10 Ways to Lower Your Homeowners Insurance Costs

1. > Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower.

2. > Buy your homeowners and auto policies from the same company. You’ll usually qualify for a discount. But make sure that the savings really yields the lowest price.

3. > Make your home less susceptible to damage. Keep roofs and drains in good repair. Retrofit your house to protect against natural disasters common to your area.

4. > Keep your home safer. Install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify for a discount.

5. > Be sure you insure your house for the correct amount. Remember, you’re covering replacement cost, not market value.

6. > Ask about other discounts. For example, retirees who are home more than working people may qualify for a discount on theft insurance.

7. > Stay with the same insurer. Especially in today’s tight insurance market, your current vendor is more likely to give you a good price.

8. > See if you belong to any groups—associations, alumni groups—that offer lower insurance rates.

9. > Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage.

10. See if there’s a government-backed insurance plan. In some high-risk areas, such as the coasts, federal or state governments may back plans to lower rates. Ask your agent.