How to Save on Homeowners Insurance in Texas Despite Rising Premiums

Homeowners in Texas are facing increasing insurance premiums due to factors like extreme weather, inflation, and rising home values. However, there are several strategies you can use to keep your costs in check while maintaining comprehensive coverage. Here are some effective ways to save on homeowners insurance in Texas.

1. Bundle Your Policies for Maximum Discounts
Many insurance providers offer significant discounts when you bundle multiple policies together. By combining your homeowners, auto, and even life insurance policies with the same company, you could save up to 25% on your premiums. Ask your insurance provider about available bundling options to maximize your savings.

2. Increase Your Deductible
A higher deductible can lower your monthly or annual insurance premium. If you can afford to pay a higher out-of-pocket amount in the event of a claim, raising your deductible from $500 to $1,000 or more could reduce your premium significantly. Just be sure to set aside emergency funds in case you need to cover the deductible.

3. Improve Home Safety and Security
Insurance companies often provide discounts for homes with enhanced safety features. Consider implementing the following upgrades:
   - Install a security system: Monitored alarm systems can reduce the risk of burglary and may qualify you for discounts.
   - Upgrade your roofing: Impact-resistant roofing materials can lower the risk of storm damage and potentially lower your rates.
   - Add storm-resistant features: Hurricane shutters, reinforced windows, and other wind-resistant features can help cut costs.
   - Update electrical and plumbing systems: Older homes with outdated wiring or plumbing may have higher premiums due to increased risk.

4. Maintain a Good Credit Score
Your credit score plays a role in determining your insurance rates. Paying bills on time, reducing debt, and avoiding excessive credit inquiries can help maintain a strong credit score and potentially lower your insurance costs.

5. Shop Around and Compare Quotes
Insurance rates vary significantly between providers. Get quotes from at least three different insurers to compare coverage and pricing.

6. Take Advantage of Available Discounts
Many insurers offer discounts beyond bundling, including:
   - Loyalty discounts: Staying with the same provider for several years can sometimes earn you a reduced rate.
   - Claims-free discounts: If you haven’t filed a claim in several years, you might qualify for lower premiums.
   - Senior or military discounts: Some insurers provide discounts for retirees or military personnel.

7. Review Your Policy Annually
Your insurance needs can change over time, so it’s a good idea to review your policy annually. You might find unnecessary coverage that can be reduced or removed, helping to lower your overall cost.

Final Thoughts
While rising premiums may seem unavoidable, Texas homeowners can take proactive steps to reduce their insurance costs. By bundling policies, increasing your deductible, improving home safety, maintaining good credit, and shopping around for competitive rates, you can save money without sacrificing the protection you need. Stay informed and regularly review your policy to ensure you’re getting the best value for your homeowners' insurance.

If you have concerns about your homeowners' coverage please contact one of our trusted agents today.  We are here to assist you through your journey of home ownership.