What Are the Ways to Lower Homeowners Insurance Costs?

When you purchase a homeowners insurance policy, you’re hoping for solid coverage at a good price. Even so, there are policies that can be both expensive and not all that functional. Use the insights listed below to learn more about saving money on a homeowners policy. 

With each tip, remember that you can use one technique at a time or mix several to keep your premiums down while retaining quality home insurance coverage. 

Increase Your Homeowners Deductible 

Increasing your homeowners deductible is a good way to lower your premiums. Your premiums drop the higher the deductible gets, allowing you to adjust as needed, especially as your income and budget shift over the years. However, increasing your deductible also means that: 

  • You may pay more out of pocket
  • It may not make sense to file an insurance claim, even after a serious incident
  • You will have more money deducted from large settlement checks

At the same time, you may feel that it makes more sense to save your money, apply it to your monthly budget, and take care of certain issues on your own. If you’re not sure how high your deductible should rise, reach out to our team for more details. 

Adjust Additional Coverages 

You can adjust other coverages under the policy. There are a few things you might want to change to keep costs down, including: 

  • Limits for additional dwellings or structures
  • High reimbursement rates for temporary housing
  • Riders or floaters for collectibles and valuables

While you may still want to insure your valuables, there are other types of insurance you might try that could turn out to be cheaper. Working with our team will give you an idea of how to adjust these coverages. Plus, you need to make sure that your limits and reimbursement rates are enough for your family to recover—without going overboard. 

Re-Evaluate Construction Values 

Inflation pushes construction costs up—certain locations cost more than others. In fact, you may find that the rebuilding cost of your home far exceeds its actual market value.

Work with our team to determine how much it actually costs to rebuild the home after a total loss, potentially saving you money and preventing a situation where you are vastly overinsured.

Contact Roger Smith Insurance for More Information on Homeowners Insurance 

Contact our team at Roger Smith Insurance when you want to learn more about homeowners insurance coverage. There are several things you can do to save money on a homeowners policy, and we can also help you find a better carrier, lower prices, and improved customer care.