Tips to Save Money on Home Insurance

Most homeowners buy basic home insurance in Indian Orchard and forget about it. They rarely pay attention to their lifestyle and property’s location to determine what add-ons they should make in the policy.

The good news is that with the help of an insurance advisor in Indian Orchard, you can design a policy based on your needs. Following are some tips on saving money on home insurance:

Average Cost of Home Insurance

According to the National Association of Insurance Commissioners (NAIC), the average cost of a home insurance policy is $1,200. However, the premium could be lower or higher based on numerous factors, including the property’s replacement value, size, condition, age, security devices installed, and location.

A few other factors that are sometimes also considered include your claims history, credit score and history, and marital status.

Lastly, the two most important factors are the deductibles and coverage limit you pick.

Raise Your Deductible

Increasing your deductible is the best way to lower your home insurance premium. This is the amount you pay out of your pocket for a claim. The lower your deductible, the more money will go into the agent’s pocket.

A higher deductible might cause financial strain, so ensure you can manage it when the situation arises.

Bundle Your Policies

Insurance companies love it when you make them your go-to agency for buying all policies. This shows them that you are a loyal customer and will stay with them for a long time. For this, they reward you with discounts. So, if you want to buy auto insurance or business insurance, contact your insurance advisor in Indian Orchard.

Know the Criteria for Getting Discounts

Different insurance companies offer discounts based on the safety measures you take. For example, if your house is protected with an alarm system, sensors, strong bolt locks, and smoke detectors, the insurance agent will offer you a discount upfront.

You will also get a discount if you wait for a certain period and then make a claim. A word of advice: Do not make a claim if you think you can easily afford the repairs out of your pocket.

Improve Your Credit Score

According to Credit Donkey, having a low credit score of up to 650 increases your premium. This number falls under the “Fair” range, which is neither Good nor Bad. As a result, your coverage is limited, and you pay a high price for it. So, before you start looking into home insurance in Indian Orchard, improve your credit score by paying your bills on time.

The best way of saving money on home insurance is to increase your deductible. However, this might put a financial burden on you in an emergency, which is why you need to make a wise decision. Avoid opening multiple accounts and closing any old ones. Your credit history will help the agent decide whether you will prove to be a loyal customer.

Western Mass Auto Insurance offers you the opportunity to switch carriers and join our network. We promise not to let you down and provide you with the best platform to buy home insurance. Fill out our online form to get a detailed account of your home insurance policy. For more information, call (413) 543-3800.