Homeowners insurance: How much can you save?

by Ann Hayward 05/29/2022

Budget-conscious homeowners know there are often ways to save on goods and services, but might wonder when it comes to homeowners insurance, “how much?” Insurance is complicated, and homeowners insurance cost is determined by many factors. Luckily, despite how complex it might seem, there are some ways you can save on your homeowners insurance.

Here are some budget-friendly insurance tips:

Leverage your history

Your insurance company will ask for information about prior insurance history when creating a quote for your homeowners policy. If you’re buying your first home, you likely won’t have prior homeowners insurance history to share.

However, if you’ve ever had renters insurance, you can use this history to your advantage. You may be eligible for a discount on your quote if you’ve never made a claim in the past.

Bundle your insurance policies

Most insurance companies offer discounts for bundling different types of insurance with the same provider. If your homeowners insurance provider offers car insurance, for example, it might be worth it to switch your auto policy to them and bundle.

Standard homeowners insurance policies include dwelling coverage, liability coverage and personal property coverage. However, they might also offer additional coverage at a discount compared to what you pay elsewhere. For example, if you have personal liability insurance with another provider, you may be able to switch and lower your homeowners premium at the same time.

Keep up with renewals

Gaps in insurance history can sometimes equal higher premiums. If you’ve ever fallen behind on payments and had a policy canceled, your new insurance provider may see that as a higher risk and increase your premiums.

As long as you keep any existing policies current, you’re more likely to avoid penalties from a new provider. You may even be offered a discount for being fully insured for a long period of time without gaps.

These are only a few tips for saving on your homeowners insurance policy. Shop around for the best quote, and inquire with an insurance agent about any special discounts you might be eligible for.

About the Author
Author

Ann Hayward

Born in Philadelphia and raised in the suburbs, Ann Hayward got her Pennsylvania real estate license at age 18 even before going to college. This second-generation real estate professional followed in the footsteps of her father and two uncles, inheriting their passion for the business. Licensed in DC, Maryland and Virginia, Ann is accomplished in her career, with numerous designations including SFR, SRES, PSA, WHC, and multiunit Housing Development Finance Professional (HDFP) from the National Development Council. She specializes in Prince Georges and Montgomery Counties, Northern Virginia and Washington, DC, all jurisdictions where Ann has lived and knows very well. In addition to her professional expertise, she owns and manages personal investment property, understands and has been involved in the renovation/remodeling process, and has great resources which she shares with clients. When you hire Ann to represent you, she will make your buying or selling experience an enjoyable, rewarding one. Her compassion, sensitivity to her clients’ needs, eye for detail, and ability to see the big picture when guiding you through a purchase or sale are unique assets that will ensure your success. A diverse and relevant background also gives Ann a distinct edge. For 30 years, she worked in fast-paced, high-pressure television and theatrical production, attaining the highest achievement – DGA membership as a Director, and as an award-winning staff and freelance writer. Her keen audio visual skills and design sense benefit sellers in marketing their properties, and are invaluable in helping buyers see the potential of space. A true renaissance woman, Ann was also an income tax professional and office manager for H&R Block, so she thoroughly understands the tax and financial implications of acquiring and selling real estate. Her superior organizational skills are further evidenced as owner of a downsizing/professional organizing business, Managed For You, which allows her to connect with everyone from millennials to boomers and seniors, whether for small space planning or assisting with major decluttering and transitioning. Ann holds an AB in American History from Simmons College, Boston, plus attended Robert Wagner Graduate School of Public Administration where she was a candidate for Doctorate. She additionally studied Film Direction at the American Film Institute in LA, and was a Stanford University post-graduate Professional Journalism Fellow. Personally, Ann is an avid if not very good golfer, and the co-founder of a nonprofit 501c3 organization offering educational guidance, tutoring and counseling for youngsters from elementary school through college admission. She sits on the board of trustees of a nonprofit educational film production corporation as well. (202) 494-6252 [email protected]