This post is sponsored and contributed by Comparion Insurance Agency, a Patch Brand Partner.

Personal Finance

5 Ways To Lower Your Home Insurance Premium

Consider increasing your deductible, bundling policies and partnering with a local agent to ensure you're only paying for what you need.

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Comparion Insurance Agency, Brand Partner
Consider increasing your deductible, bundling policies and partnering with a local agent to ensure you’re only paying for what you need.
Consider increasing your deductible, bundling policies and partnering with a local agent to ensure you’re only paying for what you need. (Shutterstock)

As a homeowner, you want the best rates without compromising on coverage. However, navigating different coverage options on the market can be both time-consuming and overwhelming.

That’s where Comparion Insurance Agency comes in. As one of the largest Personal Lines agencies in the U.S. by premium, Comparion has over 180 offices across the country with over 1,400 licensed local agents. Comparion's local agents know the insurance world inside out and have access to over 50 insurance carrier partners, so they can help you find the coverage you need at rates that fit your budget.

To get the best possible coverage for your money, there are a few simple things you can do to lower your perceived risk to an insurance provider, which results in lower premium payments. Here are five ways to lower your home insurance premium.

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1. Increase Your Deductible

Your deductible is what you pay out of pocket before your insurance coverage goes into effect after a loss. By taking on a higher deductible, you assume more of the initial financial risk, in turn lowering your insurance costs.

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A rate analysis by NerdWallet found that a homeowner with a $1,000 deductible could save an average of almost 13 percent each year by raising the deductible to $2,500. For many homeowners, these savings are substantial enough to justify the higher deductible, especially if they aren’t making frequent claims.

Carrying this higher deductible may also discourage filing minor claims. This can maintain lower premiums over time, as claim-free histories often translate into lower insurance costs.

When increasing your deductible, you’ll want to ensure you have enough savings set aside to cover a larger out-of-pocket expense in case of an emergency.

If you’re not sure whether increasing your deductible is right for you, or how much to increase your deductible by, consult with a local insurance agent before making any changes. They can help you find the right plan options that meet your budget and offer peace of mind.

2. Install a Reporting Alarm System

Reporting alarm systems — including burglar alarms, smoke detectors and other monitoring technologies — can communicate directly with emergency services in case of an incident. Insurance providers often see these systems as a substantial risk reduction, typically offering discounts between 2 and 15 percent, according to MoneyGeek.

Given this significant range in discounts across carriers, it’s a good idea to shop around for different plans. Comparion’s local agents work with several reputable insurance partners, so they can compare different policy options and associated discounts to pass onto you.

3. Replace Your Roof

For insurance providers, a new roof signals a reduced risk of water damage, mold and other costly issues. According to Angi, replacing your roof could save you between 5 and 35 percent on your home insurance premium, though exact rates will vary based on your geographic location, as well as your roof shape and the materials used.

Keep in mind, however, that the specific amount you can save and the eligibility criteria can vary significantly between insurance providers. Additionally, only voluntary roof replacements are eligible for roof replacement home insurance discounts. If you need a new roof after a natural disaster or a mandatory inspection, your rates may actually increase, as these issues are often associated with a home insurance claim.

Before undertaking this project, it’s wise to consult with a local insurance agent. Comparion's agents can compare quotes with different providers, taking into account your project specifics to determine your eligibility and how much you might save under each carrier.

4. Bundle Your Auto and Home Insurance

Bundling policies not only makes it easier to manage your insurance policies; it can also reduce your premium. When you combine multiple policies like auto and home insurance under a single provider, that carrier will often offer you a discount.

While exact savings can vary based on the provider and your individual policy, you can typically knock between 5 to 25 percent off your total premium costs, according to Experian.

Comparion can help you find coverage for a wide range of insurance options, including home insurance, auto insurance and pet insurance. Your local agent can compare quotes from a broad array of carriers to determine whether bundling your home insurance with other products, like auto insurance, can help you save on both.

A local agent can also advise you on any additional insurance policies you may benefit from, including life insurance and umbrella coverage, to ensure your family and assets are properly covered.

5. Make Sure You’re Covered Properly and Getting Coverage That Fits Your Budget

Getting the right coverage for your home means finding a policy that matches your specific needs without paying for unnecessary extras.

Comparion's local agents work with you to tailor your insurance plan precisely to your individual needs and circumstances, including region-specific requirements, over the course of your lifetime.

Since local agents have no bias or any preference for a specific provider, they are truly in your corner. They can compare quotes from different carriers, make recommendations and even find savings you might not get otherwise.

Best of all, using an agent to shop for home insurance doesn’t cost extra. In fact, you’re likely to save money, as Comparion’s insurance agents work to find you the best coverage that works for your budget.

Let Comparion help you find the home insurance coverage that’s right for you.

This post is sponsored and contributed by Comparion Insurance Agency, a Patch Brand Partner.

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