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5 Ways to Save on Insurance in the New Year

saveIf one of your New Years resolutions is to save money, you’re in luck! One of the smartest ways to save is by reviewing your insurance policies to see how and where you can cut costs and save dollars. Here are 5 strategies to get you started:

1) New Years is a time for resolutions and altering your lifestyle can actually qualify you for preferred insurance rates. For example, if you have recently lost weight, stopped smoking, and/or were taken off of certain medications, this can add up to savings on your insurance. Be sure to inform your agent about any changes. Keep in mind that if you’re already healthy and rarely need to visit the doctor, you can save money by simply lowering your premium through a higher insurance deductible.

2) Combining insurance contracts for the same household such as auto, home, health and life insurance, can help you reap significant savings. Ask your agent about multiple-policy discounts and how much “bundling” your policies can save.

3) Installing smoke alarms in your home can save you 10{babbc178be77080b85919e01e8fc05e4d4cf13798276bf03760b167f5df6e3dc} or more in annual insurance premiums. Some companies will also give further discounts if the you install additional smoke detectors. Most importantly, smoke detectors, along with saving money, can also save your life in the event of the fire!

4) Raising your deductible can also lower the cost of your annual premium. Just like health insurance or car insurance, the higher your deductible, the lower the annual premiums. You may need to pay for smaller repairs out of pocket, but if your home is new and/or in good condition, the higher deductible can translate to great savings.

5) Maintaining an alarm system that is either monitored by a central station, or connected directly to a local police station, can help lower your annual insurance premiums by at least 5{babbc178be77080b85919e01e8fc05e4d4cf13798276bf03760b167f5df6e3dc}. You can cash in on these savings by simply providing your insurance company with proof of your security system’s monitoring.