5 Ways to Lower Your Home Insurance Premium

1. Don't Insure the Land

Before signing your home insurance policy, carefully read the document. Does the policy insure the land? If so, talk to your insurance agent about elimination of this protection. Whereas ground insurance is standard on most home insurance policies, the coverage is rarely used. When calculating the home insurance premium, ask the agent to deduct the land's value from the total property value. The lower premium will continue to protect your home in the event of fire, theft, or natural disaster. Unless you have good reason to anticipate a sinkhole or other unusual geological event occurring in your backyard, land coverage is pointless

2. Install Protection Features

The more protection your home features, the better. When applying for home insurance, agents ask questions about the number of smoke detectors, deadbolt locks, fire extinguishers, and alarm systems. Homeowners with plentiful protection receive lower quotes on their policy. To pay a smaller premium, install fire detectors and extinguishers on each level of the home. You can also save money with installation of a monitored home security system and deadbolt locks. On the other hand, backyard swimming pools and toys such as a trampoline can increase your monthly premiums.

3. Ask About Discounts

If you use the same company for your home, auto, health, and life insurance, you may qualify for discounts rates. When shopping for home insurance quotes, contact your current insurance companies and inquire about discount programs for bundle policies. Since insurance companies want to keep you as a customer, they are likely to offer a discount on new policies. If you've never filed a claim with the insurer, bring this to the agent's attention. Typically, discounts are given to customers with few claims and a good payment history.

4. Compare Different Companies

Don't assume you're getting the best deal on your home insurance policy. Periodically contact different home insurance companies and request a quote. Now and then, present insurance companies increase premiums for no apparent reason.

5. Increase Your Deductible