to consider raising your deductible to lower your premium,” McCormick said. “Just be careful not to raise the deductible too high. If you do increase it be sure you can afford to pay that amount if necessary.”
Many insurance companies take credit scores into account when determining insurance rates, so raising your credit score could have a positive effect on your homeowners insurance rate.
McCormick also recommends shopping around to find an insurance carrier with the best price –provided they don’t sacrifice adequate coverage.
“I encourage all of my clients to insure their homes for 100 percent of the estimated replacement cost, not the market value,” McCormick said. “It might cost a little more up front, but should disaster strike, it’s better to be prepared.”
For more information, contact your insurance agent, or visit http://www.mccormickagency.net.
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About Matt McCormick
A Rapid City-based State Farm insurance agent, Matt McCormick offers a full line of banking and insurance products, with resources to help you meet your financial goals. For more information or to request free quotes, call 1-866-348-0464 or visit http://www.mccormickagency.net.