How to Find Discount Homeowners Insurance and Save Money

The majority of Americans who own homes (95 percent) also have homeowners insurance. However, for many homeowners, their insurance policies are bleeding them dry.

Are you part of this group? Are you looking for ways to save money on homeowner’s insurance? If so, you’ve come to the right place.

Read on for some tips that will help you find discount homeowners insurance and start saving money.

Get Multiple Quotes

It doesn’t matter if you’re a new homeowner and are shopping for your first insurance policy or if you’re looking to switch to a new provider altogether. Either way, it pays to shop around and get multiple quotes.

Don’t settle for the first policy from the first insurance provider you find online. Do some digging and compare before deciding which policy is right for you. This will help you ensure you’re getting the best rates and the greatest amount of coverage.

Choose a High-Deductible Policy

If you want lower premiums, look for a plan with a high deductible. You can also talk to your insurance agent about raising your deductible to lower your monthly or yearly payments.

High deductible policies are more affordable than other options. Keep in mind, though, that they come at a cost. If something goes wrong with your home, you’ll have to pay more money out of pocket before your insurance provider will start chipping in.

If you’re okay with this, though, switching to a high-deductible policy might be a good choice.

Boost Your Credit Score

Many people don’t realize that their credit score can have an impact on their insurance premiums.

If you have a low credit score, insurance companies may view you as more of a risk and charge you accordingly. By raising your credit score, you might be able to qualify for better coverage at more affordable rates.

Check your credit score and see if there’s room for improvement. If there is, start working on paying down your debt and making payments on time to give your score a boost.

Bundle Insurance Policies

If you have a different insurance provider for your car, your life insurance, and your homeowner’s insurance, you might be paying more than is necessary.

Try bundling your insurance policies to see if you qualify for a discount. Many insurance providers to offer bundles that are available at lower prices than if you were to pay for each policy on its own.

Reconsider Renovations

Maybe you’ve been putting off certain renovations to your home because you think they’re too expensive.

Investing in those renovations could end up saving you money later on, though. For example, if you replace your roof, you might be able to qualify for a discount on your homeowner’s insurance.

Insurance companies often reward you for renovations like this because they make your home safer and less prone to damage that they might have to cover.

Make Your Home Disaster-Resistant

In addition to making your home sturdier and longer-lasting, you might also do well to make it more disaster-resistant.

You may qualify for additional insurance discounts if you take steps to protect your home from disasters like hurricanes or tornados.

Installing shatterproof glass on your windows might be a good first step, as would retro-fitting an older home so it can withstand earthquakes.

Protect Your Home

Many insurance providers also offer discounts to homeowners who take steps to protect their homes from theft.

Installing a security system in your home can help to deter burglars and keep your belongings safe. This, in turn, helps the insurance company by reducing the likelihood that they’ll have to provide a payout if your home is burglarized.

To reward you for this, they may offer you a discount on your homeowners insurance policy.

Be a Loyal Customer

If you’ve been with the same insurance provider for a long time, you might not want to jump ship.

Sometimes, you can get a better, more affordable insurance policy as a reward for being a loyal customer.

Reach out to your provider and see if they offer discounts for long-term customers. If so, find out what you need to do to qualify for those discounts.

Look into Group Coverage

Check to see if your employer offers a group insurance program. If they do, ask if they have a homeowners policy available. You might be able to get a more affordable plan if you go through your employer.

You can also look into group policies for professional, business, and alumni groups. If you’re affiliated with any organizations like these, you may qualify for insurance packages at reduced prices.

Ask and Ye Shall Receive

When it comes to getting discount insurance (or discounts on anything else, for that matter), sometimes, all you have to do is ask. Many insurance providers have discounts available, they just don’t make a big deal about advertising them.

Some specific discounts for which you might qualify include the following:

  • Age-related discounts for senior citizen and/or retired homeowners
  • Discounts for living in a gated community
  • Discounts for living in a community with a homeowner’s association (or HOA)
  • Claims-free discounts for those who have not made claims in 10 years or more
  • Nonsmokers discounts

You can even get a discount for having a water sensor in your home, as this helps you detect leaks before they turn into full-blown floods.

Find Discount Homeowners Insurance Today

As you can see, there are lots of steps you can take to save money and find discount homeowners insurance.

Try one (or more) of these techniques today to reduce your insurance premiums and keep more money in your bank account where it belongs.

Do you want to learn more about ways that homeowners can save money? If so, we’ve got lots of other helpful blog posts available on our site.

Check out some of our personal finance articles today for more advice.

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