Saving on Homeowner's Insurance: How to Shrink Your Premium

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Homeowner’s insurance. You know you need it, but you really don’t like paying an arm and a leg for it.

Sound familiar? If so, you’re not alone. But saving on home insurance isn’t time consuming or impossible. With a few simple tips, you can shrink your home insurance premium and keep your house adequately protected for years to come!

Saving Tip #1: Buy Car and Home Insurance from the Same Insurer

Buying both your car and home insurance from the same insurer will grant you a multiple policy discount, which can save you anywhere from five to 15 percent on your policy. Just make sure the combined price of home and auto insurance is lower than what you’d pay with a different company.

Saving Tip #2: Inquire about Discounts

On top of a multiple policy discount for auto and homeowner’s insurance, remember to ask your agent about discounts for:

• Home security devices
• Additional smoke detectors
• Home sprinkler systems
• Dead bolts on doors or windows
• Modernized home plumbing
• Being over 55 years of age and retired

These discounts can add up to some pretty hefty savings, so be sure to do your homework and ask about any and all discounts for which you think you may apply.

Saving Tip #3: Increase Your Deductible

Increasing your deductible—the amount you pay out-of-pocket when filing a claim—will have a substantial impact on your premium. That’s because any money you pay toward a claim means less money for your insurer to pay out. Just make sure you choose a deductible you can afford if you have to file a claim!

Saving Tip #4: Review Your Policy Annually

While you’ll want to have protection on any new additions or purchases to your home, you don’t want to pay for coverage you don’t need. Reviewing your policy every year will help you to make sure you’re not paying for extra coverage. So if you sold Aunt Betty’s antique china in the last year, be sure to let your agent know so he or she can adjust your premium accordingly—and put money back in your pocket.

Additional Tip: “Home inventory” checklists are made available by many insurers and consumer groups. You can visit the Insurance Information Institute (I.I.I.) online to print a copy and take an inventory of your belongings.

Saving Tip #5: Shop Around

While insurance companies are regulated by your state, most companies can offer similar policies for very different prices. Therefore, comparing multiple homeowner’s insurance quotes is by far the best way to find the most affordable home insurance. The advent of the Internet has made this task even easier—allowing you to compare multiple quotes without flipping through the phone book in search of an insurer.

Start Saving Today!

Say goodbye to expensive homeowner’s insurance premiums and find the cheap home insurance you need to protect your treasured abode. Use these tips to enjoy savings success for years to come!

About InsureMe

Megan L. Mahan is a copywriter and insurance information expert with InsureMe in Englewood, Colorado. InsureMe links agents nationwide with consumers shopping for insurance. Specializing in auto, health, life, long-term care and home insurance quotes, the InsureMe network provides thousands of agents with insurance leads every year. For more information, visit InsureMe.com.

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