Homeowners insurance is expensive. The Federal Reserve Bureau says that the average annual premium is between $300 and $1,000. If you aren’t sure what your premiums are, there is a simple way to estimate it. Divide the value of your home by 1,000 and then multiply the result by $3.50.
For example, if you own a $200,000 home the math would look like this:
The estimated premium for that home is $700 per year.
Luckily, there are several ways to lower that premium so you can keep more of your hard-earned cash in your pocket. The most important thing is to ask your agent which discounts you might be eligible for. They usually won’t tell you how many discounts they offer, so here are five discounts you should always ask about to make sure you are saving the most you can.