It is not uncommon for homeowners to pay premiums on their houses without realizing that there are discounts available. You may qualify for some of these discounts right now. The following are only a few ways you may be able to reduce your insurance premiums.
Your marital or family status has changed
If you were single when you purchased your home but now are married, most insurance companies will give you a discount. If your children are grown and have moved out, your insurance premiums are likely to drop due to less liability. You have to remember to contact your agent about changes in your family to see if you are entitled to a discount.
You can install security systems for theft and vandalism
Having a burglar alarm is a good idea in general; however, there are specific systems that your insurance company will offer a discount for. You may be able to get a discount for something as simple as flood lights with motion detectors.
You can reduce the risk of fire and weather damage
Although smoke detectors are something that every home should have, you can go much further than this. Fire-retardant shingles for your roof are important. If your home is ready for a new roof, you should ask an insurance agent which materials will bring down your premiums. If you live in an area that is subject to storms, you want to choose roofing materials that are resistant to wind and the impact of debris.
You have never filed any claims
There is a certain elevated risk associated with a homeowner that has filed a claim, at least a substantial one. But if you have been with the same insurance provider for many years without filing a claim, you should be given a discount for this. In addition, many insurance companies offer discounts for simply being a policyholder for a certain number of years. This is often referred to as a loyalty discount.
Combining both your homeowners and auto insurance policies
You can ask your current insurance company if they offer a discount for combining your home and auto insurance. But be careful because their auto insurance, even with a discount, may be higher than your current auto premiums. And don't forget to inquire with your current auto insurance provider. They may offer homeowners insurance and give you a discount for insuring your home with them. In order to get the best discount, you will need to get a combined quote from both companies.
To get a reduction in your premiums, you should start with your current homeowners insurance provider and ask about all the discounts they offer. But after this, you then need to get additional quotes from other insurance companies and ask about their discounts. Not all insurance companies will offer the same discounts.
For more information, contact an agency like Angel Auto Insurance.
After we purchased our first home, we realized that it might be a good idea to evaluate our insurance coverage. Although we had purchased homeowners insurance before, we had never owned a policy as large as the one we would need for our new place. Also, our new home had a trampoline and a swimming pool, which made us worried about liability. To iron out the details, I decided to meet with our insurance agent. We talked about things like monthly premiums, coverage limits, and deductibles, and it was incredible to learn more about the terminology. This blog is designed to help you with the same types of questions.