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Long-Time Homeowners: Smart Ways to Lower Your Homeowners Insurance Premium
December 12, 2024

If you’ve owned your home for a long time, you may have noticed your homeowners insurance premium creeping up year after year. It’s a common scenario – as home values and rebuilding costs rise (and insurers adjust for inflation), premiums increase.
Long-time homeowners might also stick with the same insurer out of habit, potentially missing out on better deals. The good news is, even if you’ve been in your house for decades, you don’t have to accept ever-rising insurance bills.
Here are nine smart ways to reduce your homeowners insurance costs for seasoned homeowners. These tips will help you save money while still keeping the coverage you need to protect the home you’ve worked so hard for.
1. Periodically Shop Your Policy (Don’t Assume Loyalty = Lowest Price)
After many years with one insurer, it’s easy to renew automatically – but you could be overpaying. Insurance companies often reserve the best rates for new customers and gradually raise rates on long-term customers (a practice sometimes called price optimization).
As a result, loyalty can cost you if you never shop around. Every couple of years (or at least every renewal), revisit the market and get competitive quotes. Some homeowners save significant money by switching; in fact, by shopping around, you might find another insurer that can offer the same coverage for hundreds less per year. When getting quotes, use your current coverage as a baseline to compare apples-to-apples.
If you prefer to stay with your current insurer, you can even use a better quote as leverage – ask if they can match or beat it. The key is not to let complacency keep you in an overpriced policy. Your situation may have changed over the years, and another company might now favor your profile (home location, claim history, etc.) and offer a better deal.
2. Claim-Free? Ask for a Discount (and Mind Your Claims)
If you’ve gone years without any homeowners insurance claims, congratulations – you’re likely eligible for a claims-free discount with many insurers. Insurers reward policyholders who haven’t cost them any losses. This discount might be automatic after a certain period, but it’s worth asking about if you don’t see it. For example, some companies reduce premiums after 3-5 claim-free years.
Conversely, if you have had small claims in the past, know that each claim can nudge your premium up. One strategy going forward: avoid filing small claims that you can afford to pay out-of-pocket. Treat your insurance more for disasters than minor fixes.
As a long-time homeowner, you might recall a minor incident (like a $500 broken window) that you claimed early on; had you not, your premium today might be lower. While you can’t change the past, you can be strategic in the future. Maintain that claim-free streak to maximize discounts and keep your base rate low.
3. Leverage Loyalty – or Switch If It Falls Short
Check what loyalty rewards your current insurer offers for long-time customers. Many companies have tiered discounts: e.g. 5% off after 3 years with them, 10% off after 5 years. Ensure you’re receiving any longevity discount if you’ve been loyal. That said, don’t assume a loyalty discount automatically means you have the best price.
Sometimes even with a 10% loyalty discount, another insurer’s quote could be 20% lower. Do a quick price check externally. If you find a much cheaper quote elsewhere, you face a choice: switch for the savings, or see if your current insurer will counter-offer. Some insurers have retention departments that can offer rate reductions or additional discounts to keep you from leaving.
Let them know you’re considering moving on due to price; they may suddenly “find” you better pricing. If not, it might be time to make a change. Remember, the money saved goes directly back into your pocket – and you can always consider switching back later if your original insurer becomes more competitive again.
4. Increase Your Deductible (If Your Finances Allow)
Over the years, hopefully your financial cushion has grown. If you’re in a better position to handle a surprise expense now than when you first bought your home, consider raising your insurance deductible. A higher deductible (the portion you pay on any claim) can significantly cut your premium.
For long-time homeowners who may have started with a $500 deductible years ago, moving to $1,000 or $2,500 can yield substantial savings. You’re effectively self-insuring for smaller losses, which is often a good trade-off after you’ve built up some equity and savings. Always choose a deductible you could pay from an emergency fund comfortably.
For example, if raising the deductible saves you $200 a year in premium, and you haven’t had a claim in a decade, the math likely favors the higher deductible. Just be cautious in regions with frequent small claims (like minor hail damage): if you raise the deductible too high, you might never use your insurance for mid-sized events. It’s about balance – but generally, long-time owners lean towards taking on a bit more risk to save on annual costs.
5. Update Your Home and Notify Your Insurer
Has your home seen improvements or updates over the years? Certain upgrades can reduce your insurance premium, especially if they mitigate risk. For instance, if you replaced an old roof, updated the electrical system, or installed a modern plumbing system, tell your insurer – a new roof or updated utilities lower the chance of damage and may earn you a discount or lower rate on renewal.
Similarly, adding security features (alarm systems, stronger doors/windows) or safety features (smoke/CO2 detectors, sprinkler systems) can qualify for discounts if you didn’t have them before. Even something like installing a water leak detection system or sump pump alarm (to prevent water damage) might help. As homes age, the risk of certain claims (like pipe bursts or roof leaks) goes up, which is priced into your premium. By proactively updating your home’s critical systems, you counteract that aging effect.
During your annual policy review, list any improvements you made and ask your insurer to re-evaluate. You might see savings, or at least prevent a premium hike. Plus, some improvements (like a fortified roof or storm shutters in hurricane zones) could make you eligible for new discounts or even state-sponsored insurance credits that you weren’t getting before.
6. Right-Size Your Coverage
A long-time homeowner’s insurance needs can change over time. Perhaps when you bought the house, you added extra coverage for a valuable art collection or expensive jewelry – but years later, you’ve sold those items or put them in storage. Review your policy limits and riders to make sure you’re not over-insuring certain things.
For example, if your personal property coverage is set extremely high but over the years you’ve decluttered and own less, you might dial that back a bit (though be careful to still cover replacement cost of what you do have). Another scenario: you might have added an endorsement for a home business or specific high-value items that you no longer need.
Removing or reducing unnecessary coverages can trim your premium. However, do not drop essential coverage just to save money. Always maintain enough dwelling coverage to rebuild your home and sufficient liability coverage (at least $300k is often recommended). The goal is to eliminate excess coverage.
One example of right-sizing: if your mortgage is paid off, you no longer need to list a lender on your policy (which doesn’t usually affect cost), but you could potentially opt out of certain coverages the lender required (though most lender-required coverages are basics you’d want anyway). Focus on optional endorsements or inflated coverage levels – bring them in line with your current situation.
7. Fortify Your Home Against Disasters
If you live in an area prone to natural disasters (hurricanes, wildfires, earthquakes, etc.), investing in mitigation measures can pay off in insurance savings – and peace of mind. Long-time homeowners often have seen a thing or two, so you know what hazards are most likely.
Consider upgrades like: storm shutters or impact-resistant windows (for windstorms), clearing brush and installing fire-resistant landscaping (for wildfire zones), retrofitting your foundation and bracing water heaters (for earthquake zones), or installing a sump pump/backflow valve (for flood-prone basements). Insurers sometimes offer substantial premium credits for certified updates or participation in mitigation programs.
In some states, insurers are required to offer discounts if you harden your home against disasters. For example, Florida law mandates discounts for wind mitigation features like hurricane straps and shutters. As a homeowner who’s in it for the long haul, these improvements protect your property and can lock in lower rates. Next time you renovate or replace something, choose the upgrade that also boosts resilience – then inform your insurer. You may both prevent losses and save money each year.
8. Consider Senior or Retiree Discounts
Have you or your spouse recently retired or are you over a certain age threshold? Many insurance companies offer senior discounts or retiree discounts on homeowners insurance. The logic: retirees often stay at home more, which means they can respond to incidents faster (like catching a small fire or leak early), reducing damage.
Also, being home can deter break-ins. For instance, Allstate advertises a discount for customers 55 and older and retired. Typically, you must be both above the age threshold and not actively working full-time to qualify. These discounts can range around 5-10% depending on the insurer.
If you’ve been in your home long enough to reach retirement age, definitely ask your insurer if such a discount exists. It’s an often-overlooked perk. Combine this with a claims-free record and longevity, and you could see a nice drop in premium in your later years of homeownership.
9. Use Credit to Your Advantage (and Kudos for Extra Savings)
Over time, life changes can affect your credit – perhaps you paid off debts, or conversely, your score dipped at some point. Since, as discussed, credit score can influence insurance rates in most states, make sure your insurer has up-to-date information if your credit has improved. You could be re-scored for a better rate. More proactively, continue to maintain strong credit habits: it will help keep your homeowners premium low.
Now, for an immediate win: use a rewards credit card to pay your insurance and earn cashback or points. As a long-time homeowner, you might pay your premium annually in one lump sum (which often already saves installment fees). Charging that $2,000+ payment to a 2% cashback card yields $40+ back – essentially a $40 discount.
Using Kudos can elevate this strategy – the Kudos extension will recommend which of your credit cards maximizes rewards or offers for an insurance payment. Perhaps one of your cards has a quarterly 5% category for insurance or an offer like $50 back if you spend $500 at a certain insurer – these are the perks Kudos can surface. Over years of homeownership, consistently earning rewards on big expenses like insurance is a savvy move.
It’s hassle-free savings: you have to pay the bill anyway, so why not get a kickback? Just be sure to pay your card balance in full to avoid interest, which would wipe out the benefit. With Kudos ensuring you use the optimal card, you’ll chip away at your insurance cost every year.

