6 Tips for Reducing Home Insurance Rates

In the United States, homeowners can expect to pay an average of $1,200 per year for homeowners insurance. This coverage, like other insurance programs, is helpful for homeowners when it comes to keeping their property and valuables safe and protected after an incident has occurred. The money put toward a homeowners insurance policy is money well spent as the price of carrying home insurance pales in comparison to what it would cost to replace belongings after something like a theft, fire, flood, or natural disaster.

But even though having homeowners insurance is a must, there are still ways in which you can see a reduction in rates, saving you money while maximizing coverage.

Here are some ways to save on home insurance and get the level of protection you need at the right price.

Bundle and Save

An easy way you can save money is to combine your homeowners insurance policy with your auto insurance policy. Many insurers offer a discount if clients carry multiple policies with them, saving money over time. Bundling can save clients anywhere between 10% and 20% on their rates, although it could be lower or higher depending on their location and what’s being covered.

Add Safety to Your Home

When a home insurance provider is calculating someone’s overall homeowners insurance rate, they typically look at the home’s vulnerability to threats such as fires, storms, and burglaries. Homeowners can limit risk and even qualify for cheaper rates by upgrading home security systems and other outdated functions, like plumbing and electrical work. From impact-resistant roofing to Bluetooth-enabled doorbells, doing what you can to avoid accidents and claims will give an insurer less incentive to increase homeowners insurance rates when it comes time to renew.

Seek Out Discounts

Bundling is one way to get a discount on your homeowners insurance policy, but there are other ways in which savings can be had. Look into what your provider can offer when it comes to cutting your rates depending on your living situation or lifestyle. Not a smoker? That may be a discount. Pay your premium via automatic payments? That could be a discount too. Be sure to ask your provider how you can find additional savings while also keeping the same level of coverage.

Raise Your Credit Score

Companies are able to use a credit-based insurance score to help predict the likelihood of future claims. Those with poor credit history are likely to see higher rates than those with cleaner credit histories. If your credit falls under a certain threshold, look for ways to increase your score over the next few months in order to get a better rate. This could mean paying your bills promptly, paying off credit card balances, or trying to find and fix errors in your credit report.

Review Your Belongings

It helps to review how much stuff you own and how much it’s worth. This will help to see whether your homeowners insurance coverage still measures up. If you sold valuable items recently, such as jewelry or antiques, you could cancel any high-limit coverage that you may have taken out for expensive items.

Raise Your Homeowners Insurance Deductible

The deductible is the amount insurers take out from a claim settlement for damage to property. A common amount is between $500 and $1,000. By increasing the deductible, you could see a rate reduction. It might also keep you from filing minor damage claims as the repair bill is usually less likely to go past your deductible.

About Byrnes Agency


At Byrnes Agency, we offer insurance solutions that can be tailored to meet your specific needs. Whether you’re looking for personal policies or commercial coverage, we have the right coverage for you. To learn more about our products, contact us today at one of our two locations.

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Dayville Office

Phone: (860) 774-8549

394 Lake Rd

Dayville, CT 06241

United States

info@byrnesagency.com

Hours of Operation: Monday- Friday 9:00am-5:00pm

Norwich Office

Phone: (860) 886-5498

6 Consumers Avenue

Norwich, CT 06360

United States

info@byrnesagency.com

Hours of Operation: Monday- Friday 9:00am-5:00pm