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If you’ve been watching your homeowners insurance policy, you may have noticed premiums are up. Claims related to natural disasters and significant weather events, and factors like inflation, have taken their toll on rates. But there are ways to save money on insurance. Here are eight tips based on insights from Progressive on how to get cheap homeowners insurance coverages.
1. Raise your deductible
It’s tempting to agree to the lowest deductible possible on an insurance policy, but raising a deductible is a top way to save money on insurance. As recently as 2021, the Insurance Information Institute estimated that going from a $500 deductible to $1,000 could save a homeowner up to 25%.
If you try this strategy, Progressive adds that some companies let their customers choose between paying a flat deductible or a percentage of their policy’s dwelling coverage. If you switch to a percentage, be aware that your costs could go up fast. One percent of $300,000 in coverage would be $3,000, for example. In the end, the final amount should be something you can comfortably pay out of pocket.
2. Get your home and auto insurance from the same company
This is called “bundling” and depending on the insurer, you may save up to 20% or more on your overall insurance costs. Additional discounts may be available if you bundle homeowners insurance with more policies, like RV or motorcycle insurance.
3. Shop around for the best homeowners insurance rate
Comparison shopping is easier than ever thanks to tools like Progressive’s HomeQuote Explorer®. It offers side-by-side comparisons of insurers and their rates based on information you enter. Don’t forget to compare what each policy covers, not just what it costs.
4. Modify what your insurance policy covers
Limiting what you cover may also help you save money on insurance. Think about jewelry, art, or other big-ticket items you’ve insured in the past. If they’ve gone down in value, consider reducing their coverage. That said, don’t be too quick to remove reasonable extra coverages. A higher limit on your personal liability coverage, for example, may be well worth it if there’s an accident on your property.
5. Boost your credit and insurance scores
Your credit history (including your credit score) influences your insurance score, which can affect your rate. Progressive explains that insurance companies use insurance scores to determine how risky it is to insure you. To help you get the best insurance rate, work on increasing your credit score by paying your bills on time and keeping your credit usage low.
6. Don’t make unnecessary claims
Too many claims can signal that you’ll continue to cause losses for the insurer into the future. This can result in a higher rate, and some insurers may even choose not to renew your coverage. Others may not insure you at all based on your past claims history. Given that, think twice about making claims for manageable repairs, and take steps to reduce risks around your property.
7. Make your home more secure
The safer your home, the less potential risk for an insurer. That’s why many of them provide discounts for smoke detectors, security cameras, security alarms, and other options that help prevent losses. If you’ve added these features since creating your policy, be sure to notify your insurer and talk about potential savings.
A second area Progressive highlights is “attractive nuisances.” These are things or conditions on your property that can present hazards to a visitor, and especially kids. Do you have a pool that’s not surrounded by a fence? A trampoline anyone can access? Take steps to address these risks now to save money later. In a worst-case scenario, your insurer may not cover a preventable event.
8. Ask about additional homeowners insurance discounts
If you’re open to automatic payments or can pay your premium in full annually, there may be more discounts waiting for you. Every insurer has their own standards, but a few options Progressive may offer for which discounts are available* include:
- Agreeing to receive policy documents by email
- Insuring a newly constructed home with them
- Bundling home and auto insurance
- Switching from a current renters insurance policy to a homeowners insurance policy when you buy a home
*Discounts not available in all states or situations.
For more tips like these, check out Progressive’s resources covering home and auto insurance, and much more.
