Here are some suggestions for reducing your bill
- Shop around. Get at least three price quotes. Your state insurance department also may provide comparisons.
- Raise your deductible. A deductible is the amount of money you have to pay toward a loss before your insurance company starts to pay the claim. Consider a deductible of at least $500. If you can afford a $1,000 deductible, you may save as much as 25 percent.
- Buy home and auto policies from the same insurer. Most companies that sell homeowners’ insurance also sell auto and umbrella liability insurance. Some will reduce your premium by 5 percent to 15 percent if you buy two or more insurance policies from them.
- Make your home more disaster-resistant. You may be able to save on your premiums by adding storm shutters and shatter-proof glass, reinforcing your roof or buying stronger roofing.
- Don’t confuse what you paid with rebuilding costs. The land under your house isn’t at risk from theft, windstorm, fire and other perils covered in your homeowners’ policy. So don’t include its value in deciding how much homeowners’ insurance to buy.
- Ask about home-security discounts. You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm or dead-bolt locks. Some firms may cut your premium by as much as 15 percent or 20 percent if you install a sophisticated sprinkler system and an alarm that rings at the police, fire or other monitoring stations.