Characteristics of Your Home
Many aspects of your home will determine the amount of premium you pay. This includes:
- Cost to rebuild your home. This is not the same as purchase price.
- If your home is made of brick or wood. Brick and masonry homes may have lower premiums.
- Distance from a fire department or water source and the location and risk of natural disasters.
- Age, size, and condition of your home
- Claims history of your home and other homes in your area
Choices of Coverage
Depending on the coverage you choose, your premium may change.
- Optional endorsements, coverage amounts, and limits
- Deductible you choose
- Insuring your home and auto insurance with the same company
- Length of time you've been with your insurance company
- Your credit history may be used to determine prices
- History of filing claims for water damage, fire, theft, or liability of homes you have owned
Other Characteristics
- Protection or security devices installed
- Wood furnace or stove in your home
- Swimming pool
- Types of pets you have
- Operating a business from your home
Ways to Save on Homeowners
Shop Around
Compare multiple quotes from insurance companies to find the best coverage that suits your needs at the lowest price.
Ask About Discounts
Inquire about available discounts for being claims-free, installing safety features, etc.
Bundle Policies
Consider combing home and auto insurance with the same company. Numerous companies offer a discount for maintaining multiple policies.
Raise Deductibles
Opt for a higher deductible to lower your monthly premium costs.
Improve Home Security
Installing alarms, cameras, or smart locks can qualify you for safety discounts.
Make Home Improvements
Upgrading plumbing, electrical, or roofing may reduce risk and lead to lower premiums.
Use Resilient Materials
Rebuilding or renovating with disaster-resistant materials can lead to insurance savings.
Pay-in-Full Discounts
Save money by paying your premium annually instead of monthly if you company offers this.
