It’s no secret that homeownership comes with lots of opportunity to spend your money. But you can spend more money on the things you want to improve your home, such as painting and remodeling if you spend less on your home insurance. In this article we’ll give you 6 ways to save on home insurance and strategies for lowering the cost of your homeowner’s policy.

1. Carry a Higher Deductible

One of the easiest ways to lower your monthly or yearly premium is to raise the deductible on the policy. The deductible is the amount you must pay out-of-pocket before your insurance company begins to pay on a claim. The key here is that you set your deductible to an amount that you can afford, should something happen. Carrying a $2000 deductible will lower your rates substantially but remember your going to have to shell out $2000 to repair damage if a covered incident occurs.

2. Undertake Safety and Structural Home Improvements

There are changes you can make to your home to save on home insurance.  Adding safety features like fire-resistant roofing materials, smoke alarms, or storm shutters can offer protection from wildfire or storms. Upgrading an older electrical or plumbing system can also help to keep rates lower. Just be sure to let your insurance company know about the improvements.

3. Maintain Your Credit Score

While every insurer’s criteria for determining your homeowners insurance rate are different, most take into account your credit score. Therefore, you’d do well to keep your score at a healthy level. You can do this by paying down debt or avoiding too much debt in the first place. Always pay your bills on time and your credit score should improve, making you seem less risky to the insurance company.

4. Get Your Coverage Limits Just Right

To get your coverage right, you want to be fully protected but not over protected. Remember, don’t include the value of the land under your house in your insurance calculations. Be realistic about the value of your house and personal property. Having less coverage will mean lower premiums, just be sure you have enough coverage.

5. Take Advantage of Discounts

One of the easiest ways to save on home insurance is to take advantage of all the discounts available to you. Each company is different, so be sure to compare. Discounts are often available for things like bundling your home and your auto on the same policy, using automatic payments, membership in certain clubs or organizations, or even discounts through your employer. It pays to ask!

6. Comparison Shop

Another easy step to take so save on home insurance is to shop around. Insurers have their own methods for determining your rates and you may find one that is a perfect fit for your situation. It may take a little extra effort to gather and compare quotes but will pay off in savings. Be sure you are comparing the same coverage amounts between carriers for a true picture of your potential savings.

The easiest way to compare quotes is to use the InsuranceWay form. Simply provide a few pieces of information and you will be on your way to receiving quotes from home insurance carriers. It’s a great way to save on home insurance!