Reduce Homeowners Insurance Premiums

5 Techniques to decrease your homeowners insurance costs.
The price you pay for your homeowners insurance can differ by hundreds of dollars, according to the homeowners insurance provider you purchase your homeowners insurance policy from. Here are some points to consider when choosing homeowners insurance.

Increase Your Deductible
Homeowners Insurance deductibles are the amount of cash you have to pay toward a loss before your homeowners insurance company starts to pay a claim, in line with the terms associated with your policy. The greater your deductible, the more money you can save on your premiums. Currently, the majority of homeowners insurance providers recommend a deductible of at least $500. If you can afford to increase your deductible to $1,000, you might save as much as 25 %. Keep in mind, if you live in a disaster-prone area, your homeowners insurance coverage may have a separate deductible for particular types of damage. If you live near the coast in the East, you could have a separate windstorm deductible; if you reside in a state vulnerable to hail storms, you might have a separate deductible for hail; and in case you live within an earthquake-prone area, your earthquake policy has a deductible.

Don't mistake what you paid for your house with rebuilding costs
The actual land under your house isn't at risk from theft, windstorm, fire and the other perils covered in your homeowners insurance policy. So do not include its value in deciding how much homeowners insurance to purchase. If you do, you will pay a greater premium than you need to.

Purchase your homeowners insurance and auto insurance policies through the same insurance provider
Some companies which sell homeowners insurance, auto insurance and liability coverage will take 5 to 15 percent off your premium if you purchase 2 or more policies from them. But be certain this combined price is less than buying the different coverages from different companies.

Another method to reduce homeowners insurance costs are to help your house be more disaster resistant. Find out through your insurance professional or company representative exactly what steps you can take to make your home more resistant to windstorms and other natural disasters. You may be able to save on your homeowners insurance premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials. Older homes can be retrofitted to make them better able to withstand earthquakes. In addition, think about modernizing your heating, plumbing and electrical systems to decrease the chance of fire and water damage.

Enhance your home security
You can typically get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your homeowners insurance premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. These types of systems aren't cheap and not every system qualifies for a discount. Before you buy this type of system, determine what kind your insurer recommends, how much the device might cost and how much you'd save on your homeowners insurance premiums.

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