Three Simple Changes That Can Reduce Your Home Insurance Premium

Posted on: 15 July 2015

Although you can't put a price on the importance of home insurance, you can make some simple changes to reduce the amount you pay each month. The next time your home insurance policy comes up for renewal, skip the idea of shopping around for a lower rate and, instead, talk to your insurance agent and ask how a number of different factors can lower your premium. The changes you make don't have to be major -- often, a minor change that has little consequence on how you live your day-to-day life can save a significant amount of money. Here are three changes to make.

1. Raise Your Deductible

Increasing your deductible is a simple way to lessen your home insurance premium that won't have much impact on your life except for in rare circumstances. If you're the type of person who has made very infrequent insurance claims, a higher deductible can often be an effective way to save money. Take stock of your financial situation and make a realistic decision about how much you could afford to pay in the event of making a claim. Compare that number to your current deductible and talk to your insurance agent to determine the overall premium difference that the increased deducible would generate.

2. Protect Your Home

If you don't currently have a home security system installed, you'll likely receive a reduction in your insurance premium if you protect your home in this manner. Before you choose to install any of the myriad systems available on the market, speak to your insurance agent to determine not only the premium reduction the company offers for homes with security systems, but also if you can save more money by having a certain type of system installed. For example, a "smart" home monitoring system includes not only security features but also cameras throughout the home. This advanced setup might lead to a greater premium reduction than a basic system.

3. Bundle Your Policies

It's always an effective cost-saving strategy to group all your insurance policies together, as many companies offer significant discounts for clients who take this approach. If you've never bothered to transfer your vehicle insurance, boat insurance or cottage insurance onto the same plan as your home insurance, now's the time to find out how much making this change would save you per month. Making this change is doubly advantageous because you'll be able to make one payment per month rather than worry about multiple bills.

To learn more, contact a home insurance company like Olympic Northwest Insurance

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