7 Ways To Save On Your Homeowners Insurance

7 Ways To Save On Your Homeowners Insurance

There are many advantages to owning a home versus renting a home. However one of the drawbacks is the need to pay for homeowners insurance. You might not like paying for this fee, but it can be a lifesaver in the event of a catastrophe. Since you you figure this is a necessary expenses you may not think twice about how much you pay, but you can still save money on your homeowners insurance.

Here are the best 7 ways to save money on your homeowners insurance.


Consider getting your homeowners insurance from the same company that you get your auto and life insurance with. If you do, you will qualify for a multi-coverage discount across all of your policies.

Pay up front

Sometimes, when you pay your insurance bill up front for one year you get a discount versus paying monthly. If your yearly charge is $1,200 you can pay it all up front or choose to pay $105 per month. If you choose the latter, you would end up paying $1,260. That’s an extra $60 in your pocket every year.

Comparison shop

Just like you shop around for the best deal on a big screen TV, do the same with your homeowners insurance. There are many different companies who offer this kind of insurance and they are all competing for you. Get a price quote at various different insurance companies or just go to an insurance comparison site to see which one offers the best price.

Raise your deductible

When you file a claim you must first pay your deductible and the company then pays everything else above that up to the limit that you are insured. For auto insurance for example, if you are insured for $10,000 and your deductible is $1,000, an accident totaling $5,000 means you’ll pay the first $1,000 and the insurance company will cover the remaining $4,000.

Not having a very large deductible on an automobile policy sounds like a good idea, but not for a homeowners policy. You would rarely, if ever, file a claim with your homeowners insurance company. Therefore, if you want to save money on your policy, raise your deductible to the highest amount they allow.


When you insure your home, you do not need to be insured for the full value of your home. You see, the land your home is on is not at risk of being stolen or being destroyed. What you are insuring is the actual physical house that is built on the land.

Learn to differentiate between the two. Only insure your home for the amount that it would take you to rebuild your house on the land that is already yours.

Credit score

Insurance companies are known to run your credit report. They are also known for giving preferential pricing to those with good credit. Their own research has shown that those with good credit file less claims, stay with the same company for a long time and always make their payments.

So keep your credit score up to get the best prices on your homeowners insurance policy.

Get discounts

Insurance companies give many different discounts to their clients. If you’re a nurse or a teacher for example, you get a discount. If you’ve been with the company for an extended period of time, you get another discount. If you’re over the age of 55 you may get another discount.

If you have upgraded home security you can receive an additional discount on your home insurance. Contact your homeowners insurance company and ask them about all of the discounts they offer because you may already qualify for several of them.

About Edwin

Edwin is a marketer, social media influencer and head writer here at Save The Bills. He manages a large network of high quality finance blogs and social media accounts. You can connect with him via email here.

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