Tips on how to save on home insurance

Homeowners insurance provides coverage in the event of damage to your property, as well as liability for injuries and damage you cause to other people. We've uncovered some ways to save on home insurance from Smartmoney.com. Here are a few tips:

Keep Up Your Credit Score
A poor score can cause your premiums to raise and does more than deter your chances of being granted a loan. However, a healthy score proves to insurers you are not a risk. This can result in a loan with lower premiums.

Pay On Time
Sign up for automatic payments that are debited from your checking account each month. This can land you a discount. Or, pay your bill all at once. That way you won't have to worry about late fees and monthly convenience fees.

Watch Your Neighborhood
Neighborhood natural disaster dangers and crime are in constant flux, so keep a watch out for changes. Keep your insurer updated about changes in your neighborhood that can give you a better rating. For example, more fire hydrants, or storm drains.

Make Your Home Disaster-Free
You may get a 5% discount with most insurers for simple improvements. Fix your fire alarm, and buy new fire extinguishers. Install a home security system for a 10% discount. Consumer United, offers 10% off your home insurance when you have a home security device.

Increase Your Deductible
By raising your deductible from $250 to $500, you could save up to 15% on your monthly premiums.

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