10 Ways to Lower Your Homeowners Insurance Costs

  • Raise your deductible . If you can afford to pay more toward a loss that occurs, your premiums will be lower.
  • 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.
  • 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.
  • Keep your home safer . Install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify for a discount.
  • Be sure you insure your house for the correct amount . Remember, you’re covering replacement cost, not market value.
  • Ask about other discounts . For example, retirees who are home more than working people may qualify for a discount on theft insurance.
  • Stay with the same insurer . Especially in today’s tight insurance market, your current vendor is more likely to give you a good price.
  • See if you belong to any groups —associations, alumni groups—that offer lower insurance rates.
  • 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.

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Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS® . All rights reserved. www.REALTOR.org/realtormag