SAN ANTONIO – The cost of insuring your home continues to climb. In Texas, rates jumped about 23% last year, pushed by costly, extreme weather disasters and inflation. Here are some ways to try to trim your rising premium.
Start by shopping around. Consumer Reports says to consider a local independent agent or broker who sells policies from several insurance companies. They might also recommend policy add-ons to help your coverage keep up with inflation, which is important when you file a claim.
The website helpinsure.com can also help you compare companies and policies in Texas.
While you’re at it, bundle coverage. Purchasing your homeowners and auto coverage from the same company can provide savings of up to 30% overall.
Keep your deductible high. Higher deductibles mean lower premiums. Going to a $1,000 deductible from $500 might shave your premium by 25%.
Do some home upgrades. First, look up. The age of your roof matters. Some insurers add a surcharge of up to 15% for older roofs.
The same goes for older plumbing. A home security system and gas and water leak detectors could also save you money.
Clean up your credit. Like it or not, most insurers can use what’s called a credit-based insurance score. They can check your score often and use it in pricing premiums.
Finally, know this about pets, pools, and other pastimes. Some insurers say the risk of dog bites and liability lawsuits is greater with certain breeds. You might be denied or have to pay more. Trampolines and pools are safety risks. And if you’re a smoker, that could be a fire risk that raises your premium.
Also, report the truth. Not divulging honest information could lead to dropped coverage if your insurer learns about it later after an accident.
Be cautious about how often you make a claim. One claim every few years shouldn’t be a big deal, but Consumer Reports says three claims in two years might raise your rates or even lead to dropped coverage.