EFFECTIVE WAYS TO LOWER YOUR INSURANCE PREMIUM WITHOUT LOWERING YOUR COVERAGE

What you pay for homeowners insurance depends on age, location, type of residence, proximity to a fire department, the deductible amount and scope of coverage. Here are some tips to help loosen the squeeze on your wallet while still receiving the best coverage to meet your needs.

  • Check out online resources. Go to the Department of Insurance website for your state to make an educated comparison of various insurance companies.
  • Compare quotes from at least three different insurance companies to determine which one has the best coverage and premium.
  • Consider using one insurer for all your needs. Some companies offer a multiple policy discount if you buy auto, life and health insurance policies from them as well.
  • Consider a higher deductible. Increasing your deductibles by just a few hundred dollars can make a big difference in you’re your premium. 
  • Check for government-backed rates. Some areas at high risk for natural disasters offer government-backed loans with lower rates.
  • Check to see if you belong to any groups or organizations that can get you a lower rate. Common examples include alumni associations and service clubs.