How to Protect Your Home (and Not Break Your Budget) Series
Our 4-week series is a must for every homeowner. Once you buy a home, it’s all on your shoulders! But are you truly prepared for the unexpected? This series covers what you need to know when it comes to getting homeowner’s insurance, keeping your home safe and secure, and avoiding costly mistakes.
One area many homeowners overlook? Insurance renewals.
Don’t just “rubber stamp” your policy each year. How you live in your home and what possessions you own can change from year to year, and those changes can impact your coverage and your premium.
Before you sign off on that renewal, take a moment to reassess your needs, check for savings opportunities, and make sure you’re fully covered. You may even qualify for credits or discounts you didn’t know existed.
Here are some quick tips to help you lower your homeowner’s insurance without sacrificing protection:
1. Shop Around
Quotes can vary by hundreds of dollars for the same coverage. Always get at least three quotes and make sure you’re comparing apples to apples. Even check with your current insurer—you may save money by starting fresh with a new policy through them.
2. Bundle Policies
Insurers often give 5–15% off when you buy both home and auto (or other types of) coverage from them.
3. Raise Your Deductible
If you can afford to raise your deductible to $1,000 (from $500), you could save up to 25% annually. Just avoid small claims that might increase your rates.
4. Improve Security & Safety
Add smoke detectors, deadbolts, or a basic alarm system for a 5% discount. More advanced systems (sprinklers, monitored alarms, smart sensors) can save you 15–20%. Ask your insurer which upgrades qualify.
5. Maintain Good Credit
In many states, insurers use credit history when pricing policies. Keeping a strong credit score can help lower your premium.
6. Stay Loyal (But Verify)
Long-term policyholders may earn 5–10% loyalty discounts. Still, don’t assume it’s always the best deal—compare rates every few years.
7. Review Policy Limits Annually
Update your coverage to reflect major purchases, home upgrades, or changes in personal property. Don’t pay for coverage you no longer need.
8. Ask About Membership Discounts
Military, AAA, alumni groups, and professional associations may qualify you for additional savings.
9. Upgrade Older Systems
Modern plumbing, electrical, and HVAC systems reduce risk and may lower rates. Ask your insurer which updates qualify.
10. Consider New Home Tech
Water or gas leak sensors can alert you to problems early (and sometimes automatically shut things off). Many insurers reward proactive safety features.
11. Don’t Over-Insure the Land
Only insure the value of your home—not the land it sits on.
12. Lifestyle Choices Matter
Non-smokers, homeowners without risky features (like certain dog breeds, hot tubs, or pools), and those using electronic payments may see savings.
Pro Tip: Keep an Updated Home Inventory
Take photos or videos of your belongings when you review your policy. It won’t lower your premium, but it could save you major headaches (and money) if you ever need to file a claim.
Final Thoughts
This article isn’t meant to replace professional advice—always talk to your licensed insurance provider about your specific needs. But use these tips as a guide to start that conversation and make sure you’re getting the right coverage at the best price.
And don’t forget—this post is part of my How to Protect Your Home (and Not Break Your Budget) Series. Stay tuned for more homeowner tips to keep you covered, safe, and financially smart.
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