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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.
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. |
