To lower your home insurance costs, take proactive steps at cutting costs line by line. Before you renew your next home insurance policy, take time to find a few ways to decrease your costs considerably. Luckily, you should be able to save a substantial amount of money without giving up a quality homeowner's insurance company in the process.
Here are a few ways to lower home insurance costs right away when choosing a new insurance provider or reworking a new policy with your current provider.
- Update your policy based on the current value of your home and contents. If you have made sizable changes in the home or the value has decreased, you may wish to have less coverage, which could trigger a low cost in home insurance.
- Ask for a no claim discount. If you have not filed a claim on your home insurance in the last two to five years (or longer) be sure to ask for a no claim discount, given to those who have no applied for a claim frequently. This could save you hundreds of dollars over the life of your policy.
- Ask for a multiyear policy, if available. This could help you to lock in a lower rate for a longer period. It also helps you to keep costs stable going forward, since many insurance companies do change rates on a yearly basis.
- Consider installing features that will provide more protection to the home, such as a home security system or waterproofing the basement. These features may help you to cut down on costs. Home smoke detectors in working order also help.
- Analyze your deductible closely. Your home insurance rate is going to be lower (by far) if you have a higher deductible on your policy. If you can afford to pay a higher deductible, raise it to save money.
Home insurance policies can be more affordable. You just need to make sure you have all the information you need and all the discounts available before agreeing with any particular company.