10 Ways to Lower Your Homeowners Insurance Costs

   1.            Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower.

2.            Buy your homeowners and auto policies from the same company. You’ll usually qualify for a discount. But make sure that the savings really yields the lowest price.

3.            Make your home less susceptible to damage. Keep roofs and drains in good repair. Retrofit your house to protect against natural disasters common to your area.

4.            Keep your home safer. Install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify for a discount.

5.            Be sure you insure your house for the correct amount. Remember, you’re covering replacement cost, not market value.

6.            Ask about other discounts. For example, retirees who are home more than working people may qualify for a discount on theft insurance.

7.            Stay with the same insurer. Especially in today’s tight insurance market, your current vendor is more likely to give you a good price.

8.            See if you belong to any groups—associations, alumni groups—that offer lower insurance rates.

9.            Review your policy limits and the value of your home and possessions annually. Some items depreciate and may not need as much coverage.

10.         See if there’s a government-backed insurance plan. In some high-risk areas, such as the coasts, federal or state governments may back plans to lower rates. Ask your agent.

DISCLAIMER

John P. Hale is owner and Designated Broker of Touchstone Residential Realty, Inc., 2485 West Tom Watson Drive, Tucson, Arizona 85745.  He has been a residential real estate agent in the greater Tucson Metropolitan area since 2000.  In addition to being licensed as a Broker rather than a salesperson, John holds the following designations awarded by the National Association of REALTORS^®:  ABR – Accredited Buyer Representative, ASR – Accredited Seller Representative, CRS – Certified Residential Specialist, and GRI – Graduate Realtor Institute.  And, John is among the very few that have been named, MRE – Master of Real Estate by the Arizona Association of Real Estate.

Please note that this article was written by him to reflect the author’s opinion of good practice at the time of its’ writing for the general benefit of those considering sale or purchase of residential real estate, it is not intended as definitive legal advice and you should not act upon it as such without seeking independent legal counsel.  Frequent changes in the law and standards of practice may cause this information to become outdated and no longer applicable or even incorrect.