Shop around and compare prices. This is the simplest way to save on your rates. Ask about promotions.
Ask about discounts and bundle your policies. If you own a car, get a home insurance quote from your car insurance provider. Companies often offer discounts when you “bundle” your home and car insurance together.
Increase your deductible on your policy. The deductible is the part of the loss you must pay when you make a claim. When the deductible goes up, the premium goes down. Make sure you can afford to pay the deductible in the event of a loss.
Protect your home against fire, theft, water and severe weather damage. Installing loss prevention devices such as a burglar alarm system, reinforced roofing, a sewer backwater valve, storm shutters, sump pumps and sprinkler systems can potentially provide additional protection and reduce your premiums. Upgrading electrical, heating and plumbing systems may help to reduce your premium. Contact your insurer when updating your home’s protective systems – you may be eligible for a discount.
Ask your current insurance representative about additional discounts. If you’re 55+ or are mortgage or claims-free you may be eligible to save money on your home insurance.
Consider paying your premium annually. You can save money by avoiding potential service or interest charges by paying your premium in installments.
Evaluate your coverage every year. Ensure your policy reflects your home’s current value, including upgrades, recent renovations and major purchases.
As a non-smoker, you have a lower risk of fire loss and may be offered a discount.
Avoid over-insuring your home. Don’t include the market price of underlying land. Insure your home for what it would cost to rebuild with like-quality materials in the event of a loss. Speak to your insurance representative about this.
When shopping around, wait until renewal to change your insurance company. Avoid a potential mid-term cancellation penalty if you decide to change your home insurance company.
