How to lower home insurance
Have you ever wondered, “why is my home insurance so high?” While a rate increase on your homeowners policy could be the result of many different factors, affordable home insurance could be right around the corner by taking the following steps:
1. Compare rates with Progressive's HomeQuote Explorer
We give you the unique power to view home insurance rates and coverages from our network of home insurers. Plus, we'll match you with a policy customized to your needs based on the information you provide. Try HomeQuote Explorer today and instantly compare rates from multiple companies, side-by-side. You can also learn more about changing your homeowners insurance.
2. Increase your deductible
The higher your deductible, the lower your insurance premium. If you're OK with paying more out of pocket in the event of a claim, you'll save money by bumping up your property damage deductible from, say, $500 to $1,000. Some insurers offer a choice between a deductible and a percentage of your policy's dwelling coverage. In that case, choose whatever option brings down your rate'but understand that paying a percentage, rather than a set deductible, could potentially result in a large out-of-pocket amount if you have a claim.
3. Bundle home and motor vehicle insurance
Many insurers offer ways to save on home insurance and by bundling with your auto policy. New customers who bundle homeowners and auto insurance with Progressive save 22% on average.* Progressive also offers a multi-policy discount** for combining a boat, motorcycle, or RV policy with home insurance.
4. Seize the discounts
You can find a variety of discounts with many home insurers. Progressive, and our network of home insurance companies, makes it simple to accumulate savings by offering discounts for things as easy as paying your policy in full, quoting in advance, and receiving your documents by email.**
5. Avoid claims
Your home insurance policy is there for you when things go wrong, but filing multiple claims can raise your rate because you're considered more likely to have another claim. Additionally, it may not be worth filing a smaller claim if it would result in a rate increase and you can cover the cost on your own.
6. Adjust your coverages
There's no sense in paying for coverage you don't need. For instance, you may want to cancel the rider on a piece of art or jewelry that hasn't held its value. Lowering your liability limits will also lessen your rate, but will likely only save you a small amount of money. Keep in mind, it may not be a good idea to eliminate extra protection like water back-up and personal injury coverages.
7. Upgrade security
Check with your insurer to see if they offer savings for security alarms, smoke detectors, camera monitoring, or any other safeguard that could deter a claim.
8. Improve your credit/insurance score
Your insurance score, along with your credit rating, can be used by insurance companies as a predictor of future insurance claims. A good insurance score and credit history makes you less of a risk to insurers and could result in a better home insurance rate.
9. Minimize "attractive nuisances"
Home insurers view swimming pools, trampolines, tree houses, and other enticing backyard features as insurance risks. Attractive nuisances can be dangerous to visitors and children in your neighborhood, therefore putting you at risk for liability claims (if you have a swimming pool, make sure it's surrounded by a fence at least 4 feet high and locked).
How much should my homeowners insurance cost?
Home insurance rates vary significantly based on many factors, including the type of home and roof, coverage selections, and claims history. Check out the average cost of home insurance in your state.
New Progressive customers
Current Progressive customers
Contact your home insurance provider to ensure you're maximizing all available discounts.