TULSA, Okla. — If you thought your home insurance premiums could get cheaper over time, think again.
On average, bills are projected to climb about 7 percent this year. And with natural disasters on the rise, there likely won’t be much relief anytime soon. But there are some hidden ways you can take some control of your premium. Consumer Reports reveals the savings strategies to manage rising insurance costs.
With homeowners’ insurance premiums expected to rise faster than inflation, Consumer Reports says now is the time to shop around.
Customers get a loyalty benefit for sticking around with companies, but it’s not as great as the benefit of getting an overall lower price from shopping around. Once the right insurer is found, CR says bundling is the best way to get a big discount— thats's buying your homeowners and auto coverage from the same company, which can save up to 30 percent. Think about extra items to bundle, like coverage for a boat or motorcycle.
Raise deductibles — moving to a $1,000 deductible from a $500 can shave your premium by 25 percent. And while a low deductible could save money if you have a claim, odds are you won’t have one anytime soon.
Report home improvements — replacing old plumbing, adding security cameras, or installing gas or water-leak detectors, report it. It may trim off 2 to 6 percent with each additional item.
If living in a fire-prone area, even cutting back dry brush around the home and outbuildings could generate a credit.
And finally, when choosing an insurer, land on one that provides great service — regardless of the premium cost. Two insurers consistently landed in the top tier of Consumer Reports' ratings: Amica and USAA.
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