Look for Ways to Save on Costs
Along with your renewal notice, you can expect to receive a renewal form to update the insurance information the provider has on file for you. Providing the right updates to the insurer can help lower your rate.
For example, you can note home improvements that could lower the cost of insurance if those improvements increase the value of your home, such as installing a new roof. You can also potentially lower your rate when you mention new safety measures, like installing a security system.
Another option is to see if you qualify for new discounts. You can check the provider’s website for listed discounts, or you can ask the agent about common home insurance discounts, such as the paid-in-full discount for paying the entire rate at the start of the term.
You can also see if there are future discounts to strive for. For instance, if there’s a responsible payment discount for regularly paying your premium on time, consider setting up autopay on a Visa, Mastercard, or other debit or credit card so that you’ll qualify in the future.
Many insurance companies have options for bundling your home insurance coverage with an auto insurance policy for a discount. You can talk with your insurance agent to see if they offer options for a car insurance policy and what their car insurance rates are. If you’re a student seeking a new plan, look for bundling options with car insurance companies that offer continuing education discounts to add to your savings.
Finally, your health insurance company and healthcare provider aren’t the only ones who pay attention to smoking habits. Your home insurance provider might offer a discount for non-smoking households since smoking affects the likelihood of a house fire.