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Rising cost of homeowners' insurance drives consumers to seek deals

Posted On Mon, May 24, 2010

While homeowners' insurance premiums have ballooned in the last few years, there are many ways to drive down the cost of such insurance.

According to the Insurance Information Institute, the nationwide average for a homeowners' insurance premium was $879 in 2010, an increase of 73 percent from $508 just a decade ago, but the ways to help limit that cost can be simple.

The easiest measure, Roger Lisi of the Pennsylvania Insurance Department told the Central Pennsylvania Patriot-News, is to simply shop around. This will ensure that consumers are getting the lowest base premium you can find on the open market.

"If you want the lowest premium, you need to shop around," Lisi said. "That is the biggest credit a person can get."

He also noted that every company offers discounts for various alarm systems and safety measures, such as burglar alarms, smoke detectors and even deadbolts. In addition, opting into a higher deductible, if the consumer can afford it, will certainly drive down monthly payments.

But for some homeowners, simple insurance on their house isn't enough. Many houses in areas at risk of flooding will also need to purchase flood insurance on top of their homeowners' insurance.ADNFCR-2297-ID-19796604-ADNFCR

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