1. Shop around: Never refrain yourself shopping around. It’s the best method discovered till date to lower the rates of every commodity and services - including your home insurance premiums. Though it’ll take some time, you could save some good sum through it. Check with your friends for recommendation, search through the Yellow Pages, or get in touch with your State Insurance Department. You could also check with the National Association of Insurance Commissioners to get help with finding a trustworthy insurer in your location. Make sure you check the client feedback and the complaint since price isn’t the only factor you should consider.
Apart from this, you can also try to get help from an insurance agent in your area. The offers that I was getting initially were ranging between $1,000-$1,300. However, my friend managed to get me one that costed only $700. So, some good savings I made there.
2. Get home and auto insurance from the same insurer: Some insurance carriers that sell homeowners, auto and liability coverages will be able to offer you a discount of up to 20% on your premiums if you purchase two or more policies from them. However, make sure the combined price you are getting is lower than buying from different companies.
3. Raise your deductible: Deductibles are the amount you need to pay for a loss before your insurance company starts paying against the claim. The higher your deductible is, the lower your monthly premiums will be - means the more you save. Nowadays, most insurance companies recommend that you choose a deductible of at least $500. However, if you can raise it to some extent - for instance $1,000, you’ll be able to save as much as 25% on your premiums.
4. Raise your credit score: Nowadays, insurers are increasingly using credit reports to determine homeowners insurance policies. So if you can establish a near-perfect credit score, you’ll be eligible to get the best rates. So that your credit score can hold a good standing, you should pay your bills on time, keep credit balances as low as possible, and never obtain more credit than how much you actually need. Keep an eye on your credit report regularly, and whenever you come across any error, report it promptly to the credit bureaus.
5. Improve your home security: If you install smoke detector, burglar alarm, or dead-bolt locks in your home, you usually get discount of at least 5% on your home insurance premiums. Some insurance companies can even cut back on your monthly premiums by up to 20% if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at fire, police or other monitoring stations in case of an emergency. Apart from the fact that these systems come for a hefty price, not all devices are considered for discounts by the insurance carriers. So consult your insurance agent before you get one.