Reduce Your Home Insurance Premium With These Three Tips

It's always desirable to reduce the amount of your monthly bills. So, the next time your home insurance policy is set to renew, take some time to speak to your insurance company agent about some changes that you can make to lower your premium. While shopping around and comparing quotes from different companies can be effective, this strategy also consumes plenty of your time. If you've been happy with the level of service that your company has provided, stick with it but make some changes to give you more money in your pocket each month. Here are three areas you can explore.

Raise Your Deductible

If you're the type of person who never makes an insurance claim following a minor issue with your home—perhaps favoring to just deal with the issue yourself—it can be an effective strategy to consider raising your deductible. After all, if you don't have a track record of paying a $500 deductible, not paying a $1,000 deductible is no different, except for the fact that this simple change can lower your premium. Talk to your insurance agent (like those at Southern Family Insurance) about the premium changes you'd experience through adjusting your deductible. Remember, though, that you should never raise your deductible if having to pay it would financially stress you. Only make this change if it's feasible.

Make Your Home More Secure

Part of your insurance policy protects your home against theft. By making your home more secure, you can often save money on your premium because the insurance company knows that your home is less likely to be burgled. Talk to your insurance company about what specific changes will have the most financial impact. Having a home security system installed, for example, is an easy way to save money on your premium. Other preventative measures, such as motion-activated outdoor lights and impact-resistance film over your windows can also translate into cost savings.

Switch To Annual Payments

If you look on your home insurance statement, you'll often see that it's advantageous to pay one lump sum annually instead of paying monthly. Should this information not be apparent, speak to your agent to determine the difference you're paying by making monthly payments. If it's significant, consider the state of your finances to determine if paying at the start of the year would be feasible. If so, this simple strategy could translate into a sizable amount of money kept in your pocket.