There are numerous factors that can influence your homeowners insurance premium, but there are also countless ways to save on costs, too. On one hand, you can often save by bundling your policy with other plans like your auto policy. However, bundling is not your only savings vessel, and for some people it’s just not an option. You should never feel hesitant to ask your agent to help you tap into your full savings potential. There are numerous ways to do so.

Option 1: Increase Your Policy Deductible

Usually, your dwelling insurance and possessions coverage will include deductibles. The deductible is an amount of money that you agree to pay towards the costs of your losses before your insurance policy pays for the rest of the recovery. For example, if your dwelling sustains $8,000 in damage, and you have a $2,000 deductible on your policy, then you pay for the first $2,000 worth of damage, and your insurer pays you the remaining $6,000.

The greater the deductible you choose, the less your insurer must pay for a claim. Therefore, they might be able to offer you a lower premium simply because you won’t cost them as much money when you make a claim. However, you shouldn’t choose a deductible that is so high that you can’t afford to pay this cost out of pocket.

Option 2: Upgrade Your Home Security

The lower your chances of filing a claim on your home insurance, the lower the chances of your insurer having to pay a huge amount of money on your behalf. Because they might not have to pay so much money out, they might not to have to charge you as much for your policy to make up the difference.

One way to avoid problems at home is to make your home safer. This might include:

• Installing smart-home security technology
• Upgrading your fire and carbon monoxide alarms
• Placing automatic lighting and emergency utility shutoff valves throughout the home

Whatever your security upgrades are, tell your insurance agent about them. Various insurers offer discounts to those who install qualifying security devices in their homes.

Option 3: Stay Loyal to Your Insurer and Maintain Good Credit

Stability is important to everyone, and it’s a big sign to your insurance provider that you are a low-risk investment. Primarily, if you stay with the same insurance provider year over year, you will build a reputation of trust with them, and they will often offer you discounts just for being a loyal customer.

Furthermore, if you have a healthy credit score, you represent to your insurer that you are financially secure. Therefore, your insurer will know that you have a low risk of missing payments, filing high claims or otherwise putting them on the line for a higher financial burden.

With the help of your home insurer, you can maximize your ability to save money, and it’s always to your advantage to do so.

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