No one likes paying for homeowners insurance. That’s a fact. But if you carry a mortgage, or you live in a state that mandates coverage, it’s a must. Luckily, it doesn’t need to cost you an arm and a leg. Read on for five easy ways you can lower your premium (with minimal effort).

Bundle your policies

Most insurance companies will offer a discount of up to 15% for bundling your policies together. All that means is that you need to purchase 2 or more insurance policies from the same company — and typically, it doesn’t matter what they are. Many people choose to bundle auto and home, but you may want to include an umbrella or life as well.

Utilize personal discounts

Typically, insurance companies will reward you for living well. Why? Because statistically, they are less likely to ever have to pay out a claim if you meet certain criteria. Discounts offered usually include:

  • College educated
  • Non-smoker
  • Married
  • High GPA (for students)
  • Mortgage-free
  • Certain occupations/employers
  • And more

Ask your provider what you qualify for!

Install an alarm system

An alarm system will not only help you feel safer and more secure in your home, but it can save you some serious money in the long run. This discount requires you to shell out some money upfront (for the new alarm), but it usually comes with hefty savings on your monthly premium.

Pay in full

Insurance providers typically offer several different payment options: pay-in-full, pay-in-two, monthly bill, or EFT. Pay-in-full (meaning you pay your entire policy up front, once a year) and pay-in-two (meaning you pay twice a year) typically come with discounts, but the pay-in-full option will save you a bit more.

Switch carriers

Most insurance these days comes with front-loaded discounts. That means the longer you stay with any one company, the more discounts will fall off, and the higher your rate will become. Sometimes it makes sense to switch to a new provider just so you can get another “new customer” discount.