5 Tips to Lower Your Homeowners Insurance Cost

Home insurance rates can be quite costly if you don’t compare rates and policies. If you want to get the lowest home insurance premiums possible, you need to find the right policy for your home and family. There are several things you can do to lower your premiums and keep your house sufficiently covered. Talking to your insurance agent regularly is the first step.

Here are 5 tips to help you lower your homeowners insurance cost.

  1. Do A Little Comparison Shopping

When you buy a home, your lender may recommend a specific insurance company. However, it is up to you to choose the insurance carrier and policy you think will be the best for your needs. Talk to your current agent to find out what they have to offer. If you don’t like what you hear, keep looking. Getting quotes from two or three insurance providers will give you a good idea of what type of coverage is available for what you are willing to pay.

  • Ask About Discounts

Most insurance companies offer a variety of discounts to homeowners to help reduce premium costs. Simply performing a few upgrades to your home can make you eligible for certain discounts. Putting up a privacy fence, installing a home security system, or adding exterior lighting in your landscaping are all ways you can reduce your risk of liability or loss. Once you have completed any new improvement, contact your insurance agent to determine if there are discounts you may be eligible for. Bundling your home and auto insurance is another way to lower your home insurance costs.

  • Review Your Policy Every Year

Things can change from year to year and could affect your homeowners insurance. You might make a few home improvements or add on another room. Review your homeowners insurance with your agent every year or two so that you know you have all of the coverage you need and that you are taking advantage of every discount for which you are eligible. Review your deductibles as well. Talk to your insurance to ensure that any of your items that need additional coverage are protected as well.

  • Raise Your Deductible and Lower Your Premiums

Raising your deductibles will also lower your home insurance premiums. When you first purchase your policy, you can choose a lower deductible to make your premiums much higher. If you raise your deductible, the reverse happens. Higher deductibles will lower your monthly premiums and make them more manageable. The only time you will really notice that your deductible has been raised is if you file a claim. Many people find the monthly savings to be worth having a higher deductible. It is essential not to choose one that is too high or will cause undue hardship should you need to file a claim sometime in the future.

  • Find Out if You Need Flood Insurance

Homeowners insurance normally does not cover floods. If you live in a flood plain, it’s important that you look into flood insurance. Talk to your agent and find out how much it will cost to include flood insurance with your homeowners policy. This will allow you to include it in your budget and get the coverage in place.

Lowering your homeowners insurance premiums can be a challenge. However, with a little bit of research, you can often find a few options to help bring down the costs. For assistance with all your insurance needs and questions, contact the experts at Miller Carlisle Insurance Services in Carlisle, PA. We will help you get the right coverage you need.