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by Indiana Farm Bureau Insurance

How to lower your homeowners insurance premium

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Your home insurance premium pays for the coverage the homeowners insurance policy provides to protect your number one financial asset, your home.  


For many, purchasing a home is the most expensive asset they will purchase in their lifetime. Not only is this asset a major financial investment, but your home contains all your memories and belongings that you cherish. That is why securing a quality homeowners insurance policy is one of the smartest things you can do to protect your home.  


A homeowners insurance policy provides coverage in the event of a covered loss that may damage your home, the belongings inside, as well as liability claims.  


What is home insurance premium? 


Your homeowners insurance premium is the amount charged by the insurance company to the policyholder for homeowners insurance coverage. Your premium amount is based on many rating factors and also depends on the amount of coverage you need or want.  


Factors that affect homeowners insurance premiums 


There are multiple insurance premium factors that can affect homeowners insurance premiums, these include, but are not limited to:  


  • Your chosen deductible, which is the amount you pay out of pocket before your insurance begins to pay  

  • Inflation rate of building materials and labor costs 

  • Your coverage amounts 

  • Additional coverage or endorsements on your policy  

  • The location of the home  

  • The home’s value and how much it would cost to rebuild or repair after a loss  

  • Your home’s age and overall condition  

  • Whether or not you own a security system  

How to lower the premium  


You can lower the cost of the premium on your homeowners insurance policy by qualifying for discounts that the insurance company offers. At Indiana Farm Bureau Insurance, we offer multiple discounts that can help you lower your homeowners insurance cost. These various discounts include:  


We also now offer home and auto insurance bundling, which is the option to purchase multiple products together. Not only is this convenient to have multiple policies with one company, but you can also save money because you will qualify for the multi-line discount. Learn more about how you can save by bundling auto and home insurance today.  


How to calculate homeowners insurance in Indiana? 


It can be difficult to calculate the exact amount of homeowners insurance coverage you need. However, there are ways to have an idea of how much it may cost to repair or replace your home if a covered loss does occur.  

The best way to find out how much it would cost to replace your home is by finding out the average cost per square foot of building a home in the area you reside in. Once you find that average, multiply it by the total square footage of your home.  


Another element you must consider are the belongings inside of your home. You need to consider the value of your personal belongings and do a general estimate of how much all of those items are worth.  


Are you ready to take the next step? Get a free homeowners insurance quote or purchase on our website. You can also contact an agent for more information.  


Benefits of having a homeowners insurance policy with Indiana Farm Bureau Insurance  


Indiana Farm Bureau Insurance offers trustworthy and reliable insurance products and services for all your insurance needs. We have been a leader in Indiana for more than 80 years; there is a reason so many Hoosiers trust Indiana Farm Bureau Insurance.  


The process is as easy as 1, 2, 3  


If you are a first-time homeowner and need an insurance policy, begin by finding a local agent to speak to and help answer your questions. Our agents value quality relationships with the individuals and families they insure and spend time reviewing coverage options and solutions.  


You can expect the conversation a local insurance agent to involve talking about the different coverage options we offer based on your own insurance needs. Our expert agents will provide the best options for you and help to find discounts to help save you money on your insurance premium.  


Once your needs have been identified you will be ready to go, and your agent can help you create the homeowners insurance policy that works for you!  


The claims process  


Accidents and natural causes can impact your home. When the unexpected does occur to your home the next step is to file a claim with your insurance company. This process can vary and the time it takes to resolve the claim may depend on the severity of event, or peril.  


At Indiana Farm Bureau Insurance, we take pride in our superior claims handling experience. Clients can report a claim any time, day or night—24/7. We over several ways to report a claim: in a client’s online account, on our website, through the mobile app, or by calling our Customer Service Center. 


How to switch homeowners insurance? 


If you are looking to switch your homeowners insurance policy to Indiana Farm Bureau Insurance, simply get a quote online, purchase on our website or contact one of our local agents. 

 Protect your home and belongings by purchasing a customizable homeowners insurance policy today.