Lauren Lewthwaite Last Updated On: May 31, 2023

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Are You Overpaying on Homeowners Insurance? How to Reduce Your Home Insurance Premiums

Ways to Save on Your Homeowners Insurance

Your home is a major investment, and that investment needs protecting. Home insurance is a smart choice, but it can be expensive. If you’re looking for how to reduce your home insurance premiums, you’ve come to the right place. Keep reading for the best ways to lower home insurance premiums without sacrificing your peace of mind. 

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Simple Ways to Lower Home Insurance Premium Costs

  1. Get Multiple Quotes: This should be a no-brainer when you’re ready to buy anything. Shopping around for quotes on homeowners insurance is one of the most surefire ways to lower home insurance premiums right off the bat. Get multiple quotes, compare coverage, and choose the best fit for your budget and needs. 

  2. Bundle Insurance: If you have multiple insurance products, try bundling them with one provider. They’ll often give you a discount on each insurance product just because of your loyalty. 

  3. Increase Your Deductible: One of the simplest ways to lower home insurance premiums is to raise your deductible. This means that you’ll pay less in premiums but if you submit a claim, you’ll need to pay more before your insurance kicks in. 

  4. Invest in Home Security: Insurance providers love when you proactively protect your home, which could net you serious savings. Things like a security system, up-to-date smoke alarms, and deadbolts can save you as much as 5% on your home insurance premiums (not to mention protect you and your family from danger). 

  5. Ask for Discounts: Remember, insurance providers, aren’t going to volunteer ways for you to save money. It’s your responsibility to ask for discounts that you’re entitled to—and there are a surprising number of them. It could be as simple as switching to e-bills or to automatic withdrawals, or asking for one of these lesser-known discounts:
    • No smokers living in the home
    • House is newer
    • Smart technology in your home
    • Discounts for military families

  6. Remove Any Liabilities: If you’ve got high-risk items on your property like a swimming pool, trampoline, swingset, etc., you might want to consider getting rid of them. These are considered “attractive nuisances” to your insurance provider and they send your premiums through the roof.
  7. Reassess Your Inventory: Part of your homeowners insurance covers your personal belongings, so one of the ways to lower home insurance premiums is to reassess what you own, especially if it’s been a few years since you purchased the policy. By figuring out the value of your belongings, you might be able to get away with a lower amount of coverage, which will instantly save you on premiums.

  8. Improve Your Credit Score: Your credit score is one of the factors that insurance providers use to determine your premiums. Working on improving your credit score is one of the ways that you can lower your home insurance premium. It’ll take some time, but it will definitely help. 

  9. Avoid Small Claims: For minor issues, consider paying out of pocket instead of submitting a claim. Insurance providers often discount premiums if you haven’t had any claims in a certain number of years. 

  10. Prioritize Home Improvements: They can be expensive, but updating key parts of your home can save you on home insurance. We’re talking outdated plumbing, electrical wiring, heating systems, and more. These home improvements can also save you from expensive damage and complex claims down the line.

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Save Money Without Sacrificing Coverage

You don’t have to skimp on homeowners insurance to save on premiums. These are ways to lower your home insurance premiums are simple, cost-effective, and guaranteed to help you save money when it comes to protecting your home. 

Lauren Lewthwaite Lauren Lewthwaite has been freelance writing for almost five years writing content that ranges from health to insurance and everything in between. Lauren is also a trained translator in French and English and is a dog-mom to an adorable Australian Shepherd.

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