Homeowners insurance is one of those things we all need to invest in so that we can repair or rebuild if the unexpected happens. There are a number of ways to cut the cost of your rates without cutting coverage. Look into some of the options listed below and see if they work as possible ways to save on your current policy! Call your insurance company first before making any household investments to be sure what discounts they offer.

1. Shop around

Compare rates with other insurance companies. Do they have a longer list of possible discounts? Are their rates cheaper in general? Make a few calls and see how much you can save!

2. Get a home security system

Some insurance companies will offer a deep discount on homes with security systems. Check to be sure your house does before investing in this option.

3. Check for deadbolts

We just recently made sure that both our front and back doors had deadbolts. This offers better security for your home and can lower your rates!

4. Put in a sprinkler system

If your home has a built in sprinkler system this will offer better fire prevention than a fire alarm alone and therefore less risk of a fire destroying your home.

5. Install more fire alarms

Be sure you have as many fire alarms as possible for your size home. Are they hard wired to the electrical? This may help too. That way the battery is only a backup and not the main source of power to the alarm.

6. Raise your deductible

Just like with car insurance, the higher the deductible the lower the rate. Be sure to do what is financially best for your family.

7. Look for a multiple policy discount

If you don’t already, consider bundling all of your insurance needs with the same company. For example, have your homeowners and car insurance policies all in one. You may get a “multiple policy” discount.

8. Prepare your home for any harsh elements

Consider adding any of the following adjustments to your home to keep it weather resistant to any weather situation that may threaten your home.

  • wind resistant windows and shutters
  • durable roofing materials
  • updated electrical system
  • Anti-flood walls

9. Retirement discounts

Are you retired or retiring soon? This may be to your benefit! Since seniors have more time and resources to make home improvements there will be less wear and tear on the home. In addition they’re more likely to be home than those who work every day. This would cut down on burglaries or even unattended emergencies.

10. Keep a good credit record

Good credit can help keep your insurance costs lower since you’ll be a lower risk when insuring your property.

11. Non-smokers save more

If you’re a non-smoker you may be in luck! Some insurance companies give a discount to those who don’t smoke. They’re seen as less of a risk when being safe from in-home fires.

12. Stay loyal

Have you been with the same company for a long time? Stay there! After a while you’ll become a valued customer and will most likely reap the financial benefits from this.

13. Buy new

Are you in the market to buy a house soon? Look for newer homes. They’re more likely to have the safest electrical and plumbing, which means they’re less at risk for damage in those areas.  

14. Private insurance vs. government based

Private insurance companies tend to have better rates than government companies. If you’re with a government-based insurance company, be sure to shop around for another policy that fits your budget.

15. Location of your home

It’s unbelievable, but the location of your home can have a huge impact on the cost of homeowners insurance. For example, if you live near a large body of water—your home would be at greater risk of a flood. However, if you lived across the street from a fire hydrant—you would benefit. Keep things like that in mind when buying your next home.