Shopping around is one of the easiest ways to get the best deal on you homeowner’s insurance, but there are several things you can do to reduce your payments even further:
Make sure your credit is looking good. Mortgage companies will be checking all 3 major credit reporting agencies, so be sure to clean up any blemishes before getting a quote.
Ask about group coverage rates. Businesses, schools and community associations often negotiate better rates for their members. Check to see if you qualify through your alma mater or community organization.
Ask for non-smoker and senior discounts. These are based on insurance companies’ findings that smokers and younger working adults are more likely to have insurance claims.
Set up electronic payments. Additional fees per payment are now common with most insurance companies, but are typically waived if you elect to have your premium automatically deducted from a debit or credit account.
Look into Replacement-cost coverage. Initially this is a more expensive coverage option, but one that pays you the replacement amount instead of the actual value of an item in the event of a loss.
Skip land insurance. Consider omitting the value of the land your home sits on when shopping for quotes since the land around your house isn’t at as much risk of damage from theft, fire, windstorms, etc.
Improve home security. Insurers often give steep discounts for installing smoke alarms, CO2 detectors, deadbolt locks and burglar alarms.
Buy a newer home. Modern plumbing and electrical systems are likely to be in better condition and less prone to breakdown than those found in older, non-renovated homes.
Opt for a higher deductible. A higher deductible means the insurance company pays out less in the event of a claim, but can mean significant long-term savings for the homeowner.