If you've made a new year's resolution to cut down on your household spending but are finding it to be a bit of a challenge, it might be time to think about your monthly expense for insuring your home. The rate that you pay for your home insurance can fluctuate from year to year, but there are a number of steps that you can take to cut down on the amount you pay right away. You don't need to tell your provider that you're taking your business elsewhere to find a better rate. Stick with your current company but make these changes and you'll have a lower bill before long.

Make The Home More Secure

If you're willing to spend a little money on your home up front, this investment will translate into lower insurance bills month after month. Making your home more secure is an effective way to get a premium reduction. Installing a home security system is one solution, but you can also think about putting in a sprinkler system and adding a carbon monoxide detector on each floor of the home. If you have an old home, talk to your agent about the upgrades you can make to reduce your insurance rate. Often, replacing some or all of the wiring can lead to savings.

Ask About Discounts

Home insurance clients can obtain a variety of different discounts in their rates just by asking. While your company will often apply these discounts automatically, there are instances in which the company might not be aware of a change you've made that could translate into savings for you. For example, if you've recently quit smoking, report this information to your agent and you'll be in line for a discount. Many agencies also provide discounts when the homeowner retires; he or she will be at home more and theoretically be able to catch any issues, such as a flood or a fire, promptly compared to being away at work all day.

Evaluate High-Value Possessions

If you've made a change to your insurance policy because of the purchase of several high-value possessions over the years, it's beneficial to reassess their value periodically. If any of these items have dropped in value (or you've gotten rid of them) you might be paying more for your insurance than necessary. Determine the value of any of these items, report your findings to your home insurance agent and see if you're in line for a rate drop.