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In most cases, insurance is an inevitable cost of homeownership. Banks and lenders require insurance while the house is being paid off, and if you are operating a rental, it’s a good idea to have home insurance in case of any damage that is caused during a tenancy.
Insurance doesn’t have to be expensive though, there are some simple steps you can take to help lower the cost of coverage on your home. By taking a few precautions, and keeping up with maintenance on your house, not only will you have the added benefit of living in a safe and well-maintained home, you can also cut the cost of your home insurance.Here are some things that can help lower the cost of your insurance:
A well-maintained house can help you save when it comes to insurance. Keeping up with basic maintenance, with things such as painting, basic repairs, or clean up is a great place to start. Maintenance can help you to avoid damage and major necessary repairs. Keeping your place in good shape can help you to save on insurance, as you will be in a lower risk category. Home maintenance, at the very least should keep you from becoming a “high risk” owner, which could potentially double your costs.
If your house is updated and more disaster resistant, this could also help lower your rates. Updated plumbing and electrical can both help reduce the cost of your premium. An up-to-date roof can also help lower your costs. In areas that are prone to storms, it may be an idea to install storm shutters or take other storm damage prevention s as this can also have an effect on your rates.
Safety is a big area of concern for insurance companies. Simple upgrades that would benefit you and your family are things such as dead bolt locks, smoke detectors, and alarm systems. These help keep your home safe, and can potentially save you up to 20% on your rates, depending on your insurance company and policy.
Liabilities such as a trampoline or swimming pool in your back yard can affect your rates. In some cases, certain breeds of dogs can also add to the cost.
The fewer claims you have, the lower your premium will be.
At Katy Insurance Texas, we would be more than happy to help you with your policy, and can offer you tips on things you can do to help lower your premium.