Frequently Asked Questions (FAQs)
Why does my homeowners insurance premium keep rising over time?
It’s common for insurance costs to increase each year. Inflation in construction costs is a big reason – as the price of labor and materials goes up, it costs more to rebuild homes, so insurers raise premiums to match those higher potential claims. If your insurer automatically increases your dwelling coverage each year (inflation guard), your coverage amount (and thus premium) will go up.
How often should a long-time homeowner re-shop their homeowners insurance?
As a rule of thumb, shop around every 2-3 years, or any time you experience a significant rate jump at renewal that isn’t due to an obvious reason (like adding coverage). Even if your premium seems stable, checking the market every couple of years ensures you’re not missing out on a better deal.
Will making home improvements really lower my insurance?
Certain improvements can, yes. Insurers give their best rates to homes that are low-risk. So if you replace an old roof with a new, more durable one, you become lower risk (less likely to have a roof leak claim) – many insurers will lower your premium or give a one-time credit for a new roof. Upgrading old electrical or plumbing systems reduces fire and water damage risk, which also can be reflected in your rate. Installing a monitored security alarm can nab you a discount (often 2-5%). Even small improvements like adding smoke detectors or fire extinguishers might be worth a slight discount.
What’s one mistake long-time homeowners make with insurance?
A common mistake is failing to update coverage and shopping habits over time. For example, staying with the same insurer out of loyalty without checking competitors (you could be missing out on savings), or not adjusting coverage as your life changes (like paying for riders you no longer need, or not increasing coverage after a major renovation). Another mistake is underestimating your deductible choice: perhaps you’ve kept a $500 deductible for 15 years when you could handle $2,500 now – you missed savings each year by not updating it.
Is it safe to switch insurers after many years with one company?
Yes, switching insurance companies is generally a straightforward process, and your home’s protection won’t lapse if done correctly. There’s often no penalty for leaving your insurer mid-policy; you’ll get a prorated refund for any prepaid premium. The key is to have your new policy lined up to start when the old one cancels so there’s no gap in coverage. Long-time homeowners might worry about losing loyalty perks or starting fresh, but the money you save can outweigh those considerations. Just make sure the new insurer is reputable and offers the same (or better) coverage limits.

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