NASHVILLE, Tenn. (WTVF) — Like everything else that's going up so too likely is your home insurance. But there are ways to save on your premiums.
On average, insurance bills are projected to climb about 7 percent this year and with natural disasters on the rise, there likely won’t be much relief any time soon.
But there are a few things you can do to cut your insurance costs.
Consumer Reports says now is the time to shop around.
“You do get a loyalty benefit for sticking around with companies, but it’s not as great as the benefit from getting an overall lower price from shopping around,” Tobie Stanger said.
Once you’ve found the right insurer, Consumer Reports says bundling is the best way to get a big discount.
That means buying your homeowners and auto coverage from the same company, which can save up to 30 percent. Think about extra items to bundle, like coverage for a boat or motorcycle.
Raise your deductible. Moving to a $1,000 deductible from a $500 can shave your premium by 25 percent. And while a low deductible could save money if you have a claim, odds are you won’t have one any time soon.
Report home improvements. Any time you replace old plumbing, add security cameras, or install gas or water leak detectors, let your agent know. You may be able to trim off 2 to 6 percent with each additional item.
If you live in a fire-prone area, even cutting back dry brush around your home and outbuildings could generate a credit on your bill.
And finally, when choosing an insurer, land on one that provides great service -- regardless of the premium cost.
Two insurers have consistently landed in the top tier of Consumer Reports' ratings: Amica and USAA.
The major reason for the big jump in insurance costs is all of the extreme weather-related disasters across the country. Even though insurance companies are paying out big bucks to help homeowners recover from say hurricanes in Florida and fires out in California, it affects us all no matter where we live.
