a happy couple chats with an advisor after learning about ways to cut home insurance costs from Gate City Insurance Agency

9 Practical Ways to Lower Home Insurance Costs.

From bundling coverage to increasing your deductible to boosting credit, we’ve outlined a list of helpful tips for reducing home insurance costs – while ensuring your property remains protected.

When it comes to making sure your humble abode is protected from the unexpected, having sufficient home insurance is crucial. But that can be easier said than done when costs are climbing. If you’ve experienced a rise in blood pressure due to rising premiums, take a deep breath. We’re right by your side with helpful ways to lower home insurance costs – without compromising on coverage!

Why Home Insurance Costs Fluctuate.

What you pay for home insurance can vary depending on multiple factors, such as which insurance agency you choose, where you live and the size and age of your home. At Gate City Insurance Agency, we track industry trends continuously, and have noticed that many customers around the country are experiencing rising home insurance costs due to a few additional circumstances, as well.

For starters, there’s been an increase in demand for building materials, and our nation has experienced consecutive years of extreme weather events. On top of that, high inflation due to supply chain disruptions and increased labor expenses has also played a role in rising costs.

But there are ways to save. Let’s explore some of them together!

  1. Let’s get ready to bundle

    If you haven’t already, consider bundling your home and auto policies with one insurer. It’s a quick – and convenient – way to lower your premium. (Shameless plug: We’re known for making the bundling process super easy. Request a free quote today!)

  2. Deduct like a boss

    If you can swing it, setting a higher deductible (that is, the amount you’ll pay out of pocket before insurance kicks in) may help lower monthly payments, as well. As long as you have enough savings tucked away to cover expenses before meeting your new deductible amount, you’ll be golden.

  3. Safeguard your safe place

    There may also be potential rate benefits that come with installing an alarm system, smart devices or other types of home security. Investing in upgrades like these not only reduces the risk of theft, damage and other headaches, but has the potential to save you some serious coin when it comes to home insurance. By chatting with a knowledgeable insurance advisor, you can learn what best next steps you can take to save. You’ll also gain more peace of mind in the process!

  4. Consider other home improvements

    To save on your premium, you can make other changes to your home, as well, especially if it’s an older dwelling. Whether it’s updating an outdated HVAC system, installing impact-resistant roofing or anything in between – like the security measures mentioned above – you’ll not only make your home safer, but you’ll rest easier knowing necessary updates have been made.

  5. Dig for even more discounts

    When it comes to insurance, the opportunities for discounts go on and on. Have you entered retirement? Mention it to your insurance advisor! Recently given up smoking? That’s worth mentioning, too. From opting for paperless billing to working in a certain career field to simply being a long-time policyholder, there are multiple ways to save – all you have to do is speak up.

  6. Boost your credit score

    Fun fact: If your credit goes up, the better your chances are of watching your premium slump down. From paying your bills on time to not taking on more debt than you absolutely need, it pays to build a healthy credit score – and enjoy a better insurance rating in the process!

  7. Hold off on high risk

    What do things like trampolines, playground sets and swimming pools have in common? They often contribute to high risk in the insurance world. And while these items may be fun to have around, if someone experiences an injury as a result of them, it can spell trouble, both legally and financially. Consider removing risky items from your home, especially if they’re no longer in use!

Pro Tip:

Talk with your advisor about liability umbrella insurance, which is additional coverage that can help you pay less out of pocket in the event of injury or property damage involving another person.

  1. Don’t sweat the small stuff

    Generally speaking, home insurance is designed to help cover larger losses. Filing a single claim can raise your premium substantially, which is why it may be worth it to pay out of pocket when it comes to smaller damages. Long story short, if you want to learn more about the potential pros and cons of filing specific claims, it doesn’t hurt to consult with your insurance advisor.

  2. Review your coverage annually

    As your circumstances change, your insurance needs might, as well, which is why it’s worth it to sit down with your insurance advisor at least once per year to review your policy. It’s especially helpful if you can choose an insurance professional who has access to a vast coverage network, and can therefore track down multiple competitive quotes to get the best bang for your buck.

Savings That Hit Close to Home.

Home insurance doesn’t have to cost an arm and a leg. By considering the tips we’ve outlined above, not only can you save your hard-earned money, but you can enjoy greater peace of mind for the days ahead.

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