Home Insurance Discounts you need to know about:
Did you know that there are certain auto insurance discounts that you may qualify for? These vary from one insurance company to another, but here are the most common discounts.
1. Multi-policy discount: You could get a discount for getting your home and auto insurance from the same insurance company (this is called bundling.) Bundling your home and auto insurance is something to consider, although you should still shop around for the best rates possible.
2. Loyalty discount: Insurance companies value loyalty from their customers. If you have been with the same company long enough it is worth looking into this discount.
3. Being claims-free: Your rates may be lowered if you go a certain amount of time without filing a home insurance claim.
4. Having a monitored burglar system: Many insurance companies offer a reduced price to homeowners with a monitored security system. Burglar systems deter would-be thieves, reducing your chance of being a victim of a break-in.
5. Having a monitored fire alarm system or other fire safety measures: The faster the fire department can respond to a fire, the less damage your home will suffer. You can also get a discount based on the distance of your home to a fire hydrant.
6. Getting an impact-resistant roof or a new roof: Roofs are expensive to repair and replace after a weather event. Having an impact-resistant roof lessens the chance of hail causing damage to your home. Having a new roof, that meets or exceeds hurricane standards will safe you more money in the long run. It is also important to have a recent wind mitigation and roof inspections.
7. Home improvements: Improvements to your home (as well as routine maintenance) will not only add value to your home but it will make your home safer, it will increase the longevity of the structure, and will improve your living conditions.
A few examples of improvements that may qualify for discounts include new wiring, water shutoff devices, new plumbing, and storm-safe windows and shutters.
Before you make any improvements it’s important that you check with your home insurance company for the sake of reducing your premiums.
8. Living in a gated community: Living in a neighborhood that has an extra level of security can help you save money because there’s less chance that your home will be burglarized or vandalized.
9. Mature homeowner’s discount: If you’re retired, chances are you’re at home during the day more often than someone who’s working. Since most burglaries occur during daylight hours while people are at work. Being home creates less of a risk of burglary and fire.
10. Being married or widowed: Your home insurance company may offer a discount if you’re married or if you’re widowed.
11. New home discount: Getting insurance for a new home makes you eligible for a “new customer” discount when you buy the home in the last twelve months.
12. Non-smoker discount: Non-smokers receive a discount because their homes are less likely to be involved in a fire.
13. Sensors for leaks: Technology is constantly improving living conditions in our homes. You might be able to get sensors for water and natural gas leaks. Since time is of the essence when it comes to leaks, the sooner you’re alerted to a leak the better. And some sensors take it one step further and will both alert you and shut off the water if there’s a leak.
14. Having an HOA: Being in a neighborhood with a homeowner’s association (HOA) can get you a discount on your home insurance because HOA communities tend to have high standards for home maintenance.
15. Paying in full: Some homeowners insurance companies will offer a small discount if you pay for your policy in full. It’s a win-win for both parties.