The news is out! The North Carolina Rate Bureau has released a statement that nearly all home owners insurance rates could increase in North Carolina nearly 18%. With this increase many current home owners may be reevaluating not only their current home owners insurance policy, but also shopping their house with a variety of different carriers in order to keep cost down. Fortunately, Snotherly Insurance is aware of this house insurance increase and our staff members are reviewing our current homeowners database in order to insure that our existing customers are still receiving the best rate for their homes. In addition to carefully reviewing these home insurance policies which we advise all home owners to perform, we will be recommending these 5 key elements that not only our customers, but all home owners can utilize in order to save money and potentially lower their current household insurance policy.
1. Consider Raising your home insurance deductible
Are you familiar with your current house insurance deductible? Could you afford to keep a higher reserve of cash on standby to pay a higher deductible in the event of a loss? All home owners should consider this concept prior to making a decision, however, a higher deductible could result in lowering one's current home insurance rates.
2. Make Your home disaster resistant
Many home insurance companies may provide a discount for home's that are disaster resistant. It may be wise to consider asking an insurance agent, builder or home re-modeler for advice and steps that one may carry one to make their home more disaster resistant. Actions such as reinforcing the roof, installing storm shutters, and even modernizing the heat, electrical and plumbing (to lower the risk for water and fire damage) may provide savings to your house insurance policy.
3. Maintain a good credit record
Not only may maintaining a good credit score be advantageous for future loans and financial stability; a home insurance company may frequently factor an individuals credit score when determining the overall premium to charge for a home insurance policy. A good credit score may very well result in a lower home insurance rate.
4. Install or update security
Installing or simply updating the security system in one's home may produce a home insurance discount. Purchasing a new security alarm, installing sprinklers or even new smoke detectors can assist in lowering your house insurance annually.
5. Consider the same company for all of your personal insurance needs
Come on! You knew this point was approaching! Many of your large insurance companies consistently advertise the message “combine your home and auto to save” and guess what? It's True..most of the time. Attempting to combine your home owners insurance with your personal auto insurance may result in lowering premiums for both policies as additional “multi policy” discounts can be applied.
Summing up, by practicing 1 or even all 5 of the actions provided above, a home owner could prepare to save when the majority of NC home owners will be spending! For more information concerning the North Carolina Home Owners insurance rate increase, feel free to visit this article published by the News & Observer. For a home insurance quote or further advice concerning saving money for your house insurance feel free to complete our “Contact Us” form by visiting us here.
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