THURSDAY, MARCH 4, 2021
 Any type of household damage is going to be costly. In fact, the Los Angeles Times reports that it could cost as much as 30 percent more to rebuild parts of a home than to completely build a new one from scratch. Demolition and removal of damaged property are expensive, and even if you have strong homeowners insurance, you might still feel limited in getting the assistance you need.
Plus, you want your homeowners insurance to remain affordable, regardless of whether you are making a full or partial rebuild. Therefore, you have to establish the right balance of both benefits and out-of-pocket costs. In an effort to remain protected while saving money, consider the following tips:
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Increase your credit score by paying your bills on time and always paying the minimum payment due. Credit scores often influence your premium costs.
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Avoid filing nuisance claims. Use your coverage to protect against losses from which you cannot recover by yourself, such as fires or weather disasters. Take care of minor incidents on your own, since simple home maintenance is every homeowner’s responsibility.
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Increase your insurance deductible to lower your monthly premium. According to the Insurance Information Institute, increasing your deductible from $250 to $500 can cut costs by 12 percent. Still, only choose a deductible you can afford, since this is a dollar amount that you have to pay for covered damage yourself.
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Consider buying multiple lines of coverage from the same carrier to get discounts. For example, many carriers offer discounts for bundling homeowners and automobile insurance. You’ll be able to save money, have easier access to policy services, and you can often set your policies to automatically renew at the same time of year.
Plus, don’t forget to make an effort to improve your home’s security system. Any security mechanisms, no matter how small, reduces the likelihood that intruders will be able to enter your home, which reduces the likelihood that you’ll file a claim. According to the Electronic Security Association, 90 percent of convicted burglars said that they would be deterred by homes that had security systems installed.
There are many ways that you can protect yourself, your home and your bank account by getting the right balance of homeowners insurance. In the end, your agent will be able to help you get strong benefits without causing you to pay an arm and a leg.
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