Have you ever compared notes with your neighbor and found out they paid less for the same thing you bought? It happens – grills, vehicles, or bikes for the kids. But, you can both save on your home owners insurance though by knowing what increases its costs.
Many of the items or amenities that add to your home’s value also add to its insurance, like a swimming pool. That doesn’t mean you shouldn’t have a pool. It does mean you should include protections that make it safer. It already costs enough to live in gorgeous Baton Rouge, LA. Read on to find out the things you can do to live more safely and reduce your costs in this blog from Insurance & Financial Services, Inc.
What Affects Home Insurance
Your home owners insurance protects your house and its contents, plus covers you for liability if someone gets injured on your property. Many factors affect how easy it is to obtain adequate coverage and low premiums.
Around your home, owning a pool, trampoline or other dangerous recreational equipment affects your costs. You can install a fence around your pool, spa, or trampoline to ensure no one can surprise you with an unplanned visit without your permission and supervision. You can also outfit your pool with safety devices, such as floatation devices, life jackets, and life preservers.
If your home needs remodeling, especially if it includes outdated wiring, which enhances fire hazards, your costs go up. You can remodel your home which improves its livability, your resale value, and lowers monthly premiums.
Personally, your credit score affects your costs. You or your spouse, or both of you, can take on a part-time job to earn extra income to pay down credit cards and loans. This improves your credit score which will get reflected in your insurance premiums.
Broadly, your neighborhood’s crime rate affects your home insurance. You might think there’s nothing you can do about this, but you can form a neighborhood watch. You can also work with local police to train and form and volunteer neighborhood patrol. Spotting and reporting crimes immediately result in quick arrests. A police crackdown on a neighborhood led internally by its residents results in a lower crime rate.
Finally, the amount of coverage and your deductible comprise two deciding factors in your costs. If you can afford a higher deductible, the portion you pay out of pocket if you need to make a claim, you can lower your premium costs. Adding riders or additional coverage for expensive jewelry or electronics will also result in a cost increase.
Call or visit Insurance & Financial Services, Inc. to find out more about home owners insurance and ways to live better for less in Baton Rouge, LA. We want to help you get the most out of your home and your home insurance.