Shouldn't my home insurance premium costs be going down?
How can I lower my home insurance premium?
Will a higher deductible lower my home insurance premium?
I've never had an insurance claim. Shouldn't my home insurance costs be going down?
MetLife Auto & Home® is proud to say that we're one of the few insurance companies that offers home insurance premium discounts for customers who are free of claims for certain time periods. But even if you have never had a claim, your home insurance premium costs can still rise over time, although it's likely that they're rising slower than for those who do have claims. That's because premiums are based on a number of factors in addition to loss history, including:
• Your house's age and type of construction.
• How much it will cost to rebuild your home from scratch. (Both the cost of materials and regional labor costs are taken into consideration.)
• The risks of loss associated with where you live. Is there a high risk of wildfires? Hurricanes? Are the burglary rates high? Insurance companies monitor weather patterns, how quickly a fire department can get to a home, how close the nearest hydrant is to a property, as well as loss statistics in your area.
• Fraud. Sadly, increased lawsuits and fraud contribute to rising insurance costs.
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How can I lower my home insurance premium?
MetLife Auto & Home offers many home insurance discounts, which are outlined in our free Home Insurance Discount Guide. You may qualify for premium discounts for the following:
• Fire prevention systems such as automatic sprinkler systems, smoke detectors, and fire extinguishers.
• Theft prevention systems such as central burglar/fire alarms and deadbolt locks.
• Multi-policy discounts. Save money when you have both your auto and home policy with us.
• Homes that are fewer than 10 years old.
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Will a higher deductible lower my home insurance premium?
Absolutely. The higher your deductible, the lower your premium. Always make sure that if a loss does happen that you will be financially prepared to handle a higher deductible. Consult MetLife Auto & Home for free home insurance premium quotes with several different deductibles to see how it affects your premium.
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