How to Save Money on Your Homeowners Insurance Policy

The cost of discount homeowner insurance depends on a number of factors: (1) location, age, and type of residence; (2) local fire protection; (3) choice of deductibles; (4) application of discounts; and (5) the scope and amount of insurance coverage purchased. The savvy homeowner knows that insurance rates vary considerably from carrier to carrier for the same coverage. Taking the time to investigate discount homeowner insurance is important to understand exactly how much of a deal you are getting.

Do Your Homework: Shop around to get the best value for your insurance dollar. Using InsuranceLower, get several quotes for discount homeowner insurance, and compare them side-by-side. Keep looking until you find one that offers the most attractive combination of coverage and premium.

Stick With the Company That Offers the Best Deal: Consider multiple policies with the company that's offering you the best deal on discount homeowner insurance. Some companies offer a multiple policy discount. If you purchase your homeowners and automobile policies from the same insurer, it may be worth a small discount.

Pick Your Form: Insurers offer different types of homeowners package forms to owners of single-family, owner-occupied homes. These policy forms insure your home and belongings against specifically named perils. The more perils your policy covers, the more you will pay for the policy.

Think About Higher Deductible

Raise Your Deductible: A deductible lowers the premium cost of your policy. Many policies provide a low deductible--typically $250. Contact your insurance company to see if they offer higher deductibles, such as $500 and $1,000, on your homeowners insurance coverage.

Look for Discount Opportunities: Insurance companies usually offer premium discounts when you have deadbolt locks, smoke alarms, fire extinguishers, sprinkler systems, or security systems in your residence.

Consider Actual Cash Value Coverage: Actual cash value coverage reimburses for the cost of the property minus your deductible. Replacement cost coverage reimburses the full value of the property. If your major objective is discount homeowner insurance, consider actual cash value; however, understand the risks involved with that choice.

In short, it pays to evaluate coverages and research your options to find discount homeowner insurance--the best coverage for the most economical premium.

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