Improvements in the economy have relieved some pressure off of cash-strapped homeowners, but many are still struggling to stay afloat. A number of families have been reviewing their finances in search of a way to reduce their monthly expenses.
One money-draining factor affecting numerous families is the cost of homeowners insurance. But the Insurance Information Institute says some families may be facing more of a burden than they need to. By learning how providers assign premium rates to policyholders, some homeowners may be able to save money on their coverage.
For example, insurance companies will often offer homeowners who live near an emergency service, such as a fire station, a lower premium than those whose properties are miles away, the III reports. Families who live in front of a fire hydrant may benefit from calling their provider and using their proximity to an emergency service to help them negotiate down their rates.
Another way homeowners may cut back on their monthly premiums is by maintaining a high credit score because many lenders use this three-digit number to determine rates. In some cases, policyholders may have a poor credit score as a result of an unfair or unverifiable credit reporting mark.
For this reason, it's important that individuals review their credit report in search of any inaccuracies and questionable items that may be hurting their credit scores. Consumers who work with a credit repair lawyer may receive the assistance they need to ensure their credit companies practiced fair and accurate credit reporting as designated by federal law.