When shopping for homeowners insurance, be careful to make sure each insurer is offering comparable coverage. Many insurers use the “Insurance Services Office” (ISO) policy forms as a starting point and add many additional and/or optional coverages. Your insurance professional will be happy to review and explain the differences between companies and coverages.
Another way to lower the cost of your homeowners insurance is to raise your deductible. Increasing your deductible from $250 or $500 to $1,000 or higher will lower your premium. You need to determine how much of any loss you can comfortably retain based on the financial resources you have available.
Another way to lower the cost of your homeowners insurance is to look for any discounts that you may qualify for. Many insurers will offer a discount when you place both your automobile and homeowners insurance with them. Insurers may also offer discounts if your home has a security system. Be sure to ask your insurance professional about any discounts that you may qualify for.