Any way you can save money is always a good thing, especially when you don’t have to sacrifice quality. There are a few tips and tricks of the trade that could save you a little bit of money on your homeowners’ insurance.
- Shop Around
One of the best things about going through an independent insurance agency is that we do the shopping around for you. Not all carriers estimate the same cost for the same homeowner.
- Security Alarm System
If your home does not have an alarm system, with or without cameras, you should consider adding a security alarm system. Since having a system can reduce risk of burglary and increase the response time of police and the fire department, many homeowner insurance carriers provide a discount or lower rate for those who have a security system.
Make sure your home is properly weatherproofed against storms and high winds. Homes with fewer trees in close proximity and that have strong windows or roofing are seen as a lower risk to insurance companies.
Newer roofs, plumbing, and electrical also make insurance companies happy. These can be major contributors to insurance claims and newer, updated roofing, pipes and wires are less likely to fail or cause issues.
- Smoke Detectors
Some carriers provide discounts to homeowners who install smoke, gas, carbon monoxide, or water leak sensors. Having these installed can also reduce your risk for filing a claim
- Be Green
Homes that are certified “green” by LEED may qualify for a discount of up to 5%. If the home isn’t currently at the “green” standard, making the changes yourself can help you get this discount and save on your energy bill as well. Some may even qualify for a tax break for going green too!
- Gated Community
If you live in a gated community or there is restricted access to your home, then you may qualify for a discount from certain carriers because your home has a reduced risk for burglary.
- No Claims
If you have never filled a claim, and have owned your home for several years, you may be eligible for a “no claim” discount. If your provider doesn’t offer this, then shop around for one that does and see if they can provide better rates. You may not always be lucky enough to not have to file a claim, but you can avoid filing one if repairs to your home are within your budget.
- HOA Discount
Living in a HOA community may provide additional benefits you never considered. HOAs are great at ensuring a well-maintained community and insurance companies may see this as a reduced risk for claims and offer lower rates.
Smokers may pay more in homeowners’ insurance because of the increase risk for fire or smoke damage to the home.
Retirees may be give lower or a special discount on their homeowners’ insurance. Typically, insurance companies estimate that retirees are home more often during the day, which is a deterrent for crime, and they will notice repairs that are needed sooner.
- Good Credit
Those with good credit are typically given lower rates for car insurance, this is also true for other types of insurance like homeowners’ insurance. Those with good credit are seen as more reliable and are rewarded for such.
- Bundle Discount
Check with your current auto insurance or life insurance carrier to see if they also provide homeowners’ insurance. Most carriers will give their customers a discount if they “bundle” multiple policies with them.