5 Smart Ways to Save Money on Homeowners Insurance

Homeowners insurance is essential for protecting your property, but that doesn’t mean you have to pay a fortune. Whether you’re a new homeowner or looking to cut costs on an existing policy, several practical strategies exist to lower your premium without sacrificing valuable coverage. Here are five practical ways to save money on homeowners insurance.

1. Bundle Your Policies

One of the easiest ways to save is by bundling your homeowners insurance with other policies—most commonly auto insurance. Many insurance companies offer multi-policy discounts that save you up to 25%. Bundling also simplifies your billing and claims process, making your overall insurance experience more convenient.

2. Improve Home Security

Insurance companies often offer discounts for homes with security upgrades. Installing smoke detectors, deadbolt locks, burglar alarms, and smart home monitoring systems can reduce your risk of loss and lower your premium. Some insurers even give additional discounts for systems that automatically alert emergency services.

3. Increase Your Deductible

A higher deductible means paying more out-of-pocket before your insurance kicks in, leading to a lower premium. If you can, you can cover a larger deductible in the event of a claim; this can be a smart way to reduce your ongoing insurance costs. Make sure you have enough savings to handle the higher deductible if needed.

4. Maintain a Good Credit Score

In many states, insurers use credit-based insurance scores to help determine your premium. A better credit score generally means lower rates because it indicates you’re less likely to file claims. To improve your score, pay bills on time, reduce debt, and regularly check your credit report for errors.

5. Shop Around and Review Annually

Insurance rates vary widely between providers, so it pays to shop around. Get quotes from at least three reputable insurers to compare coverage and pricing. Additionally, review your policy every year, especially after significant life changes like renovations, marriage, or mortgage payments, to ensure you’re not overpaying for outdated coverage.

Bonus Tip: Ask your insurer about all available insurance discounts. You might qualify for savings based on age, occupation, loyalty, or even being claims-free for several years.

Homeowners insurance doesn’t have to break the bank. With a proactive approach and regular policy reviews, you can ensure your home is protected while keeping your costs manageable. Use these five strategies to save today and get the most value from your insurance investment.

Get a homeowners insurance quote today by calling us at (541) 318-8835 or click here to connect with us online.