Posted By Stephanie WilsonHartzog @ Sep 28th 2016 4:07pm In: Real Estate Tips

As a homeowner, you can pay nearly (or over) a thousand dollars on homeowners insurance every year. And as necessary as it is, it’s still nice to save money where you can. Here are a few ways that you can cut down costs on your homeowners insurance.

1. Bundle.

If you own a car, then you also need auto insurance. Many insurance companies, including Allstate and Progressive, will offer you a discount if you bundle multiple policies together. These discounts can range from anywhere from 10-20%, depending on your coverage and your provider. This way, you’re cutting costs on both your homeowners insurance and your auto insurance.

2. Raise your deductible.

Your deductible is the amount of money that you have to pay before your insurance company pays out for a claim. For example, if your home floods, you may need to make a claim for $10,000 in repairs. If your deductible is $500, then you have to put that amount towards Many companies recommend a deductible of at least $500, but you can save up to 25% on your premium if you can afford to raise your deductible to $1000 or more.

3. Shop around.

One of the most obvious ways to save money is to shop around until you find the lowest premium offered to you. Don’t just accept the first offer you find. Looking through multiple options, policies, and companies is the smartest bet to finding the best deal.

4. Make your home more secure.

One of the factors that go into your rate is the safety and security of your home. By upgrading the features that protect your home from theft, fires, and flooding, insurance companies will be more likely to offer a lower premium. Make sure your plumbing, roofing, and windows/doors are up to date and secure.

5. Ask for more discounts.

Many insurance providers offer one-off discounts for various things. For example, you may qualify for a discount if no one in the home smokes, if you live near a fire department, if you install extra safety features, or if you pay your bill with automatic bank payments. So if nothing else, just ask your insurance agent if you qualify for any of their special discounts.

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