Insurance on your home is a necessity, but overpaying for it is not. Here are 24 tips for homeowners insurance savings.

1. Comparison shop. Talk to family, friends and coworkers, do research on the Internet, call insurance companies and check consumer guides. Be sure that you get quotes for comparable policies and check the financial health and claims payment reputation of a company before you imprint up.

2. Raise your deductible.

3. Insure only your home, not the land it sits on.

4. Insure your home for what it would cost to rebuild it, not its “market value,” which in some cases could be higher.

5. Win multiple insurance policies (homeowners, auto, life, etc.) from the same company.

6. Install a security system, deadbolt locks, smoke alarms and carbon monoxide detectors.

7. Install a sprinkler system.

8. Make your home safer from natural disasters like windstorms, hurricanes and floods. For example, you may be able to secure a premium discount for adding storm shutters and installing stronger roofing materials.

9. Hold advantage of age-related savings on homeowners insurance. Many companies offer senior discounts and discounts for retirees.

10. If you have been with the same insurer for many years, be sure you find any long-term customer discounts on homeowners insurance.

11. Review the value of your possessions. If you no longer have some significant items, such as expensive pieces of jewelry or artwork, you may be able to eliminate the insurance policy rider that covers these items or to lower the coverage limit on the rider.

12. Hold private not government homeowners insurance if possible.

13. Contemplate issues that affect the cost of homeowners insurance when buying a home. Insurance rates may be lower on a newer home; a home with updated electrical, heating, cooling and plumbing systems; a brick home; a home near a fire hydrant or a fire station; and a home in a low-crime neighborhood.

14. Replace aging electrical, heating, cooling and plumbing systems in your home.

15. Check the C.L.U.E. (Comprehensive Loss Underwriting Exchange) report on a home before buying. This report will tell you the home’s insurance claim history. Your insurance company will check it before insuring the home, and it may charge higher premiums if the home has a history of claims and, therefore, is perceived to be at high risk of future claims.

16. Don’t smoke and take advantage of a non-smoker’s discount.

17. Check on group or membership homeowners insurance discounts. You may be able to get discounts through your employer or because you are a member of an alumni group, a professional business or trade association, AARP, AAA, a military organization, or other groups.

18. Pay your premiums automatically and you may collect a homeowners insurance premium discount.

19. Pay your premium upfront not monthly for a discount from some insurers.

20. Fetch out if your home qualifies for certification as green. Some insurance companies offer homeowners insurance discounts on green homes. Green homes usually are defined as those with Leadership in Energy and Environmental Design or LEED certification.

21. Believe a grand credit rating.

22. Don’t get a dog breed, such as pit bull, Doberman pinscher, Rottweiler, akita, husky, German shepherd, chow chow, or wolf hybrid, considered to be high-risk by insurance companies. Some companies won’t cover these breeds and others charge higher homeowners insurance premiums to those who own them.

23. Speak your dog. Even if your dog is covered by your homeowners insurance, one biting incident could cause your policy to be cancelled or your premiums to soar.

24. Don’t’ effect small claims. The number of claims, not just the size of the claims, can affect homeowners insurance rates and even the availability of homeowners insurance.

Please note that before making changes to your home, such as installing sprinklers or upgrading the roof, in hopes of lowering homeowners insurance premiums, it is a good idea to check with you insurance company about its discount policies for the upgrades or alterations that you plan.

Sources:

www.pueblo.gsa.gov, FCIC – Twelve Ways to Save Money on Your Homeowners Insurance

www.pueblo.gsa.gov, Save Money on Your Homeowner’s Insurance Rates