You can’t go without home insurance, but you also don’t have to pay for more than you need. There are several easy tips and tricks for lowering the cost of your policy today.

A good home insurance policy is essential for your peace of mind. At the same time, it can also get a little pricey. If you feel that your policy is too expensive or you have been doing some budgeting and looking for ways to save money, here are some steps you can take to reduce your home insurance premiums.

Bundle Your Insurance

Insurance companies like getting more of your business and will offer incentives for purchasing more than one policy from them. Many homeowners bundle their home and car insurance with one provider for a nice discount. If you have an RV or a cottage, you may be able to take advantage of even more package deals.

Don’t Insure More Than You Need

Complete an inventory of your possessions and their worth and compare the total to the amount of your insurance coverage. Personal property coverage is usually an arbitrary amount based on a percentage of the cost of the house, and it may be well over and above what you actually need.

Conversely, taking an inventory can help you catch if you are underinsured, which is something you don’t want to find out for the first time when making a claim.

Don’t Pay for Unnecessary Coverage

Home insurance policies will also sometimes include coverage that you don’t need or that doesn’t apply to the property, such as structures like a garage or a shed. Take a close look at your policy and see if you can opt out of any unnecessary types of coverage.

Install a Monitored Alarm System

Insurance is all about calculating risk, and your home will be seen as less of a burglary risk if you install an alarm system. However, in order for an alarm system to reduce your insurance premiums, most insurance companies will stipulate that the system must be monitored by a reputable third party. You’ll need to make an initial investment, but the savings and the protection may be worth it.

Increase Your Deductible

Just as with any insurance policy, you can lower your premiums by raising the amount of deductible you are willing to pay in case of a claim. Going from a standard deductible of around $1,000 up to $2,500, for example, should see a meaningful premium reduction. However, be sure you only raise your deductible to an amount you can comfortably afford and ideally have put away so that you don’t put yourself in a difficult financial position if you need to make a claim.

Pay Your Premiums Annually

If your insurance allows you to pay for your policy on an annual rather than a monthly basis, you could end up saving a pretty penny on the monthly interest charges. Plus, the one-and-done payment means you won’t have to worry about making any more payments throughout the rest of the year.

Chances are that there is at least somewhere you can save on your home insurance. By taking a closer look at your policy and considering some of the tips above, you can get the most value out of your money while ensuring that your home stays fully protected.