The benefits of buying home insurance are clear – the value of your home is protected, the value of your belongings is also protected, and you are covered for any liabilities that happen on your property.

But how can you make sure that you’re getting the best price for that peace of mind? Here is a look at five different ways that may help to lower the cost of your homeowners insurance premium.

5 Ways to Lower Your Home Insurance Premium

1. Install a central station alarm

A central alarm station is simply a burglary alarm system that is monitored by an off-site alarm company 24 hours a day, 7 days a week. If your home is broken into or your alarm is activated, the company is alerted, and they then promptly notify the appropriate authorities. This type of system is particularly beneficial for homeowners who frequently travel or have a second home, as they do not have to rely on neighbors to call the authorities in the event of a break-in.

Oftentimes insurance companies can give you a discount if you install a central station alarm for your home, as they offer more protection than a more traditional, local alarm system.  When installing a central station alarm to lower your homeowners insurance premium, remember that there are two components to the discount.  You have a burglar alarm and a fire alarm.  To get the full discount, make sure you hire the central station alarm company to monitor your home for both burglar and fire.

2. Make sure that your smoke detectors are installed and up to date

Another easy way to ensure that you get the best rate for your homeowners’ insurance is to install smoke detectors throughout your home. This is a win-win for you and your family as smoke detectors can not only save you money on your insurance premium, they also ensure your family’s safety in the event of a fire.

In addition to installing the right amount of smoke detectors in your home, you should also make sure that you test and clean them regularly. Smoke detectors should also be replaced every 10 years. 

3. Consider installing a new roof

This is another possible way to lower your homeowner’s insurance. However, it will likely only save you money if your roof is already in bad condition. Older roofs can often contribute to a higher insurance premium especially as they approach 20 years old, but you may be eligible for a discount if you choose to replace it. Homeowners with roofs that are over 20 years old can have their choice of companies limited as many homeowner insurance companies will not accept a new risk with a roof that is over 20 years old. A totally renovated house may also qualify for a discount with some carriers; this is oftentimes called a “Roof Age Discount”. 

If your roof is already in reasonably good condition, you may be able to receive a discount by replacing your roof with on that is impact-resistant. Impact-resistant roofs help to protect your home against lightning and hail, thus lowering any damage-related costs in the event of a storm.  

4. Watch your credit score

Keeping a good eye on your credit score can have a number of benefits, and one of those benefits is a potential discount on your home insurance premium. This is because your credit score influences the score that insurers use to calculate your homeowners insurance premium. The better your credit score is, the less of a ‘risk’ you are for insurers to insure.

Try to check your credit report on a regular basis to make sure that there are no mistakes or errors. If you are working to improve your credit score, remember that making payments on time, paying off any old debts, and gradually raising your credit limits can all help to boost your score.

5. Bundle your home and auto insurance policies

Bundling your home and auto insurance policies is one of the best ways to get a discount on your home insurance premium. Insurers often offer significant price breaks for those who choose to bundle with them, and, if you have to file a few claims, insurers are much more likely to keep you as a customer if you hold multiple policies with them. Not only that, but it’s less hassle on you since you only have to work with one insurer.