If you own a home, getting homeowners insurance plays a critical role in protecting it from unfortunate disasters—and it's often required by mortgage lenders. Despite how vital it is, it doesn’t mean that you have to break the bank to get the coverage you need. By proactively finding ways to seek affordable coverage, you can save a significant amount of money. Below are some ways to do this. 

How to Lower Your Homeowners Insurance Costs

1. Improve Your Home’s Disaster Preparedness

Aside from making your home safer, investments that reduce the likelihood of disasters damaging your home can help lessen homeowners insurance costs. In Minnesota, where floods and winter storms are common, this may entail making improvements to water-seal your roof, windows, floors, or walls. 

Elevating your home and utility equipment off the ground can help reduce flood damage if you are building a new property. Despite the initial investment, it can save you money in the long run by lowering your premiums.

2. Maintain a Good Credit Score

Alongside your insurance score, your credit rating is also a part of what providers assess as predictors of future claims. Having a good credit history makes you less of a risk and helps you secure a more affordable rate for your policy. To protect your credit standing, opt to pay bills on time and keep your credit balances as low as possible. Check your credit record regularly to have any errors corrected immediately. 

3. Check for Discounts and Bundles

When discussing with your agent, inquire about any possible discount you qualify for. Some providers give discounts when you pay your annual premium in full. You can also opt to ask about bundling options, especially if your insurance agency offers different kinds of policies. For example, it is possible that bundling your homeowners insurance with your auto insurance can help you save money. 

4. Raise Your Deductible

This is the money you pay for an insured loss before your company starts to pay a claim. Boosting your deductible can help you save on your premiums. According to the Insurance Information Institute, boosting your deductible from $500 to $1,000 can help you save as much as 25% on premiums. 

If you need help finding the best homeowners insurance policy in Minnesota that will fit your needs and budget, trust Daniel Oliver Insurance Agency in Edina, MN. With nearly 40 years of industry experience, you can rely on this reliable Farmers® insurance agent to help you find a policy that adequately protects your investment. Call them today at (952) 925-4454 to learn about your options, or visit them online to request a quote.