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Home » Practical Tips to Lower Your Homeowners Insurance Cost
June 27, 2024
Amanda Castle

Practical Tips to Lower Your Homeowners Insurance Cost

As a responsible homeowner, you understand the importance of having adequate homeowners insurance coverage. Your policy establishes robust and versatile financial protection against many potential incidents and hardships, and in its absence, you could face potentially devastating out-of-pocket losses.

However, while adequate insurance is necessary to protect the investment you’ve made in your home, maintaining a suitable policy can represent a significant expense. With this in mind, the team at Valera Agency is ready to guide you through possible steps that may help you reduce or limit your homeowners insurance premiums.

What Factors Influence Homeowners Insurance Costs? red blocks on brown wooden table

Homeowners insurance companies must carefully analyze your circumstances and risk levels when calculating quotes for adequate coverage. While the exact weight given to various factors may vary, you should generally expect the following criteria to be considered:

  • Location—Areas with higher crime rates or risk of natural disasters (e.g., hurricanes and earthquakes) may incur higher costs.
  • Rebuild cost—The estimated cost of fully rebuilding your home can significantly influence your premiums.
  • Structural details—The materials used in the construction of your home, its age and the number of floors it has, may be considered in the quoting process.
  • Liability risks—Homeowners insurance often includes personal liability coverage. As such, those with greater liability risks, such as attractive nuisances and pets, may be charged more.
  • Prior claims history—If you’ve filed several insurance claims in recent years, you may be considered more risky to insure and face higher costs.
  • Policy details—The specifications of your policy, including its deductible, endorsements and limits, are integral to determining rates.

How Can I Reduce Homeowners Insurance Premiums?

When considering the aforementioned homeowners insurance cost factors, there are several strategies you may wish to consider to limit costs, such as the following:

  • Fortifying your property—Whether you plan to install security systems, advanced fire suppression equipment or deadbolt locks, adding additional protections to your home can help reduce premiums.
  • Adjusting your policy—You may be able to lower your rates by adjusting your coverage. For example, switching to actual cash value as opposed to replacement cost coverage could reduce costs, although you may receive a lesser payout in the event of losses.
  • Shopping around—Perusing the offerings of several insurance carriers can help you find the right policy for an ideal rate. Independent insurance agents, such as those at Valera Agency, work with multiple carriers and can help you find the right coverage.
  • Bundling policies—Many insurers may offer discounts if you purchase multiple types of insurance from them, such as homeowners insurance and auto insurance.
  • Being hesitant to file a claim—Although your homeowners insurance can help you recoup covered losses, filing a claim can increase your premiums. For lesser damages, it may be advisable to pay out of pocket and avoid the claims process.

We’re Here to Help

At the Valera Agency, we’re proud to serve homeowners and families in the Macungie, PA, area. Contact us today to get started.


This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information. 


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