10 Ways to Lower Your Homeowners
Insurance Costs
1. 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’ll 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. Retrofit
your house to protect against natural disasters
common to your area.
4. Keep your home safer. Install smoke detectors,
burglar alarms, and dead-bolt locks. All of
these will usually qualify for a discount.
5. Be sure you insure your house for the correct
amount. Remember, you’re covering replacement
cost, not market value.
6. Ask about other discounts. For example,
retirees who are home more than working people
may qualify for a discount on theft insurance.
7. Stay with the same insurer. Especially in
today’s tight insurance market, your current
vendor is more likely to give you a good price.
8. See if you belong to any groups—associations,
alumni groups—that offer lower insurance
rates.
9. Review your policy limits and the value
of your home and possessions annually. Some
items depreciate and may not need as much coverage.
10. See if there’s a government-backed
insurance plan. In some high-risk areas, such
as the coasts, federal or state governments
may back plans to lower rates. Ask your agent.
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