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3 Ways to Lower the Cost of Your Homeowners Insurance

Life is full of expenses, so it’s never a bad idea to examine how you might be able to lower them, especially when it comes to big costs such as home insurance. No one ever complained about not spending enough, but we all tend to complain about spending too much.  Let’s take a look at some areas of opportunities that can reduce the expense of your most important financial obligations, homeowner’s insurance.


Reduce Disaster Impact

When it comes to owning a home, many factors lie outside of your control, and unfortunately, there isn’t much that can be done about that. There is, however, still plenty that lies within your realm of abilities that can impact your monthly expenses. For instance, we can’t control the weather, but we can control our level of preparedness for it.

Windows are the most vulnerable part of a home in areas like Florida, which experience higher levels of hurricane activity than other states. Because of this, insurance companies were legally mandated in 2012 to provide premium discounts to homeowners who took the extra initiative to better protect their homes from being destructed during hurricanes.

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Make sure your windows are strong enough to protect your home from hurricanes and storms.


Additionally, for particularly old homes, there are also opportunities for discounts through upgrading older systems that could be more susceptible to fires and floods. These upgrades serve to mutually benefit the homeowner and the insurer by reducing the impact or possibility of disasters.

Install a Security System

There’s no question that security systems provide many benefits, with the obvious being protection from home invasion, but modern systems also monitor the risk of fires. Not only do they offer an added layer of protection against multiple risks facing homeowners, but they also provide financial kickbacks.  While the costs of installation and monthly maintenance may often be substantial, the FBI estimates that there were 1.4 million burglaries in 2017 so there is no doubt that this is a worthy investment.


Maintain a Good Credit Standing

One of the components used in the calculation of your home insurance premium is the Credit-Based Insurance score, CBI, which allows insurance companies a snapshot into your bill payment history and current debt.  Much like a FICO credit score, insurance companies can determine your level of accountability and come to an informed decision regarding the rates you incur.  The level of impact your credit score has on your premium can vary by state and insurance company, but generally better credit means less money out of your pocket.

home insurance
Better CBI – more money in your pocket.


Outside of the three tips listed above, there are a host of other ways in which you can reduce your home insurance costs. It doesn’t hurt to exhaust every opportunity, but be sure to do your due diligence to maximize your discount eligibility, and above all, get the right quote for your home insurance.