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Is Homeowners Insurance Negotiable?

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 | February 21, 2019

If you have a mortgage, the answer to the question “is homeowners insurance negotiable?” is easy. It’s not. It’s something your lender will require you to have to help protect one of your biggest investments. If you don’t have a mortgage, homeowners insurance provides valuable coverage in the event of a disaster and is definitely worth considering. While getting a policy most likely isn’t negotiable, many parts of the policy can be and those negotiations can affect the price.

Working with an insurance agent to make changes to your policy or quote will lead to changes in premium. You have a level of control over the insurer you use, the coverage you’re getting, and how much you’re paying. It’s your home and your wallet, so don’t take it lightly.

Let’s get you the greatest coverage at the lowest price—starting now! So how do you negotiate homeowners insurance?

Know what you want.

A major mistake that a lot of people make when shopping for homeowners insurance is going in blind. They wait for the insurer to tell them what kind of coverage they could need or want. While an InsuraMatch insurance advisor will have your needs at heart and will be working on your behalf to help you shop multiple carriers for the best policy, knowing your own preferences and what’s most important to you when it comes to protecting your home and personal property will go a long way in making sure your insurance agent is considering all of your needs.

You should have an idea of the coverage and limits you want before you even consider talking directly to an insurance company. If you’re not sure where to start, an insurance advisor can help you determine how much it would cost to rebuild and can walk you through determining how much your belongings may be worth (though you can know for sure by taking a home inventory with one of these top home inventory apps).

So what should you know going into the process?

  • Square footage of home
  • Description of house
  • Additional structures
  • Location/geography
  • Distance from emergency services
  • Security devices and safety features
  • Types of coverage desired
  • How much your personal property is worth and if you have any high-value items
  • Coverage limits desired

Learn more: Things to get insurance riders for as a homeowner

Preparation is key. Understanding what you need from your homeowners insurance will ensure you’re fully covered while also demonstrating to your agent that you’re knowledgeable in the insurance world (and you won’t take just anything that comes you’re way).

Want an easy way to prep? Talk to an InsuraMatch insurance advisor at (877) 469-5447, who will walk through each step with you to determine the best kinds of policies for your needs.

Shop around.

Before you can enter into a “negotiation,” you need to have support on the price. We recommend that you shop around to compare different rates and quotes from a variety of home insurers. Make sure you’re comparing the same sort of plans and giving each company the same information to make a fair evaluation.

Comparison shopping helps you determine the average cost currently on the market for your desired coverage. Then, you can go to your desired carrier and show them the other quotes you’ve received to use as a negotiation starting point.

For example, let’s say that A Insurance quotes your policy at $150 monthly premium and B Insure quotes you at $100. You can show A Insurance the lower quote to see if they will match the premium cost or offer you better coverage.

Shopping around will give you an idea of different insurers is in general. Look at reviews and previous client reports to ensure the insurance company has a good reputation for service and claim payouts. Don’t just look at price. See our quick and dirty guide to comparison quote shopping here

Ultimately, comparison shopping for homeowners insurance arms you with quotes that you can leverage to get the best price, policy, and service. Even better, if you shop through an independent insurance agency, like InsuraMatch, an agent can quickly and easily do the shopping around on your behalf, saving you time and money.

Raise your deductible.

If your premium is higher than you’d like it to be, consider negotiating it down by changing your deductible. Most insurers require a minimum $500 or $1,000 homeowners’ deductible for property damage. If you request to raise the deductible, your monthly costs will likely decrease.

But you don’t want to raise your deductible too high, or you could end up in a financial mess if something were to happen to your home. You want to be aware of this balancing act so you don’t hurt yourself in the short-term or long-term.

Learn how to handle your homeowners’ insurance deductible here: Should I Have A $1,000 Deductible On My Homeowners’ Insurance?

Negotiate other discounts.

Some insurers will offer additional discounts on your homeowners’ policy, like safety or disaster-proof discounts. But some insurers will only provide these if you ask. So, when comparing different insurers, make sure you ask what kind of discounts they’ll offer and how much this would save you on your premiums.

For example, do they offer a safety discount if you install a home security system? Will you pay a lower premium if you install hurricane-proof shutters and doors?

Check out these 11 safety features that can lower your homeowners insurance premiums to start saving.

Know your credit score and history.

Some insurers will look at your credit score and previous homeowners insurance history to determine your quote. For example, if you made five claims in one year on your previous homeowners’ policy, your premiums will likely be much higher than someone who has never made a claim.

You want to understand your position coming into the negotiation. Knowing where you stand can give you a stronger foothold when working with an insurer. 

Working with InsuraMatch can help you find the best quotes, even if your credit score and insurance history aren’t as strong as you’d like it to be. We know which companies offer the best solutions for people in your situation.

Work out a bundle deal.

Most insurance companies and agencies will give you a discount for bundling your home and auto policies with them. But, before bundling, go through the same negotiation process you would for just a homeowners policy. Know your auto and home insurance needs, compare different bundled rates, and come at it with a clear head. Just because the bundle provides a discount doesn’t mean you should accept it without considering other options.

See the benefits of bundling here or call an InsuraMatch insurance advisor today to see how much bundling can help you save.

Use an agent.

If the negotiation process seems overwhelming to you, that’s okay! That’s why InsuraMatch was founded. Our advisors are here to help you find the best coverage from the best carrier.

Unlike some other agents, we aren’t bound to a single carrier. We’re independent, which means we will offer multiple quotes from a variety of insurers—and we’ll even work with those companies on your behalf. We tailor our recommendations to fit your needs, because we know that insurance isn’t a one-size-fits-all.


Get in touch with an InsuraMatch insurance advisor now at (877) 469-5447 to start finding your perfect homeowners insurance quickly and painlessly!

Don’t wanna hop on the phone just yet? Request a quote online:

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