Cheaper Homeowners Insurance: How to Lower Your Premiums

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As a homeowner, you may be worried about the cost of your home insurance premiums. Fortunately, there are ways to lower your costs without sacrificing necessary coverage. In this article, we will discuss some tips and tricks to help you save money on your homeowners insurance.

Table Contents show

Table of Contents

In this article, we will cover the following topics:

Shop Around for the Best Rates

The first step in finding cheaper homeowners insurance is to shop around for quotes. Don’t just accept the first quote you receive from your current insurer. Instead, get several quotes from different insurance companies.

When shopping around, make sure you compare the same levels of coverage. This means looking at the same limits and deductibles for each quote you receive. Once you have compared several quotes, choose the one that offers the best coverage at the lowest price.

Another way to save money on your homeowners insurance is to consider a higher deductible. A higher deductible means you will have to pay more out of pocket if you have a claim, but it can lower your monthly premiums.

For example, if your current deductible is $500, raising it to $1,000 could save you up to 25% on your premium. However, make sure you have enough savings to cover the higher deductible if you need to make a claim.

Ask for Discounts

Many insurance companies offer discounts on homeowners insurance. Ask your insurer if you qualify for any discounts. Common discounts include:

  • Multi-policy discounts for customers who have multiple insurance policies with the same company
  • Security system discounts for homes with burglar alarms or other security systems
  • New home discounts for homes that are less than 10 years old
  • Claims-free discounts for customers who haven’t filed a claim in a certain number of years

If you don’t ask, you won’t know if you are eligible for any discounts. So, make sure to ask your insurance company about any available discounts.

Bundle Your Policies

Bundling your homeowners insurance with your auto or other insurance policies can also save you money. Many insurance companies offer discounts to customers who have multiple policies with the same company. Bundling can also make it easier to manage your insurance policies and make payments.

When you bundle your policies, make sure you are still getting the coverage you need. Don’t sacrifice necessary coverage for a lower premium.

Maintain Your Home

The better maintained your home is, the lower your insurance premiums will be. Insurance companies consider homes that are well-maintained to be less of a risk for claims. So, make sure you keep up with regular maintenance tasks, such as:

  • Cleaning gutters and downspouts
  • Trimming trees and shrubs
  • Repairing leaks and water damage
  • Keeping your home free of pests

You may also want to consider making upgrades to your home, such as installing a new roof or updating your plumbing or electrical systems. These upgrades can not only lower your insurance premiums but also increase the value of your home.

Frequently Asked Questions

Question
Answer
How can I lower my homeowners insurance premiums?
You can lower your homeowners insurance premiums by shopping around for quotes, increasing your deductible, asking for discounts, bundling your policies, and maintaining your home.
What discounts are available for homeowners insurance?
Common discounts for homeowners insurance include multi-policy discounts, security system discounts, new home discounts, and claims-free discounts.
Will making upgrades to my home lower my insurance premiums?
Yes, making upgrades to your home, such as installing a new roof or updating your plumbing or electrical systems, can lower your insurance premiums.
What happens if I can’t afford my homeowners insurance premiums?
If you can’t afford your homeowners insurance premiums, talk to your insurance company about payment options or look for a policy with a lower premium. Don’t let your insurance lapse, as this can put your home at risk.
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