Top 7 Ways to Save on Your Home Insurance in 2024

Home insurance is an essential investment to protect your property and belongings, but it doesn't have to break the bank. With some savvy strategies, you can lower your premium without sacrificing the coverage you need. Here are the top seven ways to save on your home insurance in 2024.

1. Bundle Your Policies

One of the easiest ways to cut costs is to bundle your home insurance with other policies, such as auto or life insurance. Many insurers offer significant discounts for customers who consolidate their policies under one provider. It's a win-win: better rates and fewer bills to manage.

2. Raise Your Deductible

Opting for a higher deductible—what you pay out of pocket before your insurance kicks in—can reduce your annual premium. For example, increasing your deductible from $500 to $1,000 might save you up to 25% on your policy. Just ensure you have enough savings to cover the deductible in case of a claim.

3. Invest in Home Security

Insurers often reward homeowners who take steps to make their property more secure. Installing alarm systems, security cameras, or smart locks can lower your risk of theft and damage, qualifying you for discounts. Check with your provider to see what safety upgrades can result in premium reductions.

4. Maintain a Good Credit Score

In many states, your credit score can impact your home insurance rate. A higher credit score suggests financial responsibility, which insurers often reward with lower premiums. Pay your bills on time, reduce your debt, and review your credit report regularly to catch errors that could be lowering your score.

5. Review Your Coverage Annually

It's easy to pay for coverage you no longer need, especially if your circumstances have changed. For example, if you've paid off a mortgage or renovated your home, it's worth revisiting your policy. Review your coverage annually to ensure it aligns with your current needs, and eliminate unnecessary add-ons.

6. Shop Around for Quotes

Loyalty to your insurer is great, but it might cost you. Different companies use various factors to calculate premiums, and switching providers could save you hundreds. Use comparison tools or an independent agent to explore competitive rates and find the best deal for your situation.

7. Ask About Discounts

Many insurers offer discounts for a variety of reasons, such as:

• Being claims-free: If you haven't filed a claim in several years, you might qualify for a lower rate.
• Upgrading your home: New roofs, plumbing systems, and electrical updates can reduce your risk of damage, making you eligible for savings.
• Retirement: If you're retired, some insurers offer discounts due to the reduced risk of you being home more often.

Ask your insurer about available discounts—you might be surprised by the savings opportunities.

Homeowner's Savings Checklist