One of the most important investments you can make is your home and to protect your investment homeowner’s insurance is key. Insurance rates can vary and it is important to know all the factors that will impact the rates you will pay. Below are a few of the major factors that impact on your insurance rates to help you save on the rate you will pay.
Deductible just like car insurance the higher deductible you have the lower your insurance rate. For example; if I agree to pay the first $500 dollars of the any claim on my homeowner’s insurance compared to $250 dollars then my rate will be lower. The higher you are willing to pay in the event of claim on your insurance the lower your insurance will be rate.
Take good care of your home If you take extra steps to take care of your home you can lower your insurance rate. For example; if you have an alarm system installed to prevent burglaries you reduce the risk of a claim and therefore lower your insurance rate. Prevention is the key and most types of preventive activities will be reward with lower rates.
Reduce the risks it is also important to carefully think about changes to your home such as adding a pool, where liability issues may arise. Before you install your pool talk to your insurance agent and see what the impact will be on your insurance rates and if there is anything you can do to prevent a future claim or reduce both your risk. Another example is adding a fireplace or woodstove, there are requirements that need to be met before you are eligible for insurance and there are ways to reduce an increase in rates. If there is a potential risk for liability, damage, theft, and so one then you can keep your insurance rates down by implementing preventative measures. Talk to your insurance agent they will give you the details you need.
More business more discounts If you have car insurance and other insurance policies it pays to have them all at one insurance company, as there are often discounts for the more business you do. Of course, if you have a cottage and home, be sure to use the same company to insure both.
Discounts – often there are discounts available for a variety of reasons such as your age, senior’s discount, and discounts for many other reasons.
Remember you can always call on your insurance company to answer any questions you have – if you don’t ask you won’t know.