Real estate insurance can save you a boatload in worst-case scenarios. However, before one of these worst-case scenarios occurs, real estate insurance can seem like an unnecessary expense, especially if you are spending more than you should on your insurance.

Luckily, there are ways that you can save money on your real estate insurance, including both homeowner’s insurance and renter’s insurance. To find out the top six ways to save money on your real estate insurance policy, read on.

Top Ways To Reduce Homeowners Insurance

Homeowner’s insurance is one of the most helpful insurance policies. It protects your personal property, whether it is located in your home or taken abroad. Still, homeowner’s insurance can be a bit expensive, making it imperative to know how to reduce the overall cost. Here are the best ways to reduce the cost of homeowner’s insurance:

Protect Your Home

One of the easiest and most effective ways to reduce your homeowner’s insurance cost is to protect your home. Simply adding a smoke detector, deadbolt locks, or an alarm system can save you as much as 5%. Adding more extensive security measures, such as a sprinkler system and a more intensive security system, can save you as much as 20% on your policy.

Of course, these protective measures will cost money upfront, but they will save you on your homeowner’s insurance. Plus, they will help to keep your home and family safe from the worst, such as a house fire or robbery gone wrong.

Home Improvements

Home improvements often lead to homeowner’s insurance discounts without the homeowner’s knowledge. For example, improving your roof so that it is impact resistant often leads to savings. Upgrading your electrical and plumbing systems are also frequent ways to save on your homeowner’s insurance.

Bundle Home And Auto

As you probably know from commercials, one of the quickest ways to save on your homeowner’s insurance is to bundle the auto and home insurance policies. Most companies will allow you to save between 5% and 15% on your homeowner’s insurance whenever you bundle them.

To find out exactly how much you may save by bundling your home and auto policy, as well as protecting your home and improving it, you can get a homeowners insurance quote.

Top Ways To Reduce Renter’s Insurance

Another common form of real estate insurance is renter’s insurance. Renter’s insurance is a great way to protect yourself if you should damage your rental property or something should get stolen. Although it is more difficult to reduce the cost of renter’s insurance, there are ways you can do it. Here are our favorites:

Raise The Deductible

A deductible is the amount of money you must pay for any losses before the insurance covers the rest. Most renter’s insurance deductibles begin at around $500. The higher your deductible, the more money you can save since the insurance company is less likely to pay.

The benefit of raising your deductible is that the renter’s insurance will cost less as a whole. Not to mention, the insurance company will pay for all of the remaining prices if an item should be broken, stolen, etc. The downside to having a higher deductible is that you will need to pay more before your insurance company pays for the rest.

Install Safety Devices

Just as you can save money on your homeowner’s insurance by protecting your home, you can do the same for your renter’s insurance. Simply installing smoke detectors, deadbolts, and window locks can reduce the cost of your renter’s insurance. You can talk to your insurance agent to find out exactly which safety measures can help you reduce the cost of your protection.

Raise Your Credit Score

Policies will consider your credit rating, making it imperative to raise your credit score. Not to mention, raising your credit score will make it easier to get an apartment that is in a great location and provides many safety features. Raise your credit score to save on renter’s insurance, as well as just about any other policy you may need to purchase.

Final Thoughts

Real estate insurance can save you a lot of money, and you can save money in the process of selecting a policy. Whether you need homeowner’s insurance or renter’s insurance, the steps mentioned above can help you save money while protecting yourself. Win-win!