Thank you to Rachael Harper from Bennett & Porter for these great tips on home insurance! Read on to learn more.

In the United States, the median home price hovers around $200,000. Undoubtedly, it is one of your most significant investments. Getting home insurance is one of the best ways you can protect your home. However, your insurance cost can vary by hundreds of dollars, depending on critical factors like your insurance company and the size of your home. 

The good news is that protecting your home does not have to cost a fortune. From getting customized home insurance coverage to shopping around, there is no shortage of ways to save money while still protecting your home and assets adequately. Below are some of the ways you can shave money off your home insurance premium: 

Shop Around 

As mentioned earlier, homeowners policy prices can vary from one provider to another. That said, it would make perfect sense to do some comparison shopping so you can get the best deal possible. 

• Ask for recommendations from friends and loved ones, and then do your due diligence. 

• Check the financial health of insurance companies you have shortlisted. Use the ratings provided by independent rating agencies. 

• Get quotes from at least three insurance providers. 

• Get in touch with the state insurance department and check if you can access consumer complaint ratios by company.  

• Call prospective providers directly or access information online to check for price quotes. You can also check your state insurance department for prices charged by major insurers. 

• Don't shop around for price alone. It is important to remember that you will be dealing with your insurance company in the event of an accident or other emergencies. That said, it would be best to pick an insurer that provides exceptional customer service. When interacting with representatives, observe if they take the time to address your concerns and questions. 

Increase Your Deductibles 

The money you will pay toward a covered loss before your plan kicks in is called a deductible. The higher your deductible, the lower your premiums, and vice versa. For instance, if your deductible is raised by $500, you might be able to save on your annual premiums. You must be able to cover the deductible in case disaster strikes. 

Mention Your Security Devices at Home 

Most insurance companies will provide discounts for homes with security devices like burglar alarms, sprinkler systems, fire extinguishers, smoke detectors, gas leak detectors, and dead-bolt locks. If you decide to add those devices later, make sure that you update your policy. 

Make Your Home Disaster-Resistant 

If you want to lower your premiums, consider investing in improvements and updates that can make your home more resistant to water and fire damage, and other weather-related disasters.  

Depending on where you live and your insurer, you can qualify for a discount if you add storm shutters, update your heating, plumbing, and/or electrical systems, and reinforce your roof. 

Review Your Policy Annually 

To ensure that you have sufficient (but not too much) coverage, it is recommended that you review your policy annually. For instance, you might need to bump up your current coverage limits if you build an addition or purchase a new piano. 

Be Rewarded for Your Loyalty 

Many insurance companies provide discounts to long-term customers. If you have been doing business with the same company for many years, check if they offer any loyalty discounts and if you are qualified. 

Inquire About Other Discounts 

Depending on the insurer, discounts may be provided if you are aged 55 (or older), a nonsmoker, working from home, or a new homebuyer. Check with your provider if you are qualified for any discounts.  

It is also a good idea to check with your provider periodically if they offer new discounts you should know about. 

Final Thoughts 

When you check your policy yearly, consider it an excellent time to confirm if you have the right coverage. In addition, speak with your agent to ensure you are taking advantage of any discounts and getting the best rates possible. 

About the Author: 

Rachael Harper is the Content Marketing Strategist of Bennett & Porter, a wealth management and insurance firm based in Scottsdale, Arizona. When not writing, she makes use of her time reading books and playing bowling with her family and friends.