Tips For Lowering Homeowners Insurance

Here are some tips to lower your homeowners insurance premium, which of course lowers your monthly mortgage payment.

1. A security system which is monitored by a central station or tied directly to a local police department can help lower your insurance by 5% or more.
   
2. Smoke detectors are standard in new homes, but installing additional smoke detectors in older homes can save 10% or more on your premium.
3. Raising your deductible to $500 or $1000 will reduce your premium.
4. Having your auto insurance and home owners insurance with the same company will qualify you for multiple policy discounts.
5. It is a good idea to review your policy once a year to make note of any changes that might lower your premium. Also, some insurance companies automatically increase the value of your home by a certain percentage each year, thereby increasing your premium and sometimes over-insuring.

Of course, you should also review several quotes each year to compare prices.