Canton homeowners are experiencing significant home insurance cost increases. Let’s review some strategies that you can take to reduce your home insurance bill.
Insurance companies use an individual’s Insurance Score for the policy rate calculation. Your credit score, a significant factor in determining the Insurance Score, can be influenced by several variables. In Massachusetts, insurance companies can use your credit score for home insurance. It can not be used for car insurance.
Your insurance needs will change over time. You may need to add, alter, or remove coverages. Here are some common changes that should be reviewed:
While you want to ensure you have the appropriate coverage to protect you in the event of a loss, you should also periodically review your policy to ensure you are not paying for coverage you don’t need.
Filing a claim can impact your insurance - even if there is no payment from the claim. Most companies will maintain your claim history for up to five years. In addition to impacting insurance costs, it can also impact eligibility for a new policy if you need to make a switch. For example, if you purchase a new home and need to secure an insurance policy.
If you’ve watched any live television in the last 20 years, you’re likely aware of an insurance bundle discount. Bundle your home policy with your auto insurance, and you can save significantly on both policies. You may also be able to bundle with umbrella insurance, motorcycle insurance, RV insurance, and landlord insurance policies.
Save on home insurance while maintaining an enhanced peace of mind. If you have a home security system, such as ADT, you may be eligible for a home security discount. Smart home security systems may also be eligible for a discount.
If your home insurance deductible is currently $1000, consider raising it to $2500. This can be especially pragmatic for handy homeowners who are comfortable completing smaller home repairs.
It’s good to have the right coverage in place for protection in the event of a loss. At the same time, filing too many claims may prevent you from accessing the best available insurance options.
Shopping for a new home policy might be the best way to reduce insurance costs. This is especially true if you’ve had the same provider for a long period of time. Want to see how much you can save on your Canton home insurance? Speak with a licensed Oak Grove Insurance agent today!
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