Looking for ways to save on your homeowner’s insurance? Read the top 10 ways to save below!

  1. SHOP AROUND. At your renewal be sure to get quotes from multiple companies. An independent agent can provide rate quotes from multiple companies. Every company has different rates in every area.
  2. INCREASE YOUR DEDUCTIBLE. Typically, home insurance deductibles start at $250. The Insurance Information Institute (III) estimates that if you increase your deductible to $500, you can save up to 12 percent on your premiums. Increase it to $1,000 and save up to 24 percent. But make sure you can afford to pay the higher deductible out of pocket if something should happen.
  3. PACKAGE DISCOUNTS. Companies offer discounts for multipolicy holders. Most companies offer 15% off both home and auto policies, and some will offer significantly more. Be sure to get quotes with your policies packaged.
  4. LONGEVITY DISCOUNTS. Most companies give you discounts after staying with them for 3 years, and an even greater discount if you’ve been with them for more than 5. Don’t change companies too often; if you have a great product and price, consider staying with them to take advantage of the longevity discounts.
  5. CHECK YOUR COVERAGE ANNUALLY. You want your policy to reflect the value of your home and belongings. If you review your policy every year, you will be able to make the necessary adjustments. If, for example, you just sold a valuable painting, you won’t need the same amount of personal property coverage. But if you’ve added a garage, you’ll need to increase your dwelling coverage.
  6. GOOD CREDIT. Many insurers now check your credit and can adjust your price based on your level of “risk” as judged by your credit history, where allowed by state law. Make sure your credit is in good shape when you apply for policies.
  7. AUTOMATIC DEDUCTIONS. Today all companies will offer an electronic funds transfer from your checking account or credit card for monthly payments on your insurance premium. Companies will usually waive the monthly, quarterly, or bi-annual service fee if you choose this option (saving anywhere from $2-$10 a month).
  8. SPRINKLER CREDITS. If your home has sprinklers inside protecting it from a potential fire, you qualify for a 10% discount on your home insurance. If shopping for a new home, consider the value of sprinklers!
  9. BURGLAR ALARM DISCOUNTS. Insurance companies will offer significant discounts for homes with active burglar alarms. This prevents your personal contents from being stolen. Most discounts are anywhere from 5-15%.
  10. SENIOR DISCOUNTS. Older people also have more time for maintaining their homes. If you’re at least 55 years old and retired, you could qualify for as much as a 10 percent discount.

Not sure where to find these discounts in your policy? Look at your “declarations page,” usually within the first few pages of your home policy. If you don’t see these discounts listed on your policy now-but you qualify-call your agent today! The savings could be HUGE!