- Raise your deductible. If you can afford to pay more toward a loss that occurs, your premiums will be lower.
- Buy your homeowners and auto policies from the same company. You’ll usually qualify for a discount. But make
sure that the savings really yields the lowest price. - Make your home less susceptible to damage. Keep roofs and drains in good repair. Retrofit your house to protect
against natural disasters common to your area. - Keep your home safer. Install smoke detectors, burglar alarms, and dead-bolt locks. All of these will usually qualify
for a discount. - Be sure you insure your house for the correct amount. Remember, you’re covering replacement cost, not market
value. - Ask about other discounts. For example, retirees who are home more than working people may qualify for a
discount on theft insurance. - Stay with the same insurer. Especially in today’s tight insurance market, your current vendor is more likely to give
you a good price. - See if you belong to any groups—associations, alumni groups—that offer lower insurance rates
- Review your policy limits and the value of your home and possessions annually. Some items depreciate and may
not need as much coverage. - See if there’s a government-backed insurance plan. In some high-risk areas, such as the coasts, federal or state
governments may back plans to lower rates. Ask your agent.
Reprinted from REALTOR® Magazine Online by permission of the NATIONAL ASSOCIATION OF REALTORS®
Copyright 2005. All rights reserved. www.REALTOR.org/realtormag
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