I understand that home insurance premiums can add up, but there are several ways to reduce your homeowners insurance premium. I have compiled five methods on
how to reduce home insurance premium. Keep reading to know more.
Get home loans at the lowest interest rate from NoBroker and avoid hefty paperwork How to reduce your homeowners insurance?1. Increase your deductible:
In simple words, deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim, according to the terms of your policy. By increasing your deductible, you can lower your home insurance premium.
2.
Bundle your insurance policies:Many insurance companies offer discounts if you bundle your home insurance with other policies such as car or life insurance. I would suggest you speak to your insurer about any such schemes or offers.
- Maintain good credit
:
Insurance companies often check your credit score when calculating your premium. By maintaining a good credit score/credibility, you may be able to lower your home insurance premium.
4.
Review your coverage:It's important to review your insurance coverage regularly to ensure you're not paying for coverage you don't need. Continuing with
how to lower your home insurance premium.
By adjusting your coverage to fit your specific needs, you may be able to lower your insurance premium.
- Ensure for replacement cost, not market value
:
The housing market keeps on fluctuating. Insurance companies insure homes based on the amount it would cost to
rebuild
, including debris removal, architect fees, etc., not the assessed value of the home. In today's economy, these two values can be drastically different. I would suggest you make sure your home is insured based on
replacement cost
, and that it does not include the cost of land.
This is all from my end on the topic of
how to reduce home insurance premium.
Calculate your monthly instalment easily using NoBroker’s EMI Calculator Read More: Is property insurance mandatory for home loan? How much tax can be saved by home loan? How To Calculate Home Loan Interest Rate?Your Feedback Matters! How was this Answer?
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How to reduce home insurance premium?
Anonymous
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1 Answers
1 Year
2023-04-27T23:33:08+00:00 2023-04-30T00:08:37+00:00Comment
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