Did you know that your mortgage payment can change each year? Although your principal and interest (on a fixed rate mortgage) are locked in, your actual mortgage payment can possibly fluctuate up or down based on two variables; taxes and insurance. Each year your tax assessment is likely to adjust to the market, but it’s also possible for your annual homeowner’s insurance premiums to change. If you want that amount to go decrease rather than increase, here are five simple ways to lower your insurance rate.

First and foremost, you should shop around for the most competitive insurance rate possible. Even if you are happy with your current provider, it may prove useful to compare what another provider might do. There are plenty of resources online, but you can seek out an insurance broker also to shop/compare some of their several rates to make sure that you are getting the best deal possible. Compare apples to apples as best as you can to make the most informed decision possible.

As you evaluate your current policy or a new policy, you may want to consider increasing your deductible. One of the quickest and biggest decreases to your premium will likely correlate to your deductible amount. A low deductible equates to one of the largest premiums possible. So, you may want to ask your insurance agent how much you could save if you were to increase your deductible to the highest amount that you are comfortable with if the unthinkable happens. The higher the deductible the more you might be able to save on premiums.

You may also be able to save if you can bundle all of your insurance needs together. Consider utilizing the same company to cover your car, your home, your life insurance, and more. Some companies will offer discounts if you combine two or more policies together. These multi-policy discounts are likely at least a 10 percent discount.

If you currently own the home, you may want to consider either disclosing the home’s current safety features or adding features that’ll save money on insurance premiums. Smoke detectors, deadbolts, and/or security systems may be eligible for home insurance discounts. Not all security systems are eligible for insurance discounts so you may want to check with your agent beforehand to see if a new system will benefit you. Monitored security systems with a direct link to police and/or fire stations are strong candidates for possible insurance discounts.

If you are shopping for a new home, you may want to consider a home that is in close proximity to either fire hydrants or a fire station to reduce your home insurance premium. Insurance providers are all about mitigating their risks and estimating the potential cost if disaster strikes. The closer the home is to a early responders, the lower the insurance costs might be.

These are just a few tricks to lower your homeowners insurance premium. Do your research and evaluate all the possible discounts that you might be eligible for. Don’t allow yourself to be caught off guard by an increasing mortgage payment as a result of something that you might be able to control. You can keep the insurance portion of that payment in check by applying the previous five suggestions to your application. Shopping around for the best possible rate, increasing your deductible, bundling together with other policies, beefing up your home’s security system, and/or find a home near early responders are all likely ways to keep that number down. What are other measures that have you found successful in lowering your home insurance premium?