Handy Tips for Lowering the Insurance Premium on Your Home – A Guide by Michael E Weintraub Esq
Michael E Weintraub Esq

Handy Tips for Lowering the Insurance Premium on Your Home – A Guide by Michael E Weintraub Esq

A home is generally the largest financial investment you will make in your lifetime. It stands to reason that you will want to protect it adequately with homeowners’ insurance. You will need to bear the cost of the insurance premium. Just like property taxes and maintenance expenses for the entire period you own the property. While the opportunity to reduce your taxes is limited, there are quite a few ways of lowering your homeowners’ insurance premium, says Michael E Weintraub esq.

Increase the Amount of Deductible

The deductible is the amount you need to pay by yourself when you make a claim to the insurance company. It is something that insurance companies insist on to prevent frivolous claims. Every time you make a claim, there is a negative impact on your premium, which keeps on rising. The more deductible you agree to pay; the more assured the insurance company is that you will not be making claims regularly. Because you too have to spend from your pocket. By increasing your deductible from $100 to $500 or even $1000, it may be possible to lower the premium cost by 25%.

Michael E Weintraub Esq Bundle Your Insurance Coverage from One Company 

If you buy your homeowners’ insurance from the same company you have bought your auto insurance. You will generally be eligible to get a discount that may be as much as 15%. The insurance company offers this as an incentive for customers to bring more business. To them and remain loyal to them. However, you should find out if shopping around for individual policies is cheaper.

Avail of the Discounts Available 

Insurance companies encourage homeowners to maintain their properties better and to keep them safe. So that the chances of your making claims are reduced. Accordingly, you may find your insurance company offering a discount for performing periodic maintenance or for installing fire. Detectors and smoke alarms, as well as other security features like security cameras and anti-theft alarms. It is usual for insurance companies to offer discounts to customers for remaining. With them for multiple years as a loyalty bonus says Michael E Weintraub esq. You may get a discount of up to 10% for renewing your policy for five years or more. Also, if you are above a certain age, say 55, you may get an additional discount. As you perceived to be a more responsible and mature policyholder.

Reduce Your Risk Profile, Advises Michael E Weintraub esq

Risk is the principal determinant of the cost of your insurance premium; the riskier the person or asset, the higher is the quote by the insurance company. Find out what you can do to lower the risk of your home. Things like making structural changes to reduce storm damage, installing new wiring, heating systems, etc. work to lower your premium. However, keeping dangerous breeds of dogs, a swimming pool, or an expensive patio can push up the premium cost.


In addition to being aware of the above, one of the best ways of lowering your homeowners’ insurance premium is to shop around with different insurance companies. You can use an online quote comparison tool to find out the most competitive offers quickly, however, you must enter all the requested details accurately.

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