THURSDAY, MARCH 4, 2021
 Did you know? According to the Los Angeles Times, it may cost 30 percent more to rebuild parts of a home than to completely build a new one. Demolition and removal of damaged property are expensive. They also require care, because you don’t want to do any damage to portions of the home that are not damaged.
Because of the added financial burden of these challenges, you might find that you are limited in what you can do when making repairs, even if you have homeowners insurance. That’s why it’s important to work with your agent to determine how to get this coverage, but also keep it affordable.
Saving Money Home Insurance and Rebuilding Costs
Regardless of whether you need to partially or fully rebuild your home, you must make sure you home insurance policy is adequate enough to protect you, your property and your family. In an effort to get the best coverage, but still keep it affordable, consider the following:
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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 that safety always come first. Installing a security system could also help you save on property insurance. This safety measure reduces the likelihood that intruders will be able to enter your home, which reduces the likelihood that you’ll file a claim.
All in all, anything you can do to make your home insurance more cohesive and effective for you will lead to value savings.
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