Ways to Lower Your Homeowner’s Insurance Costs

One essential item on your monthly budget is homeowner’s insurance. However, this is one line item you may be able to reduce. Some research and a meeting with your insurance agent may pay big dividends.

By working through the following suggestions with your insurance agent, you’ll remain adequately covered while also taking advantage of any available savings.

  1. Deductibles make a difference: What is your current deductible? If you can afford to raise it, you could save on your premium. A change in your deductible amount can lower your premium by as much as 25%.
  2. A safe home saves money: Your premium is based partly on the level of risk to your home. If you can reduce this risk, you’ll save on insurance. Check with your agent to see what steps you can take to boost your home’s safety and lower your premium. Solutions may include modernizing plumbing and electrical systems, adding storm shutters, and installing a burglar alarm.
  3. Reviews can reduce: Have you reviewed your policy recently? It’s a good idea to do this annually to verify that your coverage fits your current needs. You may own items that have dropped in value, or you may no longer own some high-ticket items; both scenarios enable you to reduce your personal property coverage.
  4. Loyalty pays: Does your provider also handle your auto insurance? Obtaining all coverage from the same carrier typically earns a multi policy discount. Additionally, staying with the same company for several years may result in a long-term policyholder discount.