If you own a home, you hopefully understand that your home insurance is just as necessary a payment every month as your mortgage from the bank. That said, while it is critical to have some protection for your property in case something bad happens, you don't have to spend a fortune if you know how to play your cards right. If you'd like to lower your current monthly home insurance payment, here are a few tips that might help.
Take Advantage of Your Improved Financial Status by Asking for a Higher Deductible
When you first bought your home, you likely took a lower deductible on your home insurance as the house was either brand new or at least brand new to you personally. You wanted to protect your investment and of course, you didn't want to have any unexpected expenses throwing a wrench into your budget if something did go wrong. But if you've owned your home for a decent amount of time, started to pay down mortgage a fair amount and improved the amount of savings you have in the bank, you should be able to choose a higher deductible without too much risk at this point.
Put Everything Under One Roof
Do you have different companies for different kinds of insurance? Most insurance companies will offer you a discount if you get more than one type of insurance from them. For example, if you currently have home insurance with company A and auto insurance with company B, you should see if company A also sells auto insurance. You'll likely get a bundle deal or some kind of loyalty discount that could make it worth your while.
Invest in a Security System
While a security system is an investment, it could actually pay off over time. Many insurance companies offer significant discounts if your home has a state of the art security system installed. Put simply, if you have a system in your home that can call the police or fire department immediately when something goes wrong, your insurance provider will likely feel better about your chances of keeping significant claims to a minimum and will give you a rate that reflects this.
There are plenty of additional ways to try and save money on home insurance like switching to paperless billing or paying annually instead of monthly. For more tips, reach out to a local home insurance provider today.