How can someone who is on a fixed income reduce their homeowners insurance premiums?

UPDATED: Dec 3, 2012

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Asked December 3, 2012

1 Answer


There are a few ways to get cheaper homeowners insurance. You can drop unnecessary coverage, reduce or modify other parts of the plan, and or take steps to reduce the risk of insuring your home. You will not be able to eliminate the cost of home insurance, but you should be able to reduce the impact on your budget.

Check your policy carefully, looking for coverages that serve no real purpose. For example, you have no use for earthquake insurance in Florida, so dropping a rider pertaining to that disaster will not put you at any additional risk. Do not eliminate any coverage that could happen, if the chances are small, especially flood insurance.

If you can reduce the amount of some parts of your home insurance, it will lower your premiums. One way to do this would be to lower the personal property portion of your policy. Since each insurer will have different options, you will have to refer to your policy to determine where these reductions, if any, can be made.

The overall best way to lower your homeowner's premiums is to reduce the risk of insuring the home. This can be done by installing a security alarm. If you cannot afford the alarm system, you can reduce costs by having burglar bars installed, or simply putting deadbolt locks in all your doors. Erecting a fence around your property is a deterrent to unwanted visitors and is rewarded with a home insurance discount.

Call your insurance company and explain your situation. The customer service department will be able to offer you suggestions on where reductions and exclusions can be made. They can also provide you with a list of the discounts available, so you can make sure that you are paying the lowest premiums possible.

Answered December 3, 2012 by Anonymous

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