14 Tips To Help You Lower Your Home Owners Insurance Premium

Do you think that your current home owner’s insurance premium is too high? If so, then why not find out what you can do to lower it? Home insurance premiums are not mystical calculations based on capricious dealings by wily insurance agents out to get you. Your home insurance premium is based on concrete information that you can analyze to determine where you might be overspending.

Here are 14 ways for you to lower your home insurance premium and still be well-protected.

  1. Give yourself options
    Don’t just randomly choose an insurance company from the bunch. Shop around and gather information from several insurance providers. That way, you can compare coverage and prices and get a lower home insurance premium.
  2. 14 Tips To Help You Lower Your Home Owners Insurance PremiumBuy newer
    It’s a fact that home insurance policies on older homes typically cost more. Part of this is because newer homes are less likely to have serious issues with plumbing and electrical systems. Also the cost to completely replace an older home in the event of total destruction is much higher than a comparatively priced newer home.
  3. Add security
    Many home insurance companies offer discounts for installing deadbolts, alarm systems, and smoke alarms. Added security is an inexpensive way to lower home insurance premiums.
  4. Do updates
    Some updates will actually help you to lower your home insurance premium. Don’t be shy about asking your home insurance company about changes that you can make to your home to lower your premium.
  5. Avoid risky areas
    If your dream home is in an area prone to hurricanes, flooding, earthquakes or sinkholes, then you’re going to have to pay more to protect it. If you can avoid purchasing a home in a high-risk area, then you won’t have to pay the higher premium.
  6. Quit smoking
    Smoking heightens the risk of fire and smoke damage to a home. If you’re a smoker and you give up the habit, inform your home insurance company and you may be offered a discount.
  7. Raise the deductible
    Your deductible is how much you will have to pay before your home insurance kicks in. The higher that the deductible is, the lower your rate will be. Just make sure you have enough money in the bank to pay that deductible should something happen.
  8. Buy package coverage
    Many insurance companies offer discounts to customers who purchase both home insurance and auto insurance through them. Ask your insurance company about getting a package rate to lower your home insurance premium.
  9. Raise your credit
    Believe it or not a healthy credit score can help you get a lower home insurance premium. At the same time, bad credit can increase that premium.
  10. Update your policy
    Odds are your home insurance policy isn’t the first thing on your mind when you wake up in the morning. But if you’ve had your policy for a while, then it probably needs updating. Reviewing your home insurance policy at least annually is a great way to ensure that you aren’t paying for coverage you no longer need.
  11. Ask about discounts
    Can you get a special discount on your home insurance? It doesn’t hurt to ask. Some companies offer lower premiums to veterans and senior citizens. You can also ask if group insurance programs offered through your employer.
  12. Be loyal to one company
    Some insurance companies reward customer loyalty with lower insurance premiums. If you’re basically happy with your current insurance provider, staying with them for several years could mean an up to 10 percent lower home insurance premium.
  13. Insure your home, not your land
    The land that you own is not in danger of being damaged by fire or hurricanes. You also don’t need to worry about it being stolen, do you? So save some money on your home insurance premium by insuring your home, but not your land.
  14. Make a change
    If you’re currently dissatisfied with your home insurance company and the above options aren’t enough to help, make a change. There are plenty of reliable insurance companies out there who’d love to have you as a customer. You may be able to find a company that offers even better protection and still be able to lower your home insurance premium.