Whether you’re a first-time buyer or have been making mortgage payments for some time, protecting your house from the unexpected is a top priority. Homeowners insurance provides security from the costs associated with property damage, injuries, and other perils. Here are several tips for reducing your premiums so that you can affordably protect your household. 

How to Lower Your Homeowners Insurance Payments

1. Seek Discounts

Many insurance providers offer discounts that will reduce your premiums. These include installing fire alarms and carbon monoxide detectors. Equipping your home with security systems, such as video cameras, burglar alarms, motion lighting, and deadbolt locks may also make you eligible for discounts.

Other homeowners insurance providers will reward clients who have been with them for a certain number of years. Ask your carrier about the financial incentives you qualify for. 

2. Bundle Coverage

Reduce premiums by purchasing all of your insurance policies with one provider. You may be eligible for lower rates if you have homeowners, auto, life, and other plans bundled with the same insurance carrier. Compare the premiums when bundling the policies with different providers to determine the best option.  

3. Change the Payment Schedule

Instead of monthly insurance payments, consider making one payment for the year. By doing so, some homeowners insurance companies will reduce your premiums. Other carriers will shave a few extra dollars off if you sign up for automatic payments that are deducted from your bank or credit union account each month.

4. Increase Your Deductible

If affordable, raise the deductible to lower the premiums. By going from $100 to $500 or more, the savings could be worth the increase. Because the deductible is the amount of out-of-pocket costs paid before a homeowners insurance company picks up the rest of the tab, ensure you have enough savings to cover the higher deductible if you need to file a claim.

For affordable coverage designed to protect your home, contact Crothers Insurance Agency in Rising Sun, MD. Founded in 1933, the family-owned firm serves most of Cecil County and part of Pennsylvania and Delaware by offering clients customized plans through its partnership with some of the nation’s leading homeowners insurance carriers. For free, no-obligation rate quotes, call (410) 658-5200, message them on their website.