3 Ways To Lower Your Homeowners Insurance Costs Today

Sherri Ramos

Homeowners insurance is obviously important, but it can get costly. What some people don't realize, however, is that there are many different ways that you can reduce the cost of your coverage. In fact, there may be changes that you can make to your policy today that will allow you to cut costs. Give these tips a try, and you might be able to lower your costs right now.

1. Raise Your Deductibles

The first and possibly easiest way to reduce your homeowners insurance costs is to raise your deductibles. It's important to remember that you may have to come up with your deductible amount at a bad time, such as after a natural disaster strikes your area; this means that you should keep them low enough that you will be able to cough up the cash if needed. By raising your deductibles, however, you can greatly reduce the amount that you have to pay out for insurance each month, so it is something to consider.

2. Lower Your Coverage

Your mortgage lender probably has requirements in place about the coverage that you have to have on your home. Check your documents and your policy to see if your home is over-insured. Some people make the mistake of assuming that they need the same amount of coverage on their home as what they paid for the home itself, but this is not necessarily the case. Instead, you need to have enough to rebuild your home in the event that something happens to it, which may not cost as much as what you initially paid. You may also be able to remove certain types of unnecessary coverage, such as if you have flood insurance on your home but do not live in an area that is prone to flooding.

3. Ask for Discounts

Did you know that your insurance company might have discounts that you qualify for, such as a discount for being a member of a certain organization or being an employee of a certain company? Call and ask about the discounts that are available so that you can find out if you qualify for any of them.

As you can see, there are a few different ways that you might be able to lower your homeowners insurance costs right now. Give these tips a try if you'd like to ensure that your home is covered while also making sure that your coverage fits in your budget.