Effective Tips for Lowering Your Homeowner’s Insurance in the Saint Paul/Minneapolis Area

Renewing your homeowner’s insurance can easily become a routine task, but this year, take the time to reassess your coverage to ensure you’re adequately protected and potentially saving money. Don’t miss my tips just for vintage homeowners at the end of this article!

Key Strategies to Reduce Costs:

1. Shop Around
   Insurance premiums can vary widely. Obtain at least three quotes, ensuring that each offers identical coverage. Don’t overlook your current insurer—sometimes switching to a new policy with them can lead to savings.
   
2. Bundle Policies
   Combining home and auto insurance with the same provider can often lead to discounts of 5–15%.
   
3. Raise Your Deductible
   Increasing your deductible from $1,000 to $2,500 could reduce your premium by up to 25%. However, be mindful that you’ll pay more out-of-pocket if you need to file a claim.
   
4. Enhance Home Security
   Installing devices like smoke detectors, security systems, or dead-bolt locks can save up to 15%. Some insurers may offer discounts for advanced systems such as sprinkler or fire/security alarms.
   
5. Maintain Good Credit
   Insurers often use credit scores to determine premiums. Ensure your credit record is in good standing and verify the accuracy of any changes in rates due to credit.
   
6. Loyalty Discounts
   Long-term policyholders may be eligible for discounts, but it’s still worthwhile to periodically compare rates with other providers.
   
7. Review Coverage Annually
   Reevaluate your policy each year to ensure it matches your current needs. Update it to reflect major purchases or changes to your home, and avoid paying for unnecessary coverage.
   
8. Look for Group Discounts
   Membership in organizations such as AAA or alumni groups may qualify you for discounts.
   
9. Install Water & Gas Leak Sensors
   Many insurers offer premium reductions if you install sensors that detect leaks or moisture, as they reduce the risk of major damage.
   
10. Avoid Over-insuring Land
    Land isn’t susceptible to damage like structures are, so insure only the value of your home, not the land itself.
    
11. Quit Smoking
    Smoking increases the risk of fire-related claims. If you quit after purchasing your policy, notify your insurer to see if you qualify for a premium reduction.
    
12. Opt for Electronic Payments
    Avoid fees for mailed payments by setting up automatic deductions.
    
13. Reconsider Risky Items
    Pools, hot tubs, or trampolines may affect your premium. Check with your agent before installing these, and discuss safety measures to mitigate risks.
    
14. Check Dog Breed & Training
    Certain dog breeds may impact your rates. If your dog attends obedience training, inform your insurer, as this could lower premiums.
    
15. Home Inventory
    While not directly reducing premiums, keeping an inventory of your possessions can help substantiate any claims. Take photos of valuable items for documentation.

For Vintage Homeowners:

1. Upgrade Systems
   Updating older plumbing, electrical, and HVAC systems can lower your risk profile and premiums.
   
2. Special Coverage for Older Homes
   Ask your insurer about coverage options for aged systems, like a sewer line rider or underground service line coverage.
   
3. Ensure Proper Coverage
   The cost to rebuild a vintage home may be higher due to custom materials and craftsmanship. Ensure your policy covers “like kind and quality” for repairs and replacement.

I know a variety of great insurance agents that come highly recommended from past clients. If you’re thinking about changing your insurance coverage this year, don’t hesitate to reach out!