Maintaining insurance on your house is just something that comes with being a homeowner. If you're smart, you'll budget for this insurance at the same time you are negotiating your mortgage. That said, everyone likes to save money and if you feel like you've been paying too much on your current policy, you might be thinking about heading out and getting an insurance quote or two. Regardless of whether you stay with your current insurance provider or switch to a different company, there are a few things you can do that could potentially get you a lower premium. Here are 3 potential ways you could lower your monthly costs on your homeowner's insurance.
Install a Security System
Your homeowner's policy likely provides some protection in the event of a theft on your property. That's one of the reasons why you may be able to get a lower monthly rate if you install a security system in your home. While the biggest discount is often associated with a major install like one that sounds an alarm and calls the police when there's a break in, there might also be discounts available for other smaller alarms. For example, if you install a new carbon monoxide alarm, this might entitle you to another discount as well.
Consider Getting Your Home and Auto Insurance From the Same Company
While you are shopping around for a new homeowner's policy, you might want to inquire about auto insurance as well. Some insurance companies will provide a discount if you insure both your home and your vehicle with them. Don't just call your current auto insurance company though, start fresh and inquire about both policies at each company that you call.
Raise Your Deductible
If you were doing OK but not in amazing financial shape when you first bought your policy, you may have opted for a lower deductible to protect yourself in the event something went wrong. But a lower deductible does translate to a higher monthly premium and if you are now much better off financially, it may be time to reassess your situation. Can you handle raising your deductible by $500? What about by a $1,000? The higher you raise it, the lower your monthly premium will be.
If you want to save some money month to month on your homeowner's insurance, consider carrying your homeowner's and auto policies with the same company or consider raising your deductible or inquiring about a security system discount. For more information, contact your an insurer in your area today for an insurance quote.