Has your homeowners insurance premium been increasing? These tips can help you save money.
You’re a proactive homeowner who’s keen to protect your property and pocket as best you can. You lock the doors and windows every night, you winterize the property in fall, and you’ve taken out quality homeowners insurance. However, you’ve noticed your home insurance premiums have been increasing lately. This is completely normal and to be expected, but that doesn’t mean you can’t look for ways to save. Take a look at these strategies for lowering home insurance rates without compromising on coverage.
Improve home security
Ask your insurance agent if they offer any discounts for safer homes? Smoke alarms, carbon monoxide detectors, security camera systems, and more can make your home safer. This means that disasters and claims are less likely to happen, and your insurer may reward you for taking these precautions. Be sure to check with your insurer before purchasing a system to learn whether it meets the necessary requirements.
Check for home insurance discounts
Insurance companies may offer benefits that you may not even know about. Many insurers will offer a sizeable discount if you bundle two or more policies with them. Ask your insurer if you’re eligible for any discounts – It doesn’t hurt to ask!
Increase your deductible
A sure-fire way to lower your home insurance premium is to increase your deductible. The higher your out-of-pocket cost in the event of a claim, the lower your monthly premium. Keep in mind that this means you’re taking on more financial responsibility in the event of a claim, and your deductible should be an amount that you are comfortably able to afford.
Switch Replacement Cost Value (RCV) to Actual Cash Value (ACV)
Although this is means you have less protection for your belongings, it does result in instant savings. An ACV policy covers the home for the insured property for “market value” of the item. The total amount of reimbursement will remove depreciation, whereas an RCV policy does not account for depreciation. With an ACV policy, the older the item, the less the amount of financial compensation the insured will receive.
Are you ready to get started on securing affordable homeowners insurance in Fresno for your home? Visit the professionals at McCarty Insurance Agency to get started today! We can help you understand the ins and outs of your chosen policy.