Insurance rates have increased drastically for many of us in the last few years. According to Consumer Reports, here are a few things to consider to bring down the cost of your premiums.

• Bundle coverage. Purchasing your homeowners and auto coverage from the same company can provide savings of up to 30 percent overall. 

• Raise your deductible. Higher deductibles equal lower premiums. Going to a $1,000 deductible from $500, for instance, can reduce your premium by a double-digit percentage, the Insurance Information Institute says.

• Make home improvements. Replacing old plumbing and adding a security system and water- or gas-leak detection sensors can each provide insurance savings of 2 to 6 percent or more. Replacing a roof with an impact-resistant one can save up to 35 percent in some states. Cutting back dry brush around dwellings and outbuildings in a fire-prone area can earn you a 5 percent break on your premium.

Be careful when submitting a claim

-Making multiple claims in a short period will probably trigger a rate increase or even cause your insurer to not renew your policy.

-Avoid making claims of just a few hundred dollars above the deductible. Doing so might erase discounts you’re getting for remaining claim-free. Discuss the pros and cons with your insurance agent before you report a claim.

What Do I Do If My Homeowners Insurance Company Drops Me?

Insurers drop customers for a variety of reasons. There are several ways that can happen.

 

• Nonrenewal: Your insurer can decide not to renew your policy after it expires. Sometimes that has to do with your filing too many claims; even small claims are red flags if they’re filed too frequently. But your insurer also can decline to renew you for reasons that have nothing to do with you—for example, if it has determined that it’s no longer making a profit insuring homeowners in your area. Typically your insurer will give you at least 30 days’ notice if it’s not renewing your policy.