 TITLE: How to Save Money as a Homeowner CONTENT: Lower Your Homeowners Insurance Costs\n-------------------------------------\nSome homeowners may be able to shave money from their home expenses by lowering their homeowners insurance bill. Data released in 2020 by the National Association of Insurance Commissioners shows the average annual premium for homeowners insurance stood at $1,249 in 2018.\nHow can you decrease your homeowners insurance premium? Here are four potential ways:\n1.  Shop around. Compare insurance quotes from at least three companies, and you may be able to find another insurer that can cover you for less.\n2.  Raise the deductible. If you bump up the deductible from, say, $500 to $1,000, you may be able to cut your premium. The deductible is the amount of money you pay out of your own pocket when your insurer approves a claim.\n3.  Bundle policies from the same insurer. If you purchase homeowners insurance from the same company that insures your car, you may be able to score a lower premium. Insurers call this \"bundling.\"\n4.  Ask about discounts. You might qualify for premium discounts if, for instance, you've installed a burglar alarm or you're older than 55. Or you might secure a loyalty discount by staying with an insurer for a certain number of years. There's no risk in calling your insurer to check. END