Top 7 Ways to Save on your Homeowners Insurance

Posted April 13th, 2010
by Staff (no comments)

Homeowners insurance is, like most other kinds of insurance, one of those things you don’t usually need, but you’re glad to have when you do need it. Depending on your home and where you live, homeowners insurance can get quite pricy, as well. Knowing how to save on your homeowners insurance will help make sure you’re not paying too much for this necessary coverage.

Here are some of the best ways to save:

  1. Comparison shop. It might take a little longer, but you need to get quotes from several companies. Make sure you’re comparing like products, of course.
  2. Have a higher deductible. When you have a homeowners insurance claim, you have a deductible. This is the amount that you have to pay out of pocket before your company pays the insurance claim. The higher the deductible, the lower your premium. In some cases, if you raise your deductible from $500 to $1,000, you could save 25 percent on your premiums.
  3. Make your home disaster resistant. The fact of the matter is there are things you can do to your home to prevent damage in the event of a disaster, and thereby preventing the likelihood that you’ll make a claim. Talk to your homeowners insurance agent to see if they offer discounts for things like a reinfornced roof or storm shutters.
  4. Make your home more secure. Some insurers will give you a discount based on having smoke detectors, burglar alarms or even deadbolt locks. Sprinkler systems and fire alarms may help, as well.
  5. Get a multiple policy discount. You can probably save a good chunk of cash if you get your homeowners insurance and your car insurance from the same provider.
  6. Keep your credit up. While this trend is changing, over the past couple of decades insurers have been using credit reports to help assess your risk level. If you have better credit, you get a lower premium rate.
  7. Stay with the insurer over the long haul. Many insurance companies will reward long-term homeowners insurance customers with a discount. All you need to do, in many cases, is ask for it.

Photo via Tony Crider

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