Home insurance is designed to help cover your home and finances if unexpected damage occurs. Like many household expenses, you may be looking for ways to lower home insurance rates without sacrificing protection. Below are practical, proven strategies to help reduce your premium while maintaining the coverage you need.
1. Look for home insurance discounts
One of the most effective ways to lower home insurance rates is to take advantage of available discounts. Many insurers reward homeowners who reduce risk or demonstrate responsible ownership. COUNTRY Financial offers several home insurance discounts including:
- Claim Free Discount
- Good Payer Discount
- Protective Devices Discount
- Smart Home Discount
- Welcome Discount
2. Bundle your home and auto insurance
Many home insurers offer discounts if you bundle your home and auto insurance, along with any other insurance products you might need. COUNTRY Financial offers a Multi-Policy Discount for clients who bundle home, auto, and life insurance policies with us.
3. Ask your insurance agent for a proper home valuation
Reviewing your home’s replacement cost valuation with a representative can help ensure you are not overinsured or underinsured. An accurate valuation may reduce premium costs while helping prevent coverage gaps during a claim.
4. Install a home security system
You can lower your home insurance cost by lowering the risk of damage to your home. A quick way to do this: install a home security system. Security systems reduce the chance of claims for theft or vandalism, and many insurance companies offer discounts for having them.
5. Build your credit
According to NerdWallet, a person with poor credit could pay 73% more for home insurance than someone with good credit. Insurance companies may use your credit score as one factor in assessing risk, as lower scores tend to correlate to poorer loss histories.
6. Change your home insurance deductible
If you want to lower monthly premium costs, you can choose to increase your deductible.
It’s important to understand that opting for a policy with lower coverage and a higher deductible may provide some savings in the beginning, but it could mean paying more money out of pocket when you file a claim. If you have a home insurance claim and the coverage isn’t sufficient, or the deductible is high, you may have to cover more out of pocket than expected.
How much can you lower home insurance rates?
The amount you can save on home insurance depends on your home, coverage selections, and eligibility for discounts. While savings vary by state and insurer, many homeowners reduce premiums by combining several strategies.
These are just some ways to lower your home insurance rates. Contact an insurance agent to learn more.
COUNTRY Financial® is a family of affiliated companies (collectively, COUNTRY) located in Bloomington, IL.
Home insurance policies issued by COUNTRY Preferred Insurance Company®, Bloomington, IL.
Discounts and availability vary by state.
