Can I Negotiate My Homeowners Insurance?
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Mastering Homeowners Insurance Costs: Negotiation Strategies for Savings

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Although having homeowners insurance cannot prevent damage to your personal belongings and property, it can reduce the risk of financial setbacks in the event of unexpected situations that lead to costly repairs and replacements. Negotiating a quoted policy may not be possible when applying for insurance, but there are ways to lower your fees. Contact your insurance provider to learn more about customizing an approach using the tips below so you have what you need without needless hassle and unnecessary costs.

Increase Your Deductible

Saving 10 percent or more on your homeowners insurance premiums is possible when you raise your deductible, which is the amount you must pay when making an insurance claim. Accidents can happen, but you save money each month if they don’t. Before choosing this option, check your finances and research the history associated with your home or neighborhood to ensure the change is the right move and not too costly.

Another tip is to increase your credit score. A higher score not only comes in handy when you’re negotiating discounted premiums but can also be beneficial if you raise your deductible, experience a high coverage claim, or seek financial assistance from a bank or other lender.

Boost Security

Securing your property could lead to discounts from insurance providers. For example, deadbolt locks or an alarm system can significantly boost security and reduce premium costs. When speaking with your insurance provider, ask if systems like these, as well as smoke detectors and energy-saving equipment, can lead to discounts.

These security boosts might lower your coverage because they can reduce the odds of fires, break-ins, and other situations that cost the insurance provider money. However, prior to adding any equipment, verify with your homeowners insurance company that the systems can result in a premium discount.

Compare Coverage

Shopping around for the best policy that fits your needs and budget is a step to take when trying to lower coverage costs. You can ask friends, family members, and colleagues for suggestions or do some web searching and take time to contact the companies you come across in advertisements.

Shopping around doesn’t mean you need to leave your current provider. It can help you secure lower rates, as some providers meet their competitors’ prices or can help you find similar options. Comparing the coverage enables you to determine current price ranges and the quality of a package.

Bundle Coverage

Using the same insurance company for multiple policies, as opposed to purchasing each plan from a different provider, typically decreases premium costs. You can combine auto insurance with homeowners coverage or a life insurance policy.

The discount may not be too high, but saving a few dollars could give you financial assistance without worrying about rebuilding your home or repairing your car after significant damage. Before selecting a bundle coverage offer, ensure the price is lower than purchasing coverage from different companies.

 

For information on choosing affordable homeowners insurance that suits your needs, call on the experienced agents at Altra Insurance Services. In addition to homeowners coverage, we offer a variety of reliable insurance products, including business, renters, and auto insurance. Call us today to learn more about our high-quality service and affordable coverage.

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