What are some ways to reduce the cost of homeowners insurance?

While insurance contracts are tailored to individual situations, financial experts suggest several money-saving strategies that can be widely applied to cut the cost of homeowners insurance.

1 Raise the deductible

Accepting a higher deductible lowers your premium. If you can afford to pay, say, $1,000 out of pocket and would prefer not to report small claims to an insurer anyway, set your deductible accordingly.

2Double up policies

Companies that sell both home and auto insurance will often reduce premiums for customers who buy two or more policies.

3Improve the place

Your insurance cost may drop if you make a home more storm resistant by adding storm shutters, impact-resistant windows or upgraded roofing. Check with an agent about improvements that would qualify for discounts. Overall, a well-maintained home in which aging systems have been modernized presents less insurance risk, so keep receipts when you have work done and be absolutely certain that any project requiring a permit has one.

Storm shutters cut cost of homeowners insurance

Home improvements, especially those that improve safety, can lower insurance premiums.

4 Leave out the land

Remember that insurance pays toward rebuilding the structure, not the land, and adjust coverage accordingly.

5 Mind your credit

Your credit history can have a direct impact on how much you pay for an insurance policy. Better credit equals better rates.

Home security system cut costs of homeowners insurance

Specific home elements such as security systems and smoke detectors can allow you to claim breaks on your insurance.

6 Claim a break

Most insurers offer discounts for devices that mitigate risk, such as smoke detectors and monitored home security systems. Even something as simple as a dead-bolt lock can earn credit.

7Limit liabilities

Significant liability risks such as trampolines, pools and tree houses may increase policy cost or simply be excluded from coverage. When there’s a pool, it’s common for an insurer to require safety features such as a fence before offering a policy.

8Beware of the dog

If you own a dog deemed risky, insurers may decline to cover dog bite liability as part of a regular homeowners insurance policy.

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