How to Lower Home Insurance Rates

Home insurance rates have increased exponentially in the past few years due to drastic changes in the weather and other factors. Rising insurance premiums along with mortgage payments and property taxes need not create a substantial burden for homeowners. Learn about some easy ways to lower home insurance rates to a manageable level and ease the strain of an already tight budget.

• Shop Around and Get Quotes - The first thing to do is comparison shop with several insurance companies to get the best rates. Request quotes from each insurer in advance to learn what is involved and what you can afford. Consider the various factors that determine the cost of insuring a home including the age of the home, heating, plumbing, wiring and safety precautions.


• Install Upgrades - Some areas of the country are prone to disasters like hurricanes, flooding and earthquakes and protecting your home by adding necessary reinforcements may net you a substantial discount. In addition, upgrading heating, electrical and plumbing systems are important areas to discuss with your agent.


• Add Safety Features - Reduce the likelihood of a claim by cutting down old trees, installing a fire alarm, security system, CO2 detector and other precautions. You may qualify for a 5 to 10 percent discount based on those additions, but check with your insurance carrier first.


• Increase Deductible - You may be able to slash home insurance premiums by as much as 25 percent without reducing coverage by increasing the deductible, which is the amount you are responsible for paying up front with each claim. It is common practice for insurers to reduce rates when higher deductibles are built in.


• Combine Insurance - By combing insurance coverage for your home and autos with one company, you may qualify for multi-line discounts equivalent to 10 percent off the bottom line. Insurers are always happy to increase their business, offering discounted rates in return.