Homeowners insurance is such a necessity for homeowners that most will just add the amount to the mortgage each month when calculating the family budget. But while you need to maintain insurance on your home, you should realize that it might actually be possible to lower the amount you are paying for that insurance each month without losing too much in the way of benefits. Here are three tips to keep in mind if you'd like to lower your homeowners insurance costs.
Raise Your Deductible
Most homeowners insurance agents will suggest a low deductible to new home owners who might not have a large amount of cash saved up during the early years of the mortgage. But as you build your emergency fund over time, it might make sense to increase your deductible in exchange for lowering your monthly payments. Sure, a higher deductible is a bit of a gamble, but it's worth it if you don't actually end up filing a claim anytime soon. Assuming your savings account is solid, you can increase your deductible and still maintain peace of mind that you'll be OK if something happens.
Install a Professional Security System
Many car owners are aware that getting a professional security system installed in the car can help lower your auto insurance premium. But did you know the same rule applies for many homeowners insurance policies? Reach out to your provider and see if getting a home security system installed entitles you to a lower premium or any other kind of bonus. Advanced security systems that automatically contact the fire or police department as needed may earn you additional savings as well.
Simply Shop Around Every Few Years or At Least Pretend Like You Are
Many homeowners simply select an insurance policy when they close on the house and then never bother looking at it in detail again until they need to make a claim. But you should get into the habit of checking in on your policy every few years even if you haven't had any kind of incident. Your current provider may have added additional discounts that you could be eligible for if you ask about them. Sometimes just calling your insurance agent and asking them to look over your account could also get you a deal. Remember, insurance companies want to keep you as a customer above all else and if you imply that you are looking around for the best deal, the agent may be willing to help you out.
If you'd like to lower your homeowners insurance, sometimes just a simple phone call to your current agent can do the trick. But don't be afraid to look around at local insurance companies in your area to ensure that you have the best deal available. Additional steps could include raising your deductible or inquiring about special discounts like those provided for homes with a security system installed. Reach out to a local homeowners insurance provider today for more information.