While the cost of buying a home may be dropping, and the percentage of interest you pay for the loan to buy the loan may be getting lower too, the cost to insure the home is rising.
Homeowners insurance rates are getting higher and it's becoming increasingly difficult for hard working people to afford it.
The good news is, though, that there are steps you can take to lower the homeowners insurance rate you are currently paying.
1) You can improve your credit score.
More and more insurance companies are basing the rates they are charging their customers on their credit scores.
Often, the discounts they offer for good to stellar credit ratings is significant.
If your score could use improving, it may be worth your time to consult a credit rating professional.
Raising your credit score will have obvious additional benefits as well.
2) Combine policies.
It makes sense to combine all insurance policies you have and secure them all through the same company.
Most reputable insurance companies will offer very low rates for people who carry multiple policies with them.
3) Make improvements to your home.
Take the necessary steps to improve the protection of your home from natural disaster, fire, burglary, etc.
Install alarm systems, secure the roof, earthquake proof the home, etc.
The more steps you take to make your home more resistant to anything that could cause damage to it, the more attractive a customer you become to your company.
They will offer very low rates to cover homes that are well prepared to handle all potentially damaging elements.