How to Lower Your Homeowners Insurance Cost: 8 Ways You Could Save
Reading time • 4 minutes
By Matic
Homeowners insurance costs are rising across the country — and for many people, it’s happening year after year. While some factors may be out of your control (like inflation or extreme weather), the good news is that there are plenty of ways you could save on your premium.
Whether you’re shopping for a new policy or trying to reduce the cost of your current one, here are 8 practical ways to lower your homeowners insurance without sacrificing the coverage you need.
1. Compare quotes to lower your homeowners insurance cost
One of the most effective ways to save on homeowners insurance is to compare quotes from multiple carriers. Rates can vary significantly for the same level of coverage, and each insurer evaluates risk differently.
Instead of spending hours researching on your own, Matic makes it easy. With access to 40+ A-rated carriers, we’ll shop for you to look for competitive quotes.
2. Bundle your policies
Many insurers offer discounts if you bundle your homeowners insurance with another policy, such as auto insurance. Bundling can lead to savings ranging from 10% to 25%, depending on the carrier.
If you’re not already bundling, it’s worth asking your current insurer or using Matic to explore the best bundle options for your needs.
3. Raise your deductible (if you can afford it)
Your deductible is what you pay out of pocket before your insurance coverage kicks in. Choosing a higher deductible typically lowers your monthly or annual premium — but be sure it’s an amount you can afford if you need to file a claim.
If you have a lower deductible now and rarely file claims, consider increasing it to save over time.
4. Improve home safety and security
Many insurers offer discounts if your home has safety and security features that reduce the risk of damage or loss. You might save by:
- Installing a monitored burglar or fire alarm system
- Upgrading old plumbing or electrical systems
- Adding smoke detectors or a sprinkler system
These upgrades not only make your home safer — they can also help reduce your premium.
5. Take advantage of homeowners insurance discounts
There are more homeowners insurance discounts out there than most people realize. Common ones include:
- Claims-free history
- New home or new roof
- Smart home technology
- Loyalty or customer longevity
- Retiree or senior discounts
Ask your insurer or your Matic advisor what you may qualify for.
6. Maintain a strong credit score
In many states, your credit score can impact your homeowners insurance premium. A higher credit score is often associated with lower risk, which could translate into a lower rate.
If your credit score has improved since you last shopped for insurance, it’s worth getting new quotes — you might now qualify for cheaper homeowners insurance.
7. Reconsider filing small claims
It may be tempting to file a claim for minor damage, but doing so could raise your premiums. If the cost of repairs is close to your deductible, consider paying out of pocket.
Staying claims-free can also help you qualify for additional discounts over time.
8. Review and update your policy annually
Homeowners insurance isn’t a “set it and forget it” product. Make sure your coverage reflects your current situation, especially if you’ve:
- Renovated or upgraded your home
- Purchased high-value items
- Paid down your mortgage
- Removed outdated endorsements
Reviewing your policy each year helps ensure you’re not overpaying or underinsured.
Bottom line: you may have more control than you think
Even in a tough insurance market, there are steps you can take to try and reduce your premium. From asking about discounts to comparing quotes, the key is being proactive and reviewing your policy regularly.
Not sure how to get cheaper homeowners insurance?
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