A basic guide to lowering your homeowners insurance cost

Among the many expenses associated with homeownership, homeowners insurance is one of the most significant. Insurance rates and premiums vary depending on your location, provider and the type of home you have, but there are almost always ways you can save money. Here are some tips for lowering your insurance costs:

Choose a higher deductible

Increasing your insurance deductible can lower your monthly premium. A deductible is the amount you pay out of pocket for repairs before insurance kicks in.

For example, your homeowners insurance policy may state you have to pay $2,000 for damages before coverage activates. Increasing this amount to $3,000 may decrease your monthly payment. You’ll save money every month, but you’ll have to pay more for if you ever need to make a claim.

Bundle your insurance plans

Many insurance companies offer different types of insurance packages. You can often save money by bundling your homeowners insurance with other insurance options.

Discounts and special deals vary, but some homeowners can save up to 25% on their premiums when they bundle policies. You can bundle your homeowners insurance with car insurance, boat insurance and other types of coverage.

Shop around for homeowners insurance

Know your options when it comes to homeowners insurance. All policies are different both in offerings and prices. Two policies can offer similar coverage, but one may be more affordable depending on other factors.

Comparison shop for homeowners insurance by getting quotes from multiple providers. With some extra research, you might find an excellent deal.

Consider excluding land value from your policy

Some homeowners insurance policies cover the contents within the home, the structure of the home and the land surrounding the property. Excluding land value from your insurance policy can decrease your monthly premium.

However, before making this change, it’s good to weigh out the pros and cons. Speaking with a homeowners insurance provider can help you decide if this is the right decision.

Homeowners insurance is essential to protect your property. Luckily, you can still save money on premiums without forgoing important coverage. Speaking with your local insurance provider can help you find the perfect deal on your next policy.