Ways to Save on Home Insurance

Annamae Last Updated Mar 20, 2020 (0) comment , ,

homeowners insurance

Are you looking to save on home insurance? According to recent data from the Insurance Information Institute, the average homeowner pays about $1,100 per year for home insurance. There is no doubt that finding the best premium to slash your insurance costs and save some money is important. This is true whether you are shopping around for a new insurance policy or reviewing your home insurance renewal.

Here are 4 great ways to save on homeowners insurance and secure the home protection that you require at a budget-friendly price.


How to Save on Home Insurance

Shop Around Frequently

When you have a sound understanding of your existing insurance policy and also know that you are benefiting from any available discounts, you need to regularly check in with other insurance companies to ensure that you are still getting the best rate possible. However, make sure that you compare apples to apples.

You may be able to lower your premium with one homeowner’s insurance policy; however, keep in mind that if it results in less coverage with a high deductible each time that you file a claim, then it might not be worth it. You also need to check consumer guides, companies, insurance agents, and online insurance quote services to know you are getting the best rate.

Bundle your Home and Auto Insurance Policies

Combining your auto and home insurance coverage with the same company is one of the easiest and best ways to save money. It is worth noting that companies that provide you with multiple types of insurance policies (like auto, life, home, and boat insurance) tend to provide amazing discounts as long as you bundle your insurance policies with them.

Many renowned insurers in the US offer a discount if you have multiple policies with them. Some of these companies are Progressive, Allstate, and American Family. Bundling home and auto insurance can easily save you up to 20 percent on your homeowner’s rate.


(READ: 3 Tips on Navigating FHA Mortgage Insurance)


Look for Other Discounts

Note that companies also offer several kinds of discounts; however, keep in mind that they don’t all provide the same discount in all US states. Here is an example. As retired people tend to stay at home more compared to working people, they are often less likely to get burglarized and may also spot fires sooner. This is why if you are 55 years old (at least) and retired, then you might qualify for an amazing discount of up to ten percent at some companies.

Some other discounts are:

Non-smoker Discount 

If you don’t smoke, you can qualify for a great discount of up to 15 percent.

Water Sensor Discount

Note that water sensors are able to detect leaks before they get the chance to turn into full-fledged floods. You may purchase active or passive sensors from a big home improvement store. Once you install them, you might also qualify for an amazing discount of up to 10 percent.


Improve the Overall Safety and Security of Your Home

Note that home security systems, smoke detectors, smart-home systems, and fire alarms can all help improve home security as they alert you and first responders to dangerous situations. Insurers can reward these kinds of protection with considerably lower premiums, saving you money in the process. However, always check with your insurance provider before buying a system in order to learn whether or not it qualifies for discounts.

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