Your home is your most valuable investment, which is why it’s worth protecting with an ironclad home insurance policy. At the same time, it’s important to review your policy and how much you’re paying for it. Here are a few key ways to reduce the cost of your insurance policy without sacrificing coverage.

7 Ways to Reduce the Cost of Home Insurance

1. Raise Your Deductible

The higher your deductible is, the less your insurance will cost each month. According to the Insurance Information Institute, you can slash your premium by as much as 25% if you raise your deductible from $500 to $1,000.

2. Understand Rebuilding Costs

Your homeowners policy (and your premium) is based on estimated rebuilding costs, not the total amount you paid for your house. When you’re shopping for home insurance, don’t include the value of your property’s land.

3. Invest in Home Improvement

If you improve your home security, you may be eligible for savings on your premiums. Depending on what your insurer recommends, you may want to consider projects like adding storm shutters, installing a burglar alarm, and modernizing your electrical systems.

4. Bundle & Seek Discounts

Instead of paying multiple premiums, you may be eligible for major savings if you bundle your home insurance with another policy from the same company, like auto insurance. Additionally, you can always ask your insurance company which discounts they offer based on your age, claim history, and other factors.

5. Maintain Good Credit

If you have an excellent credit standing, you could reduce the price of your home insurance. By that same token, it’s important to stay on top of your credit history to avoid getting sideswiped by higher insurance rates.

6. Stay With the Same Insurer

Some companies reward long-term policyholders with lower premiums. For instance, if you’ve been a member for three to six years, you may be eligible for a discount.

7. Re-Evaluate Your Policy Annually

Even if you’re completely happy with your home insurance, it’s important to periodically shop around and re-evaluate your policy. Compare rates and coverage with other companies. After all, you never know how much you could save with another insurer.

You deserve peace of mind and the knowledge that your home and possessions are protected. Whether you’re a first-time buyer or you’re shopping around, reach out to a local insurance professional to find a policy that meets your needs.

A licensed and experienced insurance provider can make all the difference in finding the perfect policy. This is why people trust the professional team at Action Auto Insurance Agency, based in New London, CT. Whether you need home insurance or car insurance quotes, you’ll receive a policy providing valuable peace of mind and full protection. To speak with a friendly representative, call (860) 444-7224, or visit them online to learn more about their areas of coverage.