20May

After closing day and the long-awaited move-in, many homeowners are beginning to realize what a great decision they made! They now have a source of equity and a permanent place make new memories that last a lifetime. Costs to insure homes have been rising dramatically over the past year, leaving homeowners here in Missouri avidly seeking ways to save money! Here are some ideas from your insurance experts at the Alexander Agency of St Charles to make sure that paying your premium each month won’t leave you empty-handed in the grocery aisle!

Smart Shopping Via Rate Hunts:

Carefully doing your homework before you buy a policy is one of the most practical ways to lower how much you spend on insurance. As you are closely examining providers to see what meets your needs, be sure to take these precautions:

  • Compare Coverage: Even though cost is a very important factor, it’s important to check out other attributes of your potential policy. It’s a good idea to review the endorsements, coverage limits, and types of coverage each company offers you.
  • Read Reviews: Reliable entities such as Google, Yelp, and Trustpilot are excellent sources for reviews. Sometimes a personal account will clue you into the most important qualities of a policy’s ability to work for your specific situation. 
  • View Third-Party Ratings: Websites such as J.D. Power and the Better Business Bureau provide scores that accurately depict the consumer experience. AM Best and other credit rating services dig in and assess a company’s potential ability to pay out when needed.
  • Get Quotes: Rates can differ by hundreds of dollars depending on which company you ultimately choose. Getting quotes from multiple companies ensures that you will get the lowest rates possible.

Bundling With Other Insurance Types: 

Bundling your home insurance with other types of insurance is a creative and effective way to lower premiums. Bundling with the same company that offers you car insurance can net you a discount on both of your policies, and you can do the same with pet insurance or life coverage. Bundling policies can save you between 5% and 25% on overall premiums. Getting the most out of this tactic requires researching the coverage limits and cost of each policy, then closely comparing to make sure you get the best deal.

Turning up Potential Perks: Look For Additional Discounts:

In addition to multi-policy discounts, insurance companies offer many other means of saving money for those looking to do so. Here are some other discounts that insurers offer: 

  • Claims-Free: You can qualify for this type of discount if you have not had to file a single homeowner’s claim over the past few years. 
  • Security Systems: Many insurers offer sizable discounts for providing the installation of burglar alarms, fire alarms, or surveillance equipment designated for the property.
  • Pay-In-Full: You can qualify for a discount if you pay for a full year of homeowners insurance rather than opting for the installment route.
  • Paperless Billing: If you can sign up for monthly electric statements, you could enjoy the discount agencies offer for being environmentally conscious and paperless.
  • Smart Home: One of the many wonders of the modern world is the advancement of home security options. Features such as leak sensors, advanced climate control, and smart locks can provide you a discount. 
  • Gated Community: Your insurance rates could be lower if you live in one of these higher-income communities with limited access. 
  • New Home: Insurers will be happy to provide this discount if your dwelling was constructed over the past decade.

Deductible Decisions: Save More By Paying More:

Your Deductible is the financial amount you are responsible for paying after filing a claim and it is required before your coverage kicks in to assist you. If you choose a higher deductible, you will be able to lower your annual or monthly bill. This is a very good tactic, as the help arrives when you need it most. The important thing to remember here is that it’s crucial to have money set aside for unexpected events which could require prompt payment. 

Shield Your Sanctuary: Ultimate Protection

Taking care of all the maintenance tasks to properly protect your home is an excellent way to ensure that your entire claims process will not be as difficult. High-grade shutters, weather-resistant roofing materials, and other durable forms of materials can help yield you discounts from your provider. Security features such as high-tech sprinkler systems, fire alarms, and smoke detectors will provide a means of letting your insurer know that you are serious about doing whatever it takes to give your dwelling a strong fighting chance in the eye of the storm. 

The Ultimate Financial Fitness: How Good Credit Improves Your Premiums:

Your credit history can drastically affect your home insurance costs. Most insurance companies will take your credit score into account while they are calculating your premium amount, with a score of 720 being excellent. A credit score of 670 or higher is generally what’s needed to be eligible for competitive rates. Even though many companies just use soft credit inquiries while determining rates, many consumers have expressed disdain for this practice. You MAY be able to get homeowners insurance with bad credit, and doing things such as paying your bills on time and paying down loan balances will provide significant improvement. 

Update and Insure: Regular Policy Reviews and Inventories for Maximum Security

Many elements regarding your coverage and your belongings can change over time. Due to this nature, it is very important to review your policy annually or more often to ensure that your deductibles and coverage amount are both appropriate. It’s a good idea to take constant inventory of your most important possessions, while always being proactive about any endorsements added to your policy. As computers need frequent upgrading and other things like musical equipment can change with the times, these can factor in alterations to your coverage plan.

Protect Your Premium: The Case for Steering Clear of Small Claims

Homeowner’s insurance is designed to be there for you in a dire time of need, and knowing that your policy offers protection and peace of mind. Much like anything in life, “excessive use brings about problems”, and it can be best to not file with your provider regarding every little thing. Even though a very minor instance could be covered, officially filing a claim may not have the best effect on your pocketbook. Providers will often reward customers with sizable discounts for being claims-free after a few years. When you are deciding whether or not to file a homeowners insurance claim, it’s best to weigh the cost of paying out-of-pocket against the lasting result of a somewhat frugal claim’s impact. 

We can guarantee that there will be many memorable moments to cherish within the four walls you now call home! All of us here at the Alexander Agency of St Charles are eager to provide the reassurance that a comprehensive plan entails. Don’t wait until an unfortunate event to find out about your coverage’s pros and cons: contact us today for a detailed consultation!