10 Ways to Lower Your Homeowners Insurance Costs

• 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. 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 the coasts, federal or state governments may back plans to lower rates. Ask your agent.

Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
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