Outside of the obvious – the value of your house – three things influence your home insurance rates.
You can use these factors to reduce the cost of insuring your home.
Increasing your deductible amount often can save you up to 25 percent of your annual home insurance rates. Moving your $500 deductible to $1,000 might cause you a bit of anxiety. However, most homeowners only file claims for larger losses, so consistent premium savings may be a big winner.
Multiple policies with the same insurer.
Compare insurance quotes that include your auto, second home, or business coverage. Multi-policy discounts typically range from 10 to 20 percent for all policies.
Keep a high credit score.
Many dispute the necessity and validity of using credit scores in home insurance quotes. However, insurers have data that indicates that those with higher credit scores are better risks. Most insurance quotes include premium pricing based on credit report quality.
Certainly, you could also cut your cost by skimping on level or extent of coverage. However, this could cost you many dollars if you experience an uncovered loss. This idea is seldom a wise decision. Keep your home fully covered at all times.