5 Ways to Lower Your Homeowner's Insurance Without Changing Your Home

If you want to get your homeowner's insurance costs lowered, but you don't have money to invest in upgrading your home, there are several different steps you can take that won't require renovating your home at all. These steps will still help lower your insurance costs.

1. Automate Your Payments 

If you pay your bill on the same day every month from your bank account, consider signing up for your insurance's automatic bank payment feature. With this, your insurance company will automatically pull money out of your bank on a set day every month instead of you sending them the money. Often, by signing up for this feature, you will receive a set dollar discount each month on your bill.

2. Go for Paperless Billing 

Next, you are going to want to sign up for paperless billing with your insurance company. If you already pay your bills online, there is no reason to get a paper bill that you are just going to throw in the trash. As a reward for not having to waste paper, they will give you a small discount.

3. Improve Your Credit Score

Another way to lower your homeowner's insurance policy is by improving your credit score. In many states, insurance companies can take into consideration your credit score when they are figuring out your premium rate. That is why paying all of your bills on time, and working to lower your debt, can pay off and reward you in multiple ways. Lowering your insurance premium is one benefit of raising your credit score. If you have had a major jump in your credit score, be sure to let your insurance company know so they can reevaluate your policy.

4. Bundle Your Policies

Most people have more than one type of insurance policy. If you have other types of insurance, such as car insurance or an umbrella insurance policy, you will want to consider bundling your policies together. Bundling your insurance means getting all of your insurance policies from the same insurance provider. When you give an insurance provider more of your business, they will often reward you with a discount on any policies you bundle together.

5. Avoid Small Claims

How you use your insurance matters. Don't file a claim every time small damages happen to your home. When your home is damaged, figure out how much it will cost to repair the damage yourself. If it is less than your deductible, don't file a claim. Even if it is only up to a hundred or two hundred dollars more than your deductible, it still may not be worth it to file a claim. Save filing a claim for when you have damage that exceeds the deductible you have to pay by thousands of dollars. Each time you file a claim, you risk driving up your premium.

If you want to lower your homeowner's insurance costs and you don't have the funds to improve your home, there are other steps you can take to bring your premium down. Switching to automated payments and paperless billing are two easy ways to earn small discounts. Bundling your insurance policies together will earn you a larger discount. Improving your credit score and avoiding small claims are two additional ways to keep your premium lower over time.