Connecticut residents can lower their homeowners insurance costs in various ways. Most people don’t know about the different factors determining their insurance premiums. Some such factors include:
- Credit Scores
A good credit score tells your insurance company that you are responsible with your money and will do what is required to pay your bills on time. The higher your credit score, the lower your premium will be. Monitoring all three credit bureaus is a great way to keep on top of your credit scores.
- Frequency of Claims
Consider which claims you should file. Filing several small claims may cause your premiums to go up. If you take care of the small claims on your own, it will save you money in the long run. While filing small claims will get your deductible out of the way, it may increase your premiums. Saving your deductible for when you have a large claim will keep your premiums low and show a minimal claim history.
- Your Property’s Claim History
A new property’s claim history can determine your premium rate. Inquire about the seller’s previous property-related insurance claims over the last seven years. If the home is constantly experiencing water damage or is in a high-crime neighborhood, you may want to find solutions to keep the problem from recurring. You may have tree roots growing into your drains or damaging your pipes. If your property is the target of vandals, you may want to install additional outdoor lighting and a home security system with cameras. This is the best way to keep your property secure.
- Your Dog’s Breed
Aggressive dog breeds can increase your risk of higher premiums. Some carriers may not even offer you a policy unless you purchase an endorsement covering aggressive dog breeds. A few such breeds include:
- German Shepherd
- Doberman Pinscher
While the training and temperament of the dog will say a lot about how aggressive it is, the fact the breed itself is known for aggressive behavior will be the determining factor.
- Types of Home Security Systems
Installing a home security system with surveillance cameras is a great way to keep your home secure. Many do-it-yourself systems are extremely affordable and can be easily monitored through an app on your smartphone. You can also have a third-party security company monitor your system for you.
- Inquire About Discounts and Deductibles
Look for any discounts you may be eligible for. This could include bundling your policies together or putting up a privacy fence. Another option to lower your premiums is by increasing your deductible. While this may seem like an odd way to keep things manageable, the money you save can be put in a savings account to help offset the deductible if you ever have to file a claim.
If you live in Connecticut and want to keep your homeowners insurance as affordable as possible, call the agents at Reardon Agency. We can help you find customized policies that extend adequate protection at reasonable rates.
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