16 Ways to Lower Your Homeowners Insurance Costs

  1. First way to lower your Homeowners insurance costs is to raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower.
  2. Buy your homeowners and auto policies from the same company. You will usually qualify for a discount. But make sure that the savings really yields the lowest price.
  3. Make your home less susceptible to damage. Keep roofs and drains in good repair.
  4. Retrofit your house to protect against natural disasters common to your area.
  5. Keep your home safe. Install smoke detectors, burglar alarms, and deadbolt locks. AI I of these will usually help to qualify for a discount.
  6. Be sure you insure your house for the correct amount. Remember, you’re covering the replacement cost, not market value.
  7. Ask about other discounts. For example, retirees who are home more than working people usually qualify for a discount on theft insurance.
  8. Stay with the same insurer. Especially in today’s tight insurance market, your current vendor is more likely to give you a good price.
  9. See if you belong to any groups—associations, alumni groups—that offer lower insurance rates.
  10. Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage.
  11. Check to see if there’s a government-backed insurance plan. In some high risk areas, such as the coasts, federal or state governments way back plans to lower rates. Ask your agent.

Reprinted from Realtor Magazine online, with permission of The National Association of Realtors.