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Home insurance rates are rising and are expected to get even more expensive in 2024. S&P Global reports an average rate increase of 11.3% nationwide, with some states seeing much bigger increases.Finding ways to save on home insurance premiums is at the top of many homeowners’ minds. Fortunately, there are some ways to get cheaper home insurance rates.

Shopping around is still the best way to save, but you can stay with your current insurer and save with discounts, an auto-home bundle or by adding features like a security system to your home.

Key Takeaways

  • Shopping around is the best way to save on home insurance.
  • Ask about discounts; you could save by paying your bill in full, upgrading your home and installing a security system.
  • Bundle your home and auto insurance together for a discount on both policies.

14 tips to save money on home insurance

Finding cheaper home insurance takes a little effort, but it’s well worth it. Some of these tips can bring your rate down instantly.

1. Shop around for home insurance quotes

Check with several different home insurance companies to get rate quotes. Ask around: Do your friends and family like their home insurance company? Does the company have good customer satisfaction ratings? has customer ratings to help you find the best home insurance companies.

2. Raise your home insurance deductible

The deductible is the amount of money you have to pay toward a loss before your insurance kicks in. The higher your deductible, the more financial responsibility you carry in a claim, and the less the insurance company has to pay. As a result, you’ll pay less for home insurance. Raising your deductible is a fast way to get lower rates; just make sure you can afford the deductible you choose if you have to pay it.

3. Buy your home and auto insurance policies from the same insurance company

Most companies will give a multi-line discount if you buy home insurance and auto coverage from them, also known as bundling. It’s one of the more significant discounts you can garner, according to Michael Barry, spokesperson for the Insurance Information Institute.  The average home and auto bundle discount is 18%.

4. Insure your home, not the land

While your home and its contents are at risk from fire, theft, windstorms and other perils, the ground your home sits on is not. Don’t include the value of the land when deciding how much homeowners insurance you need to buy in order to rebuild your house. Your agent can help you assess the right coverage level.

5. Improve security and safety

Items such as deadbolt locks, burglar alarms and smoke detectors can usually bring discounts of 5% each, depending on the insurer. Your insurance company may offer a bigger discount if you install a sophisticated home security system. If you’re considering buying such a system, check with your insurer to see which systems qualify for a discount.

6. Stop smoking

Smoking accidents can lead to significant fire damage. Some insurers offer to reduce premiums if no one in the home smokes.

7. Look for senior discounts

Retired people stay at home more and spot fires sooner than working people. Older people also have more time to maintain their homes. You could qualify for a discount if you’re at least 55 years old and retired. But it really depends on the insurer and some companies don’t offer the discount, per Barry.

8. Look for group coverage

Large employers and business associations often work out deals with an insurance company, which includes a discount for employees and members.

9. Stay with your home insurance company

You may receive special consideration if you’ve kept your coverage with a company for several years. Many insurers will reduce your insurance rates by 5% after you stay with them for three to five years and offer an average discount of 8% after 10 years.

10. Check your coverage annually

You want your policy to reflect the value of your home and belongings. You can make the necessary adjustments if you review your policy every year. If you’ve remodeled a basement, for example, tell your insurer and make sure your coverage amount is still adequate. Some changes will lead to lower premiums, such as getting rid of a trampoline or pool.

11. Pay your bill in full upfront

Many companies offer a discounted rate if you pay the full amount of your premium at the start of the policy term. The discount averages 6%.

12. Upgrade your home

Home upgrades like a new roof or siding can earn you a discount on your insurance, especially if you choose materials that are wind and hail-resistant. The investment in your home can prevent a claim and insurance companies will reward you.

13. Maintain a good credit history

Many insurers now check your credit and can adjust your price based on your level of risk as judged by your credit history, where allowed by state law. Keep your credit score good to keep rates down.

14. Don’t file small claims

Filing a small claim may save you a little money on repairs, but it can raise your rates. The more claims you have on your record, the greater the risk you will file another claim. Home insurance companies will raise your rates to make up for that risk.


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Michelle Megna


Michelle, the former editorial director, insurance, at QuinStreet, is a writer, editor and expert on car insurance and personal finance. Prior to joining QuinStreet, she reported and edited articles on technology, lifestyle, education and government for magazines, websites and major newspapers, including the New York Daily News.