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 of money on your homeowners’ insurance.
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.
If your home does not have an alarm system, with or without cameras, consider adding a security alarm system. Since having a system can reduce the 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 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.
Some carriers provide discounts to homeowners who install smoke, gas, carbon monoxide, or water leak sensors. Having these installed can also reduce your risk of filing a claim; fewer claims may also lead to better rates.
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!
Living in an 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 for homeowners’ insurance because of the increased risk of fire or smoke damage to the home.
Retirees may be given 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.
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.
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.
Speak with an independently licensed home insurance agent to see how you can save on your homeowner's insurance policy.