Tips outlined below may result in a reduced homeowners insurance premium.

• Shop around. Prices vary by company. Compare rates periodically, but avoid switching carriers on cost alone. Evaluate coverages, limits, exclusions, etc. too. Confirm a prospective company is financially sound, licensed in Illinois, and has a good complaint record.
• Most insurers offer a variety of discounts. Ask about credits for annual pay, no claims, smoke detectors and other safety features, age 55, multiple policies, new construction, and more.
• Paying more out-of-pocket when a loss occurs will lower your insurance premium. However, be sure to adjust your emergency fund to accommodate the high deductible.
• Reduce the likelihood of damage. Identify problems and make necessary repairs inside and outside your home. A house with overhanging tree branches, deterioriated roof, torn siding, etc. is more likely to sustain wind damage. Upgrade wiring, heating to lower the possibility of fire-related damage.
• Improve your credit-based insurance score. Statistics show those with good insurance scores have fewer claims. An insurance score considers factors like open credit accounts, credit limits, collections, late payments, and bankruptcy.