How can I lower my premium?

No one wants to pay more for insurance than they have to. Make sure you're taking advantage of opportunities to save on your coverage.

a ranch-style Florida home with a clay tile roof

9 tips to lower your home insurance costs

Our premiums are already affordable but the money-saving tips below can help you reduce them even further.

1. Shop around

Because mortgage lenders require homeowners insurance, most people tend to take out a policy with whichever company their real estate agent recommends. However, the best way to get an affordable policy is to compare quotes from several insurance providers.

Don't consider price alone. Look at the amount of coverage and what the policy protects. Check out the company's customer reviews and how easy it is to file a claim, too.

2. Increase your deductible

This is one of the easiest ways to save on your homeowners insurance premium. The higher the deductible you choose, the lower your premium will be. When you file a claim, your deductible is the amount subtracted from your insurance payout.

As a general rule, it's smart not to take on a higher deductible than you can comfortably spare out of pocket. If you're not sure what deductible amount is appropriate for your financial situation, ask us for guidance.

3. Don’t over insure

Make sure you accurately value your home when choosing how much coverage to purchase. Tools are available to help you determine the replacement cost of rebuilding your home in the event of a claim.

The purchase price is a starting point but this includes the value of your land, which is not something you'd have to replace after a covered loss. Multiplying the local labor and construction costs by the square footage of your home is one way to estimate your home's replacement cost. This baseline can help you avoid under or over insuring your home.

4. Choose an annual payment

Paying monthly may be more convenient, but an annual payment usually saves you the most money.

5. Improve your home security

Many insurance providers (including Kin) offer a discount for a centrally monitored security alarm, smoke detectors, and dead-bolt locks. If you don't already have a security system, ask your provider how much the discount is – the savings may offset the cost of installing the alarm.

6. Make your home safer

Making your home safer can also reduce your insurance bill. For example:

  • Clear brush and trim trees around your house. This reduces the damage in case of a fire or a windstorm knocks down branches.
  • Hurricane-proof your home. Wind mitigation is essential when you live in a coastal area. Look for ways to reduce the risk of hurricane damage, such as installing storm shutters and doors and upgrading your roof to a reinforced one. Learn more about wind mitigation here.
  • Update your roof. A new roof can help you qualify for lower rates. In some areas, you could save 10 percent or more on your insurance.
  • Upgrade the electrical, heating, and plumbing systems. Some insurers offer significant savings for new systems.
  • Install a backup generator. Ask your insurer before you make this investment, but some insurers will offering a small discount for this precaution.
  • Install an automatic water shut-off system. This system detects leaks and shuts off your water before you have a flood on your hands.

Learn more about homeowners insurance discounts.

7. Review your policy annually

Your home changes each year, and your coverage needs may change, too. When your policy is up for renewal, take time to evaluate what updates you've made to the home, what new belongings you've acquired (or parted with), and see if you may be eligible for discounts that weren't available to you before.

8. Improve your credit score

In some states, insurers can review your credit history to help determine your premium. As you might have guessed, a good credit score may help you nab lower home insurance rates.

Before you apply for insurance or renew your policy, see if you can make improvements to your credit score. The following can have a big impact on your score:

  • Pay your bills on time each month
  • Keep credit utilization under 30 percent of your available balance
  • Pay off your credit card balance every month
  • Don’t open new lines of credit

9. Limit your claims

Claims history affects insurance costs. If you can, save claims for dire situations only. See if you can make small repairs yourself or enlist the help of a skilled friend or acquaintance. You can and should rely on your home insurance to help you avoid big financial burdens, not small annoyances.

Home insurance discounts to ask for

Ask us about some of our most common discounts:


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