Ways to decrease your homeowner’s insurance

If you are a homeowner, you also have homeowner’s insurance to protect your home and valuables. Insurance premiums can vary according to location, and often times can be costly. But there are some simple things you can do to lower your rates and save money:

1. Install a home security system
Home alarm companies recognize that home security systems reduce theft and home invasions. By installing a home alarm system with a monitoring service you can lower your homeowner’s insurance premiums by up to 20%. Check with companies such as ADT, Broadview Security or APX Alarm who all offer premium reductions.

2. Install additional smoke alarms
New homes come with smoke alarms, but by installing additional smoke alarms in older homes, you can reduce your rates by 5-10%. Home alarm companies also offer fire and smoke detection services which can not only reduce your premiums but save your life in case of a fire.

3. Look for multiple policy discounts
Some insurance companies will offer a discount if you have more than one policy with their company. See if your homeowner’s insurance company also offers auto or life insurance which can usually save you up to 10% on a combined policy.

4. Review your policy annually
It’s a good idea to review your insurance policy once a year and compare with other companies to see if there is a better rate available. If you have made any changes (such as added a burglar alarm), an annual review is the time to address those changes which could lower your premiums.

5. Be careful of recreational risks
Trampolines, swimming pools and hot tubs will almost always raise your damage liability premiums because of the high rate of injuries and death. If these recreational additions are important to you, consider building a fence around your pool, or installing a safety net around your trampoline, to help mitigate the additional costs.

6. Raise your deductible
The higher the deductible, the lower your homeowner’s insurance premiums will be. However, be prepared to absorb the cost of smaller claims such as a broken window or leaky pipe. Raising your deductible too high may not be worth it for an older home that needs constant maintenance and repairs.