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7 Sure-fire Ways of Reducing Your Home Insurance Premium Home security improvement: All insurance companies will happily offer you a discount for burglar alarms and smoke detectors. Homes with fire and burglar alarms that communicate with a third party monitoring company receive a higher discount on their insurance premiums. When possible, choose a higher deductible: To reduce your premium, it is best advised to increase the deductible to the extent you can afford. Your home insurance premium will fall by as much as 20% if you increase the deductible from $200 to $1000. Multiple insurance - Same provider: If you consolidate your home insurance and auto insurance with one insurance company, expect a premium reduction between 10 - 15%. This also means you are making one payment for all your insurance needs. Consolidate and win. Discount for non-smokers: Some home insurance companies will offer a non-smoker discount to the tune of 15%. Check with your insurance company if they offer a non-smokers discount. How far is the fire station? If you live more than 5 miles from the nearest fire station and more than 1,000 feet from a fire hydrant, you can expect a higher premium. Also if you live in the country, you will probably pay higher insurance rate than if you were living in the city. Type of construction: The construction type of your home also plays an important role in determining your insurance premium. A wood frame home will cost more to insure than the one built mostly of concrete. Claims free record and renewal discounts: If you have not had a claim under your current home owners policy » Discuss it » Continue Reading »
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