Thursday, July 18, 2024

6 Ways to Lower Your Homeowners Insurance Costs

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Jillian Castillo
Jillian Castillo
"Proud thinker. Tv fanatic. Communicator. Evil student. Food junkie. Passionate coffee geek. Award-winning alcohol advocate."

Your home insurance is an unavoidable expense, but this does not mean it has to be costly. Typically, your home insurance premiums vary significantly depending on several factors; however, you can still trim these expenses with the right approaches. Here, we look at six ways to lower your homeowners’ insurance costs.

1.    Shop around

Insurance companies use different models to tailor their policies, and the easiest way to find a better deal is by shopping around for a new insurer. A guiding policy is to stick to insurance companies with outstanding reputations while using independent platforms such as My Choice to compare costs and policies from these leading brands. This will make it easier for you to make the right decisions and get cheaper quotes without having to spend hours on end moving from one insurer to the other.

2.    Opt for a two-in-one insurance policy

An old trick to stick to once you find a reliable insurance company is to bundle your policies. Have all your policies under one insurer by switching your car insurance company and benefit from package pricing discounts. Beyond the reduced costs guaranteed by bundled policies, you will also get to streamline your expenses and enjoy the perks of a company that will not want to lose you.

3.    Make your home more secure

Among the top factors that affect your home insurance cost is its safety. If insurers consider your home to be less susceptible to damages and theft, you stand a chance to enjoy fantastic safety discounts. You can minimize your risks by:

  • Installing a home security system
  • Having functional smoke and carbon monoxide detectors
  • Setting up automated sprinkler systems connected to your fire alarms
  • Installing a water shut-off system on your main pipes to avoid accidental flooding
  • Keeping up with your home repairs and maintenance requirements

4.    Improve your credit score

Your credit score has a great impact on your home insurance premiums, as most insurers rely on these ratings to determine your reliability and risk. Improving your credit score gives your profile a boost, enabling you to negotiate for lower premiums. Consequently, the best time to shop for a new insurer is when your credit score has improved.

5.    Increase your deductible

One of the questions to ask your insurance broker if you want to reduce your premiums quickly is how much you can save by increasing your deductible. Depending on the insurance company, you can easily save up to 20% of your payable costs and have more money in your pocket.

6.    Seek other discounts

Insurance companies always have lesser-known discounts that you can take advantage of as a smart homeowner. Some of the bargaining chips to use include:

  • Recent upgrades to your home
  • No history of filing many claims
  • Timely payments and loyalty if you have been with the company for several years
  • No smokers in the house
  • You are a retiree
  • You or your spouse works in the armed forces or as a firefighter


There are many ways to lower your homeowners’ insurance costs, and these tips will help you get affordable packages while protecting your property.

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