-
Raise
your deductible. If you can afford to pay more
toward a loss that occurs, your premiums will be
lower.
-
Buy your
homeowners and auto policies from the same company
and you’ll usually qualify for a discount. But make
sure that the savings really yields the lowest
price.
-
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.
-
Keep
your home safer. Install smoke detectors, burglar
alarms, and dead-bolt locks. All of these will
usually qualify for a discount.
-
Be sure
you insure your house for the correct amount.
Remember, you’re covering replacement cost, not
market value.
-
Ask
about other discounts. For example, retirees who are
home more than working people may qualify for a
discount on theft insurance.
-
Stay
with the same insurer. Especially in today’s tight
insurance market, your current vendor is more likely
to give you a good price.
-
See if
you belong to any groups—associations, alumni
groups—that offer lower insurance rates.
-
Review
your policy limits and the value of your home and
possessions annually. Some items depreciate and may
not need as much coverage.
-
See if
there’s a government-backed insurance plan. In some
high-risk areas, such as coasts, federal or state
government may back plans to lower rates. Ask your
agent.
