How Can I Lower the Premium on My Homeowners Insurance Policy?

Homeowners insurance rates can vary widely depending on the location and size of your home, your insurance company and your coverage. By making some changes to your policy, you may be able to reduce your homeowners insurance premium.

Comparison Shop

The Insurance Information Institute suggests getting price quotes from at least three companies. You can request quotes by phone or online. In addition to rates, you should consider a company's financial health, reputation for responsiveness and any consumer complaints.

Consolidate Insurance Policies

Many insurance companies offer a multipolicy discount. By buying your homeowners and auto insurance policies from the same company, you can save up to 15 percent on each policy, according to the Insurance Information Institute. This discounted rate may be better than the combined rate of policies at separate companies.


Increase Your Deductible

Increasing your deductible can significantly reduce your homeowners insurance premium. Because most people only file claims for major damage, a modest increase in your deductible probably will have little negative impact. The Insurance Information Institute estimates that raising your deductible from $250 to $1,000 could reduce your premium by up to 25 percent.