More than ever, people are looking to trim their budget wherever possible. As a mom, you’ve probably tackled the grocery budget, housekeeping budget, and maybe even the car payment. However, you might be missing a less obvious budget item that can be trimmed — your homeowner’s insurance payment. Try out these five tips and see how much your insurance payment drops:
1. Install a home security system.
A home security system, such as those found at wirelessalarmsystems.com, will not only cause your insurance premiums to drop, it will also help to ensure the safety of your family and all your belongings. You can’t put a price tag on that kind of security. Talk to your insurance broker to find out which discounts are available depending on the home security system you choose.
2. Combine your policies.
Are you purchasing your auto insurance and homeowners insurance from different companies? Contact both of these companies right away and find out how much you can save by combining policies. You could lower your premiums by 5 to 15 percent.
3. Improve your credit score.
In these times, it’s easy to let your credit score slide; however, if you do that, you could wind up paying some serious penalties, including higher premiums on your insurance policies. Most insurance companies today are pricing your premiums according to your credit score. Make sure that all your bills are paid on time — not just your insurance payments — and look for ways to pay down your credit cards. The effort you put into improving your credit score now will pay off huge dividends in the future.
4. Review the value of your possessions.
If you haven’t made any large purchases in a while, you might be paying too much to insure them. Your possessions, especially electronics, have probably depreciated over time, so make sure that your policy accurately reflects their current value.
5. Ask about additional discounts.
Many insurance companies offer a variety of discounts, but you often have to ask specifically about them. Call up your insurance broker and ask if you qualify for additional discounts. Many employers offer discounts on insurance to their employees. If you stay at home with the kids, you might also qualify for additional discounts since you are at home more often than someone who works outside the home, and your house is less likely to be burglarized.
Taking the time today to review your policy and look for additional discounts could save your family a good deal of extra money in the long run.
Samantha A. Gregory is an author, consultant, and speaker. She’s a single-mom lifestyle, money, and parenting expert featured in The Washington Post, The New York Times, Essence Magazine, HuffPost, ABC News, and Mint.com.
Samantha founded the award-winning RichSingleMomma.com™, the first online magazine featuring personal finance, parenting, and personal development content and courses for single moms.
She aims to inspire women who are ready to thrive and not just survive in their single motherhood journey. Connect with her on Instagram @richsinglemomma.
