Everyone wants to save a little money on their home insurance costs, but it is important to have enough insurance to cover your home in the event of an accident or disaster. There are ways to reduce your monthly bill without putting your home and family at-risk and while some require simple additions and upgrades to your home, most of them won’t require a lot of extra work or financial investment on your part.
#1 – Good Credit
Having a good credit score and getting an affordable homeowners insurance policy may seem like two completely different subjects, but some Massachusetts home insurance companies are now using credit scores as an indicator of a person’s responsibility. Having good credit means paying bills on time and owning up to financial responsibilities. The idea behind this method is that responsible individuals file less claims than irresponsible individuals. Many insurance companies are now offering discounted rates to policy holders who have good credit.
#2 – Better Security
While New Bedford and surrounding communities are certainly not New York City or Los Angeles, you can still save some money on your home insurance policy just by adding a couple of extra security measures to your home. From simple common sense upgrades like dead bolt locks, smoke detectors or fire extinguishers; to monitored security services for burglar or fire alarms, there are many ways to get discounts for added security. You do not need to have all of these security measures to receive a discount, so make sure you tell your representative if you have or have added any of these to your home.
#3 – Updated Features
Some of the renovations and upgrades you make to your home can translate to lower rates on your homeowners insurance policy. Each company has different options available, but many insurance companies will charge lower premiums for updates made to plumbing, HVAC and electrical systems. Discounts can also be given for a new roof or anything that protects the home from the elements. Ask your agent about any discounts offered for home improvements.
#4 – Multiple Policies
One of the biggest perks to buying all of your insurance from one broker is the discounts that come with having multiple policies through the same company. Ask about home insurance discounts for policy holders who also purchase auto insurance and home insurance. You can save a bundle off your overall insurance bill just by combining all your eligible policies through your favorite Massachusetts home insurance (Borden Insurance Agency) provider.
#5 – Low Deductibles
When you file a claim to your homeowners insurance company, the portion of the repair or replacement cost that you are responsible for is called the deductible. Some homeowners like to keep this portion as low as possible, but what they don’t know is that just by switching from a $500 deductible to a $1000 deductible they could save a bunch off their monthly bill. Deductibles can range between $100 – $5000 or more, but it is important that you don’t raise your deductible so high that you won’t be able to afford to pay it in the event of a claim.
#6 – Too Much Insurance
Sometimes it’s actually possible to have too much insurance. While it is essential that you work with your agent to ensure that you have enough insurance to satisfy a mortgage company or bank that holds your loan and cover the costs of repairing or replacing your home, you also need to make sure you aren’t over-insured. Your insurance company will not pay you more than what the actual cost would be to rebuild your home, so it is important that you make sure your home has been adequately represented in your policy. Provide your agent with enough information to make an informed assessment of the value of your home so you can get a policy that will suit your needs – and your budget.
#7 – Extra Discounts
Your home insurance agent knows a lot of ways to help save you money. However, it is your responsibility to ask about potential discounts, provide accurate information and keep your agent updated about any changes to your status, number of dependents or anything else that might affect your policy rate. Non-smokers, 55+ and retired, guarded communities – the list of situational discounts goes on and on.
In the end, communicating with your New Bedford home insurance agent is the best course of action that you can take to ensure that you are getting the lowest rate possible. Call your agent today and ask about any homeowners insurance discounts you think you might be eligible to receive!