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Homeowners Insurance: Best Ways To Keep Your Costs Down

by Raymond Gibson

Homeowners insurance is an expensive yet vital expense that accompanies homeownership. It is equally necessary, just as car insurance is. The cost of homeowners insurance depends on your home's location, size, credit history, age, home, and condition.

Having homeowners insurance protects you from a potential financial crisis. Losing your home to an unforeseen disaster can cost you thousands of dollars or, worse yet – render you homeless.

The best way to save on home insurance is to strike a balance between affordable premiums and getting the right coverage. Here are essential ways to get you started.

Get One Insurer

Your home may not be the only asset you would take out an insurance policy on. Acquiring your insurance policies from one homeowner's insurance provider can significantly save you money. By having more than one insurance policy from the same provider, you can get a multi-policy discount to appreciate your loyalty.

Do Some Research

Before settling for a home insurance provider, you need to research the packages provided by different insurance companies. Home insurance providers offer different premium costs. Getting quotes from different companies is a sure way of finding a home insurance provider with an affordable premium.

It is essential that you also learn what homeowners insurance covers.

Increase Your Deductibles

Increasing your deductibles can significantly save you money on your premiums. The higher the deductible, the higher you save on your premium. Increasing your deductible by $500 to $1000 can save you up to 25% on premiums.

Pay for Small Claims

Paying for small repairs out of your pocket can help keep your homeowners insurance at a minimum. Your insurance provider can easily apply a surcharge, for close to four years, on your premium.

If the cost of repair is similar to the cost of the deductible, then it is cheaper to pay for the repair yourself.

Review Your Policy Annually

Your insured items may lose value as time goes by. You wouldn't want to continue insuring an item that now costs half its value compared to before.

By reviewing your policy, you can update your assets on which items still require coverage and which items don't.

Maintain a Good Credit History

Most home insurance providers use credit histories to dictate the cost of home insurance policies. Ensure you pay your bills on time and keep credit balances low to protect your credit standing.


As much as homeowners insurance is necessary for every homeowner, it does not mean you need to pay a hefty sum for it. Take note of the above steps to help lower your premiums and give you the peace of mind you need. Contact a local home insurance provider to get more tips.