4 Tips to Save Money on Your Homeowners Insurance in Nashville When you’re looking to save a bit more money from your paycheck, how often do you look at your insurance policies? Since insurance is mandatory, many don’t think to look at their policies as a potential for a reduced expense. Without sacrificing coverage though, there are several ways to reduce your monthly premiums. Here are four of the ways you can begin doing now.
Deductables First, raise your deductible. Your monthly premiums increase the lower your deductible. Conversely, they decrease as you raise your deductible. If you can put aside the right amount of money to cover a higher deductible and swear to never use it for anything else, then you can make changes to reduce your monthly premium as soon as possible. Contact your Nashville homeowners insurance provider to find out how your premiums would adjust at higher deductibles. Compare multiple options to find out what would work best for you.
Security Systems Second, get a security system and smoke alarms. Immediately, this will seem like a more expensive endeavor, especially since the security system will cost you a monthly premium as well. Overall though, your Nashville homeowners insurance premiums will drop when you show them proof of security. Not only are you making an investment in the security of your home, but you also see financial improvements on the insurance end. Smoke alarms are a little more forgiving. They offer a one-time purchase benefit if you don’t already have them installed in your home. Your insurance company could also lower rates when you install smoke alarms throughout the house. See what options are available from your provider.
Your Mortgage
Third, make an added effort to pay off your mortgage. Although mortgages sometimes seem like the insurmountable mountain rising miles above your head, perhaps there’s something more you could be doing to pay off that mortgage sooner. As soon as you own your house outright, insurance companies assume you’ll take better care of the house than you would if you still owed money on it. Are they right? If so, strive to prove it to your homeowners insurance provider in Nashville. You could start saving more quickly.
Reassess the Market Continually Fourth, continually reassess the market. Too often, people simply grow comfortable in the policies they purchased years ago. Many times, this means that they are spending far too much money on their Nashville homeowners insurance. At least once a year, take an inventory of prices for the same coverage from other companies. See what the competition is offering. Perhaps it’s time to transfer to a new insurance provider. A transfer between providers is often a lot easier than transferring phone, cable, or security system providers. Use that flexibility to your advantage. A word of warning though, you will also be better taken care of by an insurance company when they see that you’ve been with a previous company for a long period of time. Longevity is always given special considerations. Raising your deductible, installing a security system, paying off your mortgage, and always looking for better deals will help you begin saving money on your Nashville homeowners insurance. You’ll wonder why you didn’t do it before. Photo Credit: BrutalSoCal, ThinkPanama