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Tips to help save money on home insurance premiums


FILE – A inspector examines a home before it’s sold. With homeowners’ insurance premiums expected to rise faster than inflation, Consumer Reports says now is the time to shop around. (Photo: KOMO News via Consumer Reports){br}
FILE – A inspector examines a home before it’s sold. With homeowners’ insurance premiums expected to rise faster than inflation, Consumer Reports says now is the time to shop around. (Photo: KOMO News via Consumer Reports)
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If you thought your home insurance premiums could get cheaper over time, think again.

On average, bills are projected to climb about 7% this year.

Jess Wright recently moved out of her Brooklyn, New York apartment to a single-family home in upstate New York. But with added space comes new responsibility, including adding a homeowner’s insurance policy.

“Top reasons, I’m thinking a tree falls on my house, somebody gets injured, god forbid, fire, major storm damage, that kind of stuff," said Wright.

With homeowners’ insurance premiums expected to rise faster than inflation, Consumer Reports says now is the time to shop around.

“You do get a loyalty benefit for sticking around with companies, but it’s not as great as the benefit from getting an overall lower price from shopping around," explained Tobie Stanger with Consumer Reports.

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Once you’ve found the right insurer, Consumer Reports said bundling is the best way to get a big discount.

That means buying your homeowners and auto coverage from the same company, which can save up to 30%. Think about extra items to bundle, like coverage for a boat or motorcycle.

Raise your deductible: Moving to a $1,000 deductible from a $500, can shave your premium by 25%. And while a low deductible could save money if you have a claim, odds are you won’t have one any time soon.

Report home improvements: Any time you replace old plumbing, add security cameras, or install gas or water-leak detectors, let your agent know. You may be able to trim off 2-6% with each additional item.

If you live in a fire-prone area, even cutting back dry brush around your home and outbuildings could generate a credit on your bill.

And finally, when choosing an insurer, land on one that provides great service regardless of the premium cost.

Two insurers have consistently landed in the top tier of Consumer Reports' ratings: Amica and USAA.

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“My husband’s father served in the military, so we have USAA insurance, and their service is incredible. They’re very responsive," said Wright.

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