How Can I Reduce My Home Insurance?

Are you looking for ways to decrease your home insurance rates? If you found that you are looking for a cheaper home insurance rate, whether you have a single-family home, a condo, apartment, or other dwelling, lowering your home insurance can actually help you to save money down the road.

Ways to lower your home insurance rates

Comparison shop your plan

One area that may come into play is when you first set up your initial home insurance rates that you double check and make sure you're getting the best rate. Whether it's through State Farm, Allstate, Geico, Afflac or another insurance company, you want to do a price comparison.

Lower your coverage rate

You may also want to factor in the various types of insurance needs that you may have in your home. For example, if you have extremely expensive china, crystal or jewelry, make sure that you raise the amount of insurance that you have on all of your items to cover the costs. It won't help to get $75,000 in coverage if you have $150,000 in the value of your items.

Raise your deductible

One area that people sometimes tap into if they want to lower their rate is to raise the deductible that's paid every year – but do you want to do this? By increasing a deductible, you have to factor in that if you have a problem or if there is a theft or damage in your home, can you afford to pay a $1,000 deductible?

Add an alarm system

Other ways to lower your rate include alarms and extinguishers. To reduce your home insurance, if you want to add an alarm, it can help you at least get a small discount if you add a security system. Whether it's ADT or another type of alarm like the Sloman's Shield, an alarm system can lower the rate that you have to pay for your insurance.

Add fire extinguishers and detectors
Another area that can help you is to install fire extinguishers in your home and be sure that you have smoke alarms for the rooms and also get a carbon monoxide detector. This is a great way to get a little bit of money back from your homeowner's insurance expense or at least decrease the policy by a few dollars.

Don't miss your payments

An additional tip that can help you save money on your home insurance policy and a great way to help you to reduce your home insurance is to make sure that you never miss a payment. For example, if you miss your payment for the year and you let your policy lapse, when you try to reinstate it, you may find that it comes at a higher price.

Install security features
As you go through your home you also want to check to make sure that you are looking at areas and different ways around your home to keep your home owner's insurance costs down. For example, you may want to install a security door for both your front door and back doors to prevent thefts. You may also want to post security company stickers in the windows and on the door to let potential thieves know that you have a security system in your home. Even if you don't have a security system on all the time, it's still a deterrent against thefts.

Confirm flood zone areas

The next time you speak with your insurance adjuster, you may want to ask specific questions based on the type of insurance that you have as it relates to flood zone areas and be specific so you can get the right coverage. Flood insurance isn't always a standard on a home insurance policy, so you may need to take out additional home insurance. Find out about this and confirm with your development if your area is in a flood zone region so you can have the right policies in place. Then check the history for your area and dwelling to find out historically how much water has come in through areas like the basement. That way you don't lose precious memories when you have items stored downstairs.

Document damage
Another area that can help you is if you do have any problems in your home, be sure to document everything ahead of time. For example, if a neighbor has a flood, and it leaks into your apartment, take pictures and get video evidence right away as this can help to make sure you substantiate your claim.

When all else fails, look at different types of discounts that your insurance company may offer. Sometimes around the holidays they will have special incentives for signing up and you may be able to get a better deal!

Ensure you're Insured - Stay Informed
Ensure you're Insured -
Stay Informed

Disclosure: The information presented is for informative purposes only. The author does not have any affiliation with any insurance companies referenced whether written or implied. Insurance services and their costs will vary for each individual and savings will vary for each person based on a number of factors. Any coverage or rates information have been collected from readily available sources online. For more information regarding the costs of insurance for your specific vehicle, please consult your local insurance services agency.