By Dachary Carey
Homeowners insurance can be a substantial investment, depending on where you live and the insurance policy you purchase. Homeowner insurance policies come with varying price tags based on a long list of conditions. Some of the conditions are under your control, and you might be able to find some homeowners insurance savings if you know what to negotiate.
Raise Your Deductibles to Save on Homeowners Insurance
Adjusting your deductibles is an easy way to save money on homeowners insurance. Low deductibles cost more money, so if you raise your deductibles, you can save money on your policy. Higher deductibles mean you'll have to pay more cash out-of-pocket if something does happen to your home, but if you can tolerate that financial risk, you can keep more money in your pocket up front.
Ask about Discounts for Homeowners Insurance Policies
Homeowners insurance policies may come with a variety of discounts, depending on the company and the state. Most companies offer discounts for people who purchase additional types of coverage through the company. For example, if you have home owners insurance with a company, and add your auto insurance to the same company, you might get a discount on both policies. You may also get loyalty discounts for being with the company for a certain period of time, or other discounts based on your home's construction. Ask your insurer about discounts to see what's available.
Make Safety Improvements to Lower Homeowners Insurance Cost
Did you know that safety improvements can actually lower your insurance cost? Simple things like adding a smoke alarm, a deadbolt lock or a fire extinguisher can save you money on your homeowners insurance. Bigger projects can result in more substantial homeowners insurance savings. Installing shatterproof windows, adding storm shutters or upgrading your roofing material can lead to big cost savings, although these projects come with a higher price tag.
Improve Your Credit Score to Save on Homeowners Insurance
Insurance policy premiums are based, in part, on your credit score. If you have good credit, you'll get a better rate than someone with poor credit. Insurers consider people with good credit a better risk, so they charge lower premiums for individuals with good credit. Work to improve your credit score, and you might find your insurance premium going down.