Do you know what the rapidly rising cost of lumber has to do with your home insurance?
Answer? A lot, surprisingly.
Lumber has increased almost 350% since last year, which means the cost of your homeowners insurance will likely go up too. Homeowners will see their rates jump whenever supplies needed to rebuild their home increase.
These increased rates might leave you looking for a new home insurance company. Here are 8 of the greatest tips for getting the lowest rate possible for your home insurance, without sacrificing quality.
1. Fortify Your Home
Fires and floods can cause tens of thousands of dollars of damage, at the very least. Installing smoke alarms, sprinkler systems, and plumbing fail-safes can help to lower your home insurance rates.
2. Have a High Deductible
Paying a higher deductible later in the event that your home is damaged can help to lower your monthly payments. This is a great option if you are lucky where you don’t ever have a claim or incident.
3. Have Good Credit
Have you paid your credit card bills on time? You may be eligible for a lower home insurance rate if you have good credit. Ask your agent about good credit discounts.
4. Check the Material of Your Roof
If you are replacing your roof, you might be able to get a lower rate on your insurance based on the materials you use. Some materials are stronger and can withstand more damage than other roofing types.
5. Do Preventative Maintenance
Now is the time to upgrade the electrical wiring in your home or to get your roof inspected. Performing preventative maintenance on a regular basis can help prevent minor problems from becoming costly claims, in addition to getting you a better rate.
6. Install Locks
Installing quality locks can help lower your rates, as it may help prevent a break-in at your home. If you have a home security system, like Ring or ADT, you can ask your insurance company for a discount.
7. Get Rid of the Trampoline
As fun as they are, trampolines and other “attractive nuisances” like pools and playgrounds can raise your rates. Think twice about building a pool in your backyard. Consider selling the trampoline or playground if your children are already grown or do not use them anymore.
8. Compare Rates
Compare lots of home insurance companies and home insurance quotes. Call around and get rates from a few different companies, like State Farm or Geico home insurance.
Visit Provide Home Insurance | Insurance Hub to get the most accurate and lowest quote for your home if you live in the Wilmington area.
Looking for More Home Insurance Tips?
Home insurance is just an expense you have to shell out for when you own a home. But with a little bit of research and work, you can get the lowest rate possible for your home insurance.
Still want more tips on how to get the best deal on home insurance? Follow along for more articles on everything related to insurance, homeownership, and saving money.