Paper family of four under a Life Insurance paper cutout umbrellaInsurance is an important financial safety net. But you cannot deny the fact that it can be very expensive. If you want to save up on the monthly payments you make on your car or home insurance payments, the following strategies may help:

Install a home alarm system

Home alarm systems help ensure that your home is safe and your valuables are protected from criminal elements. They also help make you pay lesser for your monthly homeowner’s insurance payments. While home alarm systems make you pay for a monthly fee, it is lower compared to the savings you will have with the insurance payments. Home alarm systems are even more effective if you have an extra battery for alarm.

Ask for higher insurance deductibles

When it comes to car insurance, requesting for higher insurance deductibles may seem like the antithesis of your goal of reducing the monthly insurance payments, but it actually makes sense. Deductibles, after all, are payments done before the insurance policy starts taking effect. Think of it as paying a higher down payment so that the monthly payments will be lower.

Refinance your mortgage

For almost all types of mortgages, refinancing is an option that can make monthly insurance payments lower. This is done through getting another loan that has a lower interest rate. This does not mean you will have a higher payment. The second loan will be used to pay off the first loan, which means you will pay lower.

Enjoy the benefits of low mileage discounts

For car drivers who want to get insurance, there are companies that offer discounts for those who covered a shorter distance compared to the average miles per year. This is a brilliant way to save on insurance payments.

Paying off a lower insurance payment every month is easy. You just have to think outside the box and follow these recommendations. Ask your financial adviser or lender for any other options.