As a homeowner, protecting your property and finances with a suitable homeowners insurance policy is essential. Homes are one of the most significant investments a person can make, and lacking adequate coverage can lead to devastating losses. In addition to acquiring and maintaining suitable insurance, homeowners should also consider options for optimizing their policies, including reducing premiums by finding all possible discounts.  

11 Ways to Lower Your Homeowners Insurance Rates 
Regardless of whether you’re shopping for a new homeowners insurance policy or on the cusp of renewal, many circumstances must be considered to ensure that you are getting optimal coverage for an ideal price. As you analyze your insurance needs and possible policies, consider these steps: 

1. Bundle policies—Combining insurance policies, such as your home and auto insurance, with the same provider may help you secure lower rates. 
   
   
2. Add home security—Various security features and devices may be able to help lower your premiums, such as the following:
   
   • Smart smoke detectors 
   • Motion sensors 
   • Security systems 
   • Fire protection systems 
   • Water leak sensors 
   • Carbon monoxide, radon or gas leak detectors 
     
     
3. Improve your home—If you’ve upgraded your home’s infrastructure, such as storm shutters, advanced roofing materials or new plumbing, you may be eligible for reduced insurance costs. 
   
   
4. Keep the same provider—Many insurance providers may offer a loyalty discount for policyholders who remain with them for several years. 
   
   
5. Ask about claims-free discounts—If you have not filed a claim against your homeowners insurance for an extended period, your provider may offer a discount on your premiums. 
   
   
6. Consider your specific circumstances—Various criteria beyond your home itself may affect your insurance costs, such as the following:
   
   • Military discounts 
   • Employment, organization and association discounts (e.g., teachers, firefighters, law enforcement personnel) 
   • Retirement discounts 
     
     
7. Maintain good credit—Insurance providers may consider your credit score while quoting you a price for homeowners insurance. To help avoid higher rates, pay your bills on time, keep credit balances low and limit acquiring more credit than you need. 
   
   
8. Remove or abstain from attractive nuisances—Certain home features, such as a pool or trampoline, may be fun, but they can also present significant risks and increase your insurance costs. 
   
   
9. Consider your home’s age—Insurance providers may provide discounted rates if your home was built recently due to the decreased risk of various incidents, such as wiring issues or problems with your roof. 
   
   
10. Increase your deductible—The deductible listed in your homeowners insurance policy refers to the amount you must pay out of pocket for losses and damages before your insurance will provide aid. In general, the higher your deductible, the lower your premiums. 
    
    
11. Review regularly—It’s necessary to have ample insurance for your home and property, but you should avoid having excessive coverage. Certain items can depreciate in value and may no longer be worth the protection you are paying for. 

Get the Right Coverage 
Acquiring and maintaining suitable insurance can be a tricky balancing act. Excessive coverage can mean you aren’t getting the best value out of your policy, but lacking sufficient protection could leave you without the means to recoup your losses. 

The agents at Lupton & Luce are here to help. For over 80 years, our insurance experts have been helping individuals, families and businesses in Riverhead and the Long Island area not only understand their coverage needs but also acquire optimal policies at ideal prices. Contact us today to get started.  

This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.