A solid homeowners insurance plan can help you avoid unexpected costs and protect your investment, but it can still be fairly expensive. Fortunately, there are many ways to lower your rates and save money. If you’re looking to minimize your expenses as a homeowner, here are a few effective strategies for lowering premiums.

How to Keep Homeowners Insurance Costs Down

1. Raise the Deductible

If you file a claim, the deductible is the amount of money you’d have to pay to cover the damages before insurance funds are provided. Technically, a lower deductible could save you money in the event of an accident. However, if you want to keep your premium costs down, you may want to opt for a higher deductible.

2. Dig for Discounts

Ask your insurance agent about discounts you may already qualify for. While these discounts will vary from provider to provider, most will offer various opportunities for a rate reduction, such as being 55 or older, having no claims, or living in a gated community.

3. Strengthen Your Home

When home improvements reduce your overall risk of damages, coverage rates are likely to drop. While they require an investment upfront, some upgrades that can lower your premium include installing storm windows, a security system, or stronger roofing.

4. Practice Good Credit Habits

Many insurance providers offer lower rates to individuals who have a good credit score — a strong indicator of low financial risk. If your credit score is below average, there are several ways to boost the rating. Most notably, strive to minimize revolving credit and pay off excessive debts. The smaller your debt-to-income ratio becomes, the more likely it is that you’ll reduce your insurance premium.

5. Bundle Coverage

Insurance companies often reward loyal policyholders by lowering rates if they bundle different types of coverage. For example, you can save on premiums if you purchase auto insurance and a homeowners policy from the same provider.

Ensure you’re getting the right amount of coverage at a fantastic rate with comprehensive protection from Hamilton-Martin Insurance Agency in Louisville, KY. This independent agency is known for putting clients first, helping them locate the best policies while exploring all options to keep premiums down. To learn about their coverage options — including auto, business, and homeowners insurance — visit this provider online. For a free quote, call (502) 957-6500.