Whether you’re buying your first home, getting ready to downsize, or you’ve recently experienced an increase in the cost of your home insurance, we’ve got some of the best money-saving tips to help you get the right coverage at the right price.

1. Go for a newer home. If you’re in the market for a home and you have the choice between an older one and a newly constructed one, keep in mind that many insurers give discounts or offer lower premiums on policies for newer homes. It stands to reason — most new builds come with some sort of warranty and repairs aren’t generally an issue for the first few years of ownership. And to an insurer, that means fewer claims. The age of the home is just one of seven major things to look out for when you’re shopping for a new home. 
2. Skip the bank (if it works for you). If you’ve worked hard to set aside a large down payment or have access to savings, consider opting for a less expensive home and going mortgage-free. This move could get you a discount from your insurance provider and help keep a little extra cash in your pocket.
3. Remember that sometimes, less is more. We get it…when you’re excited about your new home purchase and you see all of the things you hold dear in it, you want to make sure you’re protected. The key here, though, is to avoid over-insuring your home and your belongings. Take a good, hard look at exactly what types of coverage you need and don’t need, and choose accordingly.
4. Go for a higher deductible. Choosing to pay a higher deductible in the event of a claim is a sure-fire way to reduce the premiums you pay. It works a bit like a seesaw — the higher the deductible you choose to pay, the lower your insurance rates will be. Just be sure you choose a deductible amount you’re comfortable paying if you need to make a claim down the road.
5. Keep claims to a minimum. Of course, you want your home insurance policy to have you covered when you really need it, but keep in mind that many insurers give discounts to customers who are claims-free for a set period of time. It might pay to look at a low-value claim and assess if it’s really worth filing, or if it’s better to pay for minimal losses or damage yourself and keep your hard-won claims-free standing.
6. Bundle your home and car insurance policies. Most insurance companies offer incentives to repeat customers. Consider purchasing your home and car insurance policies from the same company to take advantage of these incentives.
7. Embrace your age. Insurance companies love mature homeowners — and what’s not to love? You’re generally more established financially and more settled in life. If you’re 45 or older, you will likely be rewarded with a reduction in your home insurance premium.
8. Secure the perimeter. Or at least install a company-monitored or self-monitored home security system to ward off break-ins. It helps to reduce your risk of damage and theft, and most insurance companies will reward your efforts with a discount.
9. Make your home more resistant to damage. Some types of home improvements can help you save on insurance. Installing a sump pump or a backwater valve (or both!), for example, could reduce your chances of making a water damage claim — so it will generally reduce your home insurance premium, too.
10. Shop around with the help of a broker. Why pay more than you have to? A broker will listen to your needs and find coverage options at varying price points for you to choose from — and they can help point out other discounts and opportunities for savings that you might not be aware of. There’s no upfront cost to you for these consultations, either. 

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