Several factors can affect the price you pay for homeowner’s insurance, including your insurance company and your home's features. The following tips can help you save money on your homeowner's insurance.

1. Good Credit Record

By maintaining a solid credit history, you can cut your insurance costs. It is becoming increasingly common for insurers to price homeowner's insurance policies based on credit information. Paying your bills on time, keeping credit balances low, and only getting the credit you need can help protect your credit standing.

2. Higher Deductible

The deductible is the amount you must pay toward a loss before your insurance company begins paying for it. You can lower the cost of your homeowner's insurance by raising your deductible. When your deductible is higher, your monthly premium will be lower. Be sure to save enough so you can cover a larger out-of-pocket expense if you need to make a claim.

3. Eligible Discounts

Insurance companies often offer several discounts to help you save on your premiums. Policyholders who are retired or are a certain age might qualify for a discount of up to 10%. If you do not have any smokers in your home, work in a specific career, or recently bought your home, your insurance company may have a discount for you. You also may be able to save by choosing paperless billing or automatic bank payments. Check with your insurance company to see what discounts they offer.

4. Upgraded Home Security

By making your home more secure, you can receive discounts from 2% to 20%. Smoke detectors, burglar alarms, and deadbolt locks can save you 5%. Some insurance companies offer a 15% to 20% discount on comprehensive sprinkler systems and actively monitored fire and burglar alarm systems. To save money on your premiums, check with your insurer which systems are eligible for discounts and how much you can save.

5. Bundled Home and Auto Insurance

Many insurance companies offer discounts on your premium if you bundle multiple policies. You can receive a 5% to 15% discount by purchasing home and auto insurance from the same company. Be sure that this price is still lower than obtaining separate policies from different companies to maximize your savings.

6. Avoiding Small Claims

When it comes to minor incidents, it may be tempting to file a claim with your insurer, but paying out-of-pocket can save you more in the long run. If you can pay these smaller expenses without submitting a claim, you can remain claim-free and save more in the future. Some insurers offer discounts if you remain claim-free for a certain amount of time. Submitting a claim for certain damages, like water and wind, can raise your annual cost of insurance significantly.

7. Disaster Resistant Home

Homeowners insurance helps you rebuild your home in case of damage from a natural disaster. If you bought a home equipped with disaster-resistant features or made the upgrades yourself, you may save on your premiums. Adding storm shutters or an impact-resistant roof can help prevent damage caused by disasters like tornadoes. These features can help you save on your homeowner’s insurance. Request a home inspection to evaluate new home improvements for potential discounts.

8. Avoid High-Risk Items

While trampolines, playground equipment, and swimming pools are nice things to have in your yard, they could be making your homeowner’s insurance premium higher. If children get hurt by playing on them, you could be held legally responsible, making these items a liability risk to insurers. If you eliminate these items from your property, you can expect to save money on your premium.

Homeowner’s insurance is essential to protecting your home against many natural disasters. By following these tips, you can make your policy more affordable.