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3 tips to lower your home insurance premium

If you’re looking for ways to cut your household budget, you may want to review your homeowner's insurance policy. You can lower your premium, but still have enough coverage in case your home is burglarized, damaged or even destroyed. Of course, you want to make sure you’re not underinsured. If you don’t have enough insurance, you may have to pay out of your own pocket to replace your belongings or repair your home. Review your insurance every three to five years to make sure you have adequate protection in case disaster strikes. Apply for home insurance quotes to get the best price and coverage.

3 tips to lower your home insurance premiumHow to lower your home insurance premium

Here are three tips to help you obtain lower home insurance quotes:

1. Raise your deductible. Opt for the highest deductible you can afford. Most homeowners file a claim every eight to 10 years, according to the Insurance Information Institute. A higher deductible will not only save you money, but it will still provide coverage when you need it. You may also want to consider actual cash value coverage, if you want to lower your premium. An actual cash policy will reimburse you for the current value of your property, minus your deductible. On the other hand, replacement cost coverage reimburses you for the full value of the item lost. Your premium may be higher, but you will receive full compensation for your possessions. Shop around for home insurance quotes to get the right protection for your family's needs.

2. Ask for discounts. If you make home improvements to make your house safer, your insurer may offer you discounts. For instance, if your house has a new roof and it is made with fire and/or hail resistant materials, you may qualify for a discount. If you upgrade your plumbing and electrical systems, you may also be able to get a break on your premium. If you install fire extinguishers, smoke alarms, sprinkler systems and carbon dioxide detectors, you may be able to get a discount. And you may also get will break into your home by installing burglar alarms and deadbolt locks. Always ask about discounts, when you apply for home insurance quotes.

3. Watch your credit rating. In most states, insurers use your credit score as one of the factors in determining what’s called your insurance score. Before you apply for home insurance, get copies of your credit reports. Make sure they are accurate. If the reports contain mistakes, immediately report them and ensure they are corrected. If you have a high credit score, you may be eligible for a discount on your home insurance. However, if you have a poor credit record, you may pay a higher premium. Before you obtain home insurance quotes, make an effort to boost your credit score.

Remember when you buy a homeowner's or a renter's policy, you’re insuring the structure of your home and your personal belongings in your home. Once you have determined the best coverage for your family’s needs, you’re ready to obtain home insurance quotes. Call agents in your local area, contact several insurance companies directly or use to instantly get competitive home insurance quotes from the nation’s leading insurance providers. Take the time to protect you and your family today.

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