How to Lower Your Homeowners Insurance Rates

Find ways to lower your homeowners insurance premium

Homeowners insurance is an important financial protection to have in case your house is damaged or destroyed. While the rate you pay pales in comparison to what it would cost to rebuild your home and replace your belongings, here are a few ways to try and lower your homeowners insurance rates.

8 Ways to Lower Your Homeowners Insurance Premium

  1. Shop Around

    Finding the best homeowners insurance for you and your family is just as important as where you choose to settle down. It’s crucial to shop around, not only because of the different types of policies, but also because you need a carrier you can rely on.

  2. Raise Your Home Insurance Deductible

    Your deductible is what you pay before your insurance coverage kicks in. Insurance companies consider those who are willing to pay a higher deductible to be less of a risk to insure. Paying more upfront could potentially lower your monthly premium.

  3. Insure Your House vs. Your Land

    If you have coverage for your land and are looking to lower your homeowners insurance premium, consider dropping the coverage of your land. You are more likely to need coverage for your home, contents and other structures on your property than for your actual land.

  4. Improve Your Home’s Security

    Insurance companies often offer discounts for installing monitored safety and security devices in your home. Improving your security system will reduce the likelihood of your home being burglarized or damaged, which means the lessened chance of filing a claim.

  5. Search for Homeowners Insurance Discounts

    Many insurance carriers offer discounts for improvements to your house, such as improving electrical, plumbing and heating systems, adding sensors to detect smoke, gas and water leaks, and more. Other discounts include non-smoking discounts, group association discounts, as well as discounts for the way you pay for your insurance policy.

  6. Bundle Home and Auto Insurance

    One of the easiest ways to save money on your homeowners insurance is to bundle. Bundling—also known as multi-policy discount—can often save you money by going through the same carrier for more than one type of insurance. It’s common to bundle home and auto insurance, although there are likely other coverages you currently have or need that can be with the same carrier.

  7. Maintain Good Credit

    Having a good credit score shows your ability to pay bills on time, repay borrowed money and are less likely to need to file a claim. Maintaining a strong credit score can help net a discount on homeowners insurance.

  8. Review Your Home Insurance Policy Annually

    It’s important to review your home insurance policy each year to not only make sure it still covers your needs, including any major purchases or additions to your home. Reviewing your coverage annually also can ensure you’re not paying for coverage you no longer need.

SelectQuote Can Help You Find Affordable Homeowners Insurance

Finding affordable homeowners insurance that fits your budget is easier than ever with SelectQuote. We can streamline the shopping process, comparing rates from some of the most trusted carriers in just minutes.

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