Strategies for Cutting Home Insurance Costs

Buying a home and securing affordable home insurance can be challenging, but with the right strategies, it can be achieved. This guide outlines various methods you can employ to lower your home insurance costs, from enhancing your home to bundling policies.

Choosing the Right Home Type

The type of home you buy can significantly impact your insurance premiums. Generally, newer homes and homes with concrete structures are less expensive to insure. Here's a breakdown based on the cost hierarchy:

Poured Concrete with concrete roof - Least expensive Concrete Block Stucco with wood framed roof - Slightly more expensive Frame - Most expensive

In hurricane-prone areas, consider opting for a hip roof and either hurricane-rated/resistant doors and windows or hurricane-resistant shutters to further reduce your insurance costs.

Other Cost-Effective Strategies

Another effective way to save on home insurance is by obtaining multiple quotes from different insurance providers. This allows you to explore all available options and select the cheapest one. However, using a rate comparison site like Surex can streamline the process and make it more manageable.

Bundling Policies for Discounts

The best way to achieve the biggest discount is by bundling your insurance policies. For instance, if you get your car insurance, homeowner's insurance, and term life insurance all in one place, you'll substantially reduce your overall insurance costs.

Here are a few other ideas:

Get a quote from the company that holds your car insurance. Consider increasing your deductible, but be cautious as it might result in a higher out-of-pocket cost for repairs. Access rates through a group or association you belong to. If you're a student, aim to maintain good grades, as it can sometimes lead to insurance discounts.

Additional Cost-Cutting Methods

Several other strategies can help you save on your home insurance:

Contact a broker: To change insurers. Modify your current policy: Change coverages, increase deductibles, or remove coverages. Reduce your claims activity: A lower number of claims can often lead to better rates. Consider affiliation or multi-policy discounts from your current insurer. Install safety devices: Such as a centrally monitored alarm, auto gas shut off, internal fire suppression, and sprinklers.

It's important to note that not all insurers will lower your rates based on all these actions, and each insurer's policies differ. Always consult with your agent before making any changes to your policy.