Ways to Reduce Home Insurance Costs?

by Geeta Bagga

Category: Things everyone should know…

Faced with challenging economic conditions, and salaries not moving at the same rate as inflation, it becomes increasingly important to look for ways to cut costs. One avenue worth exploring to scavenge for some additional savings is in the cost of home insurance.

Letting your home insurance provider know about changes you've made at home could help reduce your premiums by up to 40%. Ask your provider about discounts when you: - Add an alarm system: Discounts here ranges from five to 15 per cent; you could even save more if your system is connected to a monitoring agency. - Mount dead bolts to exterior doors. - Update the heating system, electrical system, plumbing or roof. - Remove a wood stove. You may be paying a surcharge that could be deducted. - Turn 51. - Pay off your mortgage. - Purchase your home and auto insurance from one provider. - Buy online. Some insurance companies offer discounts for insurance policies initiated online. - You might also consider increasing your deductible. For example, going from $500 to $1000 can result in a fairly substantial decrease in your premiums.

It's not about being frugal as much as it is about being smart with your money. Why would you pay anyone anymore than you have to? Contact your home insurer: you may be richer than you think.