Blame it on the weather and inflation. Even if you haven’t filed a claim, chances are you’re paying more for homeowners’ insurance.
Despite rising premium costs, there are ways to save. Consumer Reports reveals some proven ways to whittle down your monthly bill.
You don’t have to live in a disaster-prone area for your homeowners’ insurance bill to make you feel like you do. Over the last three years, home insurance premiums increased by an average of 24 percent.
“Your best bet is to find an independent local insurance agent who can sit down with you and find every single policy available in your zip code and make sure you get the coverage you need,” said Lisa Gill with Consumer Reports.
Second, bundle coverage. Purchasing your homeowners and auto insurance from the same company can cut costs by as much as 30 percent.
Third, consider a higher deductible. The more you are willing to pay out of pocket on a claim, the lower your premium usually will be.
“Going to a $1,000 deductible from $500 could save you up to 25 percent,” explained Gill. “But going to a $2,500 deductible could save you even more.”
Home repairs can go a long way. Start with the roof. From leaks to fire damage, that is often where costly problems begin. And for older roofs, some insurers could add a surcharge of 10 to 20 percent or more.
Other upgrades can help, too. Replacing old plumbing, adding a security system, or installing gas and water-leak detectors could trim your premium.
Finally, slash your home insurance bill by picking your pets and pursuits wisely. Certain dog breeds cost more, and some insurers might even deny coverage altogether because of bite liability.
The same goes for features like pools and trampolines, which can raise your premium because they are seen as potential safety concerns.
Consumer Reports says it’s also a good idea to clean up your credit, since credit scores often impact premiums. Poor credit could result in a premium twice as high as for good credit.
Some advice: don’t take on too much credit card debt before shopping for insurance, and pay your bills on time.