Are you looking for a way to cut back on spending, and want to see if you can do anything to reduce your home insurance premiums? You'll definitely want to know the following tips that can help you reduce this big annual bill.

Increase The Deductible  

One of the easiest ways to lower your home insurance premium is to increase your deductible. If you are not quite sure what your deductible is, know that it is the amount that you need to pay each time you make a claim with your insurance provider. Once you've paid that deductible the home insurance policy will cover the rest of the bills for the damages you are making a claim for. 

Deductible amounts vary between different insurance providers but expect to see options like $500, $1,000, and $2,000. Just make sure that you have the cash on hand to pay your deductible in case you need to use your insurance. If you don't have $2,000 on hand, you won't be able to pay the required amount to get your insurance company to pay the rest. 

Inform The Insurance Provider Of Upgrades

Have you made upgrades to your home over the years, and you've never told your insurance provider about them? Now may be the time to do so. There are several types of home upgrades that can actually lower your insurance premium, which is because they lower the risk of your home being damaged or prevent someone from breaking in.

Some common upgrades worth mentioning are adding a security system to your home that is monitored by a professional, or adding deadbolts to your exterior doors instead of just having knob locks. If you had to put on a new roof and upgrade to a fire-resistant material like metal, that would definitely be worth mentioning because it reduces the chance of your home being seriously damaged by a fire. 

Avoid Making Small Claims

It may seem like an odd decision to not use your home insurance policy, but sometimes it makes sense to just pay for things completely out of your own pocket. This is because filing claims makes your home seem riskier to insurance, and your rates can increase because of it. If you have a relatively small claim, such as roof damage that is only a little bit more than your deductible, it could be a good idea to leave the insurance company out of it so that you see long-term savings. 

Speak to a home insurance agent to learn more.