Taking some time to seriously evaluate your household bills and make changes to your spending habits can help you have more money in the bank account at the end of the month. If you're finding that you have trouble lowering your grocery bills and no luck keeping your utility bills low, one bill to which you should give consideration is your home insurance bill. A handful of home- and insurance-related changes can help you lower this bill significantly. Whether you want to spend some money up front or would rather just talk to your agent about some changes to the policy, a little effort will lower this bill considerably.
Home Security
Exploring security systems can be beneficial to your insurance rate. Not having a home security system triples the risk of a burglar breaking into your home. By getting a system installed, however, you're statistically deceasing your odds of having a break-in, which is something your insurance provider will see as favorable. In fact, the installation of a monitored security system in your home can translate into as much as a 20 percent reduction in your home insurance premium. While there is an initial charge to having this work done and you can also expect to pay a monthly fee, it still saves you money in the long term.
Putting Policies Together
If you've ever experienced a rate reduction in your technology bills by combining your cellphone, Internet provider, and TV provider onto the same account, you know the benefit of bundling. The same approach often holds true in the world of insurance. If you have other insurance policies with other companies, such as auto insurance, cottage insurance, life insurance, or even insurance on a recreational vehicle such as a boat, grouping these policies onto your home insurance policy will save you money. Although you should watch for any cancellation fees that could arise from leaving an insurance company before the end of your term, this grouping approach is beneficial to discuss with your agent.
Deductible Increase
One of the simplest ways to lower the amount that you pay for your homeowner insurance is to ask for the agent to increase your deductible. This change isn't one that affects your day-to-day life; many homeowners go years on end without making an insurance claim. Provided you feel financially comfortable with this decision, a deductible increase within your means will lower your insurance premium.
Share24 August 2015
