How Can I Reduce My Home Insurance Premium?

Answer:
One of the best ways to reduce your home insurance premium is to raise your deductible.

You may not make a claim for years to come and in the meantime, you will enjoy the savings in the form of lower premiums. For example, if you raise your $500 deductible to $1000, your premium could go down by as much as 25 percent.

Another method to reduce your premium is to buy your homeowners insurance from the same company that insures your vehicles. Most insurers offer multi-policy discounts.

Find out what discounts are available and try to get as many discounts as possible. For example, if your home has an alarm system, you may get a rate reduction.

Review your policy often to make sure you have the right amount of coverage. Insure your home for what it would cost to rebuild it – not what you paid for it. In addition, if you had a floater policy insuring a pricey piece of jewelry that you later sold, make sure to cancel the floater.


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