9 Ways to Pay Less on Your Insurance Premiums

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7. Review Your Insurance in Person

If you get your insurance premium from a local broker, it’ll pay to review your policy in person, especially if it’s a homeowner’s insurance plan. Standard market policies have an inflation guard, and every year your dwelling limit will increase. This can be a good feature as it covers the cost of labor and construction, but after a while, you could be over-insuring your property.

8. Improve Your Credit

Sometimes, insurance brokers will factor the score of your credit rating into the pricing of your policy. They view your credit report to see if you’ll be able to keep up with the monthly payment scheme, but a lower score will leave you paying more. To improve your credit, pay off your debts and remember to pay your bills on time. For a more in-depth guide, check out 5 Ways to Increase Your Credit Score Fast.

9. Don’t Go Too Low

The phrase “you get what you pay for” rings true when you purchase insurance. So, even when you are trying to get the best deal make sure your new policy covers things that you consider to be important. Even if you get a cheap plan, what good is it, if it doesn’t cover you when a problem arises? Always check the fine print, and make decisions based on your needs, rather than the cost.