A burglar alarm that is monitored by a central station, or that is tied directly to a local police station, can help lower a homeowner’s annual premiums by 5% or more. To obtain this discount, the homeowner will typically be required to provide the insurance company with proof of central monitoring.

Smoke alarms are another way to reduce your homeowners’ insurance premiums. While these are standard in most new houses, installing them in older homes can save the homeowner 10% or more in annual premiums. Some insurance companies will also give further discounts if the you install additional smoke detectors. In addition to premium discounts, in case of fire, they could save your life!

Like health insurance or car insurance, the higher the deductible the homeowner chooses, the lower the annual premiums will be. The catch? Smaller claims such as broken windows or damaged sheetrock from a leaky pipe, which typically will cost only a few hundred dollars to fix, will most likely be absorbed by the homeowner.