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How Can I Save Money on My Homeowners Insurance?

There are plenty of options when it's time to choose a homeowners insurance plan. But once you start looking at your options you'll quickly find that not all insurance coverage was created to do the same job.

If you want to get the right policy — and pay as little for it as you can — you're going to have to do a little homework.

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Why Does Homeowners Coverage Differ For Each Home?

Homeowners insurance rates vary depending on how your home was constructed and where it's located.

Insurance companies will offer you discounts for a number of reasons, including if your home is brick rather than wood framed, if it's close to the nearest fire hydrant, fire station, on an easily accessible road, or in a town that isn't overly congested. Discounts like these will be different in each state and with every insurance company.

But location and construction alone doesn't automatically decide your rate. You should still be able to find a variety of ways to save money on your homeowners insurance.

In general, you'll be able to save money on your homeowners insurance by remembering to do these things:

  • Improve your credit score: Most insurance companies look at your credit score when they price your insurance policies. If your credit score is healthy, your homeowners insurance rates will be lower. So before you go insurance shopping, make sure you don't have too many overdue bills, too many open accounts, or charges close to the limits of your credit cards.
  • Comparison shop: You can save as much as 20% just by shopping around. Be sure to get quotes from at least five agents. And if you currently have a policy, be sure to talk to your agent to see if you qualify for any discounts you aren't currently getting.
  • Think about raising your policy deductible: If your homeowners policy has a low deductible of $100 to $200, think about raising it to at least $1000 or $2,000. It may save you as much as 25% on your premiums.
  • Bundle your insurance policies: If you're happy with the company that insures your car, think about buying your homeowners insurance policy from them as well. Most insurers will offer you a discount of between 10% - 20% if you buy more than one type of coverage from them.

Want to compare policies from different insurance companies and see which ones save you the most? Talk with our network of insurance agents. When you use our free service, we'll match with locally-licensed agents who can help you choose the right policy. Fill out an easy online form, and you'll be contacted with free quotes.

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