How to Find the Best Deal

Whether you're getting coverage for the first time or have had the same insurer for years, it pays to shop around or reexamine your current policy for ways to lower your bill. Here are some tips on finding a deal on homeowners insurance.

Get price quotes from several insurers. There's enough uniformity among the companies' policies that you can use their standard forms to compare premiums. Companies sometimes modify the standard provisions, but it's not always easy to tell whether the changes broaden or narrow your protection, so compare carefully.

You're usually entitled to a lower rate for a brick home than for a frame structure. Also, you might qualify for a discount if your house is new or only a few years old, or if you have installed smoke alarms or antitheft devices.

Be sure to take advantage of differences in deductibles. The base deductible is around $250. Consider raising yours further still; many companies will reduce premiums in return for not covering the small losses. However, discount plans are not as common for homeowners insurance as they are for auto policies.

If the agent computes the replacement cost of the house on the basis of its square footage, be sure to check the figures before you agree to the resulting premium.

Don't switch carriers just to save a few bucks. A claim within six months might lead your new insurer to drop you and you could wind up with a more expensive policy.

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