5 Ways to Save on Homeowners Insurance

By Robert Lewis, InsWeb.com

1. Increase Your Deductible: Increasing your deductible by just a few hundred dollars can make a significant difference in your homeowners insurance premium. Most deductibles start at $500—if you can afford to raise your deductible to $1,000 or even $2,500 you could save 20 percent or more on your rate.* Remember, raising your deductible means more out-of-pocket expenses should a disaster occur, but the lower rates may be well worth it. Typically the average deductibles are between 1% and 2% of the dwelling amount in your policy in the Houston and Katy areas. 
2. Buy Your Homeowners and Auto Insurance from the Same Carrier: Purchase your homeowners insurance and car insurance from the same insurance carrier and you could save you up to 15 percent on both premiums.* It's called a multi-line discount, and just about any insurer that provides both home and car insurance will offer one.
3. Insure Your Home, Not the Land Under It: Homeowners often overpay for homeowners insurance by including the value of their land in their replacement cost coverage level. Remember that you only need to insure the home itself and your possessions, not your land. In the event of a total loss due to a fire or other disaster, your land will most likely be just fine.
4. Take Advantage of Discounts: There are multiple homeowners insurance discounts that you might not know about. And what you don't know could cost you. Common discounts include: 

• Home Security and Safety Features: Smoke detectors, security systems, deadbolt locks, storm shutters and fire-retardant roofing can help you lower your rates.


• Not Smoking: Some insurers charge lower premiums to smoke-free households.


• Senior and Loyalty Discounts: Insurers often offer discounts to seniors and long-term customers.