Top 10 Ways to Lower Your Homeowners Insurance Premiums

homeowners insurance

Homeowners insurance rates can be quite expensive for some homeowners, depending on where they live, how much their home is worth and the insurer they work with. Of course, coverage does not have to cost and arm and a leg. By taking the right steps, you can secure an affordable quote that will ensure low payments for years to come.

If you are ready to start making more affordable monthly insurance payments, here are 10 amazing tips that can help you lower your coverage costs today.

1. Increase Your Deductible

One of the most common ways homeowners are able to snag affordable home insurance is by increasing the deductible on their policy. The higher your deductible is, the lower your premiums will be. If you can afford to pay a higher deductible, then consider increasing it to lower your premium immediately.

2. Look For Discounts

Another great way to lower your homeowners insurance rates is to look for discounts. Many companies offer discounts on everything from senior discounts to reductions for burglar-proofing your home.

3. Buy Your Policy Online

Insurance companies love website traffic and often reward customers handsomely for purchasing policies online. When exploring your options, this is one discount to look out for.

4. Inquire About Special Add-Ons

Purchasing insurance add-ons don’t always mean you’re automatically spending more money on your insurance. For instance, some companies offer separate coverage for electronics and mobile devices that cost only a couple of dollars more per month and come with a very inexpensive deductible. It’s possible that deducting the cost of your electronics from the total sum of your homeowners insurance policy and instead covering them as an add-on could save you money.

5. Bundle Your Policies

Many insurance companies offer their customers the opportunity to save on coverage costs when they choose to bundle more than one type of insurance policy. If you currently have auto insurance and homeowners insurance with separate companies, look into purchasing both policies with just one company.

6. Know Your Property’s Value

While no one is excited about the prospect of watching their home’s value drop, if you find that yours has, make sure your homeowners insurance reflects the current cost to rebuild your home — not what it was when you first purchased the home. When determining this cost, don’t include the price of the land, since you won’t need to purchase more to rebuild.

7. Create a Safer Home

You may be able to secure discounts for creating a safer home by purchasing shatter-resistant glass, storm shutters or even updating your wiring. Inform your homeowners insurance company of these changes and you could receive a discount on your coverage.

8. Reduce Your Risks

The bulk of your homeowners insurance cost comes from the risk your insurer believes it assumes when covering your home. One way to lower your premium costs is to reduce the risks in your home. If you no longer need your swimming pool, for example, consider sealing it off permanently. Other risks that could be hiking your costs up include a backyard trampoline, tree house, dogs perceived to have aggressive behavior, such as pit bulls, as well as owning a gun.

9. Stick With the Same Company

Some insurance companies reward loyal customers with discounts for simply sticking around. When searching for coverage, inquire with insurers to find out which ones will help you save money if you become a long-term customer.

10. Shop Around For New Quotes

Most people don’t realize that simply shopping around for coverage can work wonders in securing affordable home insurance. Private insurance companies charge their own rates based on perceived risk factors, which means it’s inevitable that one will charge more than another. By shopping around, you grant yourself access to the best deals for your financial circumstance.

The more effort you put into reducing your homeowners insurance, the more success you’ll have. So get started today to potentially save hundreds on the cost of your coverage.

Photo: StockMonkeys.com