Making the decision to invest in the purchase of a new home can be exciting. While you want to ensure that your new property is equipped to meet your living needs, you also want to ensure that the house you select is affordable. Many buyers forget to factor homeowners insurance premiums into the monthly costs of owning a home.
If you are looking for some simple ways to reduce your homeowners insurance costs over time, here are three simple things you can do to bring your premiums down.
1. Invest in a security system for your home.
One of the easiest things that you can do to reduce your homeowners insurance costs is add a security system to your home. Having an alarm system that is equipped with motion sensors, video surveillance, and central monitoring can help you better protect your home against crime.
The installation of a security system makes your home less of a risk when it comes to insurance coverage, so your homeowners insurance company may offer you a discount on your premiums that reflects this reduced risk.
2. Increase your deductible.
Another easy way that you can reduce your monthly homeowners insurance premiums is by raising the deductible on your policy. If you don't foresee any serious repairs that need to be made, or you are willing to absorb the cost of minor repairs like fixing a window or replacing some sheetrock, then raising your deductible can be a great option.
Your monthly premiums will be reduced significantly, allowing you to save money on your home ownership costs over time.
3. Bundle your insurance policies.
Most homeowners also have vehicles that must be insured and life insurance policies that provide financial compensation to surviving family members in the event of their death. These insurance products can usually be purchased from the same company that provides your homeowners insurance, and making the choice to bundle your policies could be cost-effective.
By combining your various insurance policies into a single bundled policy, you will see a reduction in the monthly premiums for each individual policy- including your homeowners insurance.
Being able to effectively reduce your monthly homeowners insurance premiums can be a great way to reduce the costs associated with owning your own home. Consider adding a security system, raising your policy's deductible, or bundling your insurance policies to see significant savings on your homeowners insurance costs over time.
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