There are a few things that you can do to help reduce your premiums.
Compare Prices Between Companies
An independent insurance agent can look through dozens of different insurance companies and tell you which company will be able to provide you the best deal on your homeowner’s insurance.
Raise Your Deductible
The premium you pay on your home insurance is inversely proportional to the size of deductible that you have. The higher your deductible, the lower your rate.
Combine all of your insurance policies.
Buying homeowners, automobile and life insurance coverage from the same company can earn you a “multiple line discount” with savings of 5 to 15 per cent off your premium.
Disaster Protection and upgrades.
If you live in an area prone to natural disasters (earthquakes, hurricanes, etc), installing features like reinforced roofing or storm gutters can earn you a discount.
Upgrading your heating and electrical systems can also earn you a discount on your home insurance premium.
Get a Security System
A home security system can almost always get you a lower rate since it decreases the risk to insure you.
Raise Your Credit Score
People with higher credit scores represent less risk to the insurance company and tend to get lower rates. Always check your credit report to make sure there are no errors which may be to blame for your low credit score.
Quit Smoking
Cigarettes are a common cause of house fires and as a result smoking can adversely affect how much you pay on your insurance. Most insurance companies will give you a discount for quitting smoking!
Smoke and Carbon Monoxide Alarms
You are likely to get a lower rate if you have a good amount of smoke detectors and carbon monoxide detectors (if you use natural gas) installed in your home.
Central Monitoring
Installing a water-leak detection system as well as a temperature monitoring system that protects a home's pipes from freezing can earn you a discount on your premiums.
Review your homeowners insurance coverage to make sure it accurately reflects your home's current value and condition, as well as any major improvements or purchases.
Read about homeowners insurance endorsements so you don't get caught under-insured.
