Whether your home is large or small, homeowners insurance is vital to ensuring that your financial risk stays low. But, you're probably always on the lookout for ways to lower its cost as well. The good news is that it can be done. Here are 5 ways to reduce your monthly bill:
Many insurance companies will give a discount on your premium if you add monitored burglar alarms to your property. You may be called upon to show a bill from the alarm company proving that you're currently covered. In addition, be sure you have sufficient, functional smoke detectors in the home and ask for a discount for doing so.
Cover a Higher Deductible
Raising your deductible (the part you pay before coverage kicks in) will lower just about any insurance premium, including homeowners. But you need to be sure you can cover a higher cost if something happens. The best way to do this is to save up the deductible in an account you can easily access in an emergency. Wait to raise the deductible until you're on sufficiently stable financial ground to cover it.
Know How Remodeling Changes Things
Before starting out on a big remodel project, talk with your insurance agent to see how the new additions or alterations might affect your coverage or monthly costs. Adding a swimming pool, for example, may increase your premiums because it adds a level of risk and a large new asset. However, certain building materials that are non-flammable (like concrete) can make insurance cheaper.
Rather than just pay your new bill when it comes in annually, work with your insurance agent to do a little shopping around before deciding. You may find that you can get similar coverage from a lesser-known company, for example, in some situations. Review coverage options and riders with your agent as well, to make sure you aren't paying for something you no longer need.
Getting your insurance needs covered by one company or one agent often nets you a multiple policy discount of up to 15%. Look through your records to determine what insurance policies you currently carry--including various drivers and cars in the household, business insurance, long term care or health insurance, and accident coverage--and bring your agent information on the coverage and costs. You may be able to reduce your costs by bundling several together and even make your bills easier to pay each month.
By spending a little time or money educating yourself on the ways various parts of your life affect your homeowner's insurance bill, you may be able to save significant money each month and have even better peace of mind.
Contact a company like Family Insurance Centers for more information and assistance.