Best way to save money on homeowners insurance

Saving money on homeowners insurance requires a combination of understanding your policy, shopping around, and taking steps to reduce risks. Here are some strategies to help you lower your homeowners insurance premiums:

Shop Around: Obtain quotes from multiple insurance providers. Prices can vary, and different companies may offer different discounts and coverage options.
Bundle Policies: Many insurance providers offer discounts if you bundle your homeowners and auto insurance policies with the same company.
Raise Your Deductible: Increasing your deductible—the amount you pay out of pocket in the event of a claim—can result in lower premiums. However, be sure you can comfortably cover the higher deductible if you need to make a claim.
Improve Home Security: Installing security features such as smoke detectors, burglar alarms, deadbolt locks, and a sprinkler system can make your home safer and may lead to lower insurance premiums.
Upgrade Your Home: Renovations that improve the overall safety and resilience of your home, such as updating the roof, electrical, and plumbing systems, may qualify you for discounts.
Maintain a Good Credit Score: In some regions, insurers use credit scores as a factor in determining premiums. Maintaining a good credit score may help reduce your homeowners insurance costs.
Stay Claims-Free: Avoid making small or frequent claims, as a history of claims can lead to higher premiums. Consider covering smaller repairs out of pocket.
Review and Adjust Coverage: Regularly review your policy to ensure it reflects your current needs. If your home’s value has decreased or if you’ve paid off your mortgage, you may be able to reduce coverage.
Discounts for Safety Features: Inquire about discounts for safety features such as impact-resistant roofing, storm shutters, or a home security system.
Seniors and Retiree Discounts: Some insurance providers offer discounts for seniors or retirees. Check if you qualify for any age-related discounts.
Raise Awareness of Renovations: If you’ve recently renovated your home, inform your insurance provider. Upgrades, such as a new roof or electrical system, may make your home less risky to insure.
Review Policy Annually: Regularly review your policy, coverage limits, and any changes in your home’s value. Update your insurance provider about changes to ensure you have adequate coverage without overpaying.

Remember that the availability of Oregon discounts and the impact of various factors on premiums can vary by location and insurance provider. Consult with your insurance agent or broker to discuss specific strategies tailored to your situation and location.