7 Ways to Save Money on Your Homeowners Insurance

Posted November 2nd, 2009
by HomeownersInsurance.org Staff (1 comment)


Homeowners insurance is a necessity. You need to protect your investment and your belongings in case a disaster happens. However, that doesn’t mean you need to pay more than is necessary. Doing just a few basic things can help you to save big on your homeowners insurance.

Here are seven things you can do to keep homeowners insurance costs down while maintaining the coverage you need:

  1. Comparison shop. If you want the best rates, you need to look around for options. If your insurance company knows you’re looking around for a better deal, they may even be willing to help you find ways to save some money, too. If they can’t provide a better price, consider switching insurance companies.
  2. Take advantage of multiple policy discounts offered by the insurance company. Most homeowners insurance providers offer a discount when you have more than one type of insurance with them. For example, you may qualify for a significant discount if you insure both your home and your vehicles through the same insurance company.
  3. Consider installing security and safety equipment in your home. Some insurance companies will give you a discount based on things you can do to lessen risk. Installing a security system or eliminating a potential safety hazard, for example, can actually lower your insurance premiums. Your insurance agent can tell you what specific sorts of things you can do in this area to save money.
  4. Keep on top of your credit score and credit report. In some states, insurance companies are not allowed to consider your credit rating when quoting the cost of homeowners insurance. In other states, however, there are no limitations like this. If you’re in a state that does allow it, make sure that there are no errors in your credit report, and try to address any rough spots there might be.
  5. Increase your deductible. You may be able to get a better rate by increasing the deductible. The deductible is the amount you need to pay in the event of an insurance claim before the insurance company will actually pay out.
  6. Consider electronic payments or automatic debits. Some insurance companies will give you a discount if you set up your payments to come out of your checking account automatically. While the savings usually aren’t especially large, they can surely add up over time.
  7. Talk with your insurance agent. Different companies offer different discounts. Ask your agent or your insurance company representative what kinds of discounts are available, and see if you can find a way to qualify. Your agent should be willing to work with you to make sure you know what options are out there.

Doing these things won’t always guarantee a lower homeowners insurance premium, but more often than not they will get you at least a nominal discount. In some cases, the savings on your homeowners insurance can be significant.

Categories: Advice

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  • Posted November 6th, 2009 by popspender at 3:10 pm - Reply

    Great list, I agree with the last two points a lot. The auto payments make sure I never lose track of what is due.

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