Home Insurance Discounts to Keep in Mind

Most of the homeowners are not aware that they can actually avail discounts when they get a home insurance aside from having a security system, a smoke detector or if they have a multiline discount by insuring their homes and vehicles in one company. The truth is property companies have various available credits that can reduce your insurance premium to 25%. These credits are not commonly known but for homeowners who want to save from their home insurance, this article is very helpful to you.

According to insurance companies, they are designed to protect their clients at the same time; they want to help their clients avoid claims. This is the reason why they lower premiums for specific factors. In addition, insurers give discounts so that the homeowners will be encouraged to be extra careful. If you are living in Florida, here are the hidden home credits which may be available in your agent to reduce home insurance cost. Also, it will give you an idea of how much is home insurance in Florida.

Gated Community

Having a gated community means you have peace of mind and so is your insurer because they know that there is an extra layer of security in your home between the owner and home invaders. With this, they may be willing to give you a discount for having a gated community because you lessen their risk. This factor is included under loss mitigation, a gated community means your home is less attractive to home invaders like thieves than those that do not have the same feature. In a bigger perspective where you live often affects the rate of your home insurance. This is logical since some neighborhood face greater risk from theft and vandalism than others but there are cases when living in a gated community in the country actually costs more. Other security factors that can reduce home insurance premium are living near a fire department with quiet, easily accessible, and safe environment compared to a home located in the off beaten path. Remember, your home insurance may cost more if you live many miles away from the closest fire department. If you are living in a gated community, you will have a discount from 5% to 20%.

Home Insurance Discounts to Keep in Mind

New Wiring

New wiring can save lives and money. If you want to scare your insurer, tell him your house has been rewired by your teenage son and expect your premium will be rocket high. The equation is simple; owning a house with old wires can result into fires. According to the Fire Administration, home electrical problems lead to 67,800 home fires and 485 deaths resulting to $868 million property losses. It has been estimated that home wiring causes fires twice than electrical appliances. After reading this, are you considering a new wiring? It all depends on your home’s age so that you can qualify for a wiring credit. If the new wiring is installed correctly, it is much safer and lesser chance of shortages, outages or fires. This factor is an issue of insurance eligibility too because most of the insurance companies are hesitant to write old knob-and-tube wiring but this can definitely limit your options when you get a florida homeowners insurance by county. On the other hand, if you have good or new wiring, credit is up to 10%.

Impact-resistant Roofing

You may not know it but your roof is one of the major concerns of an insurance company. It does not only take the beating of rain, wind, hail and debris from hurricanes but once it is compromised, the cost of damage from an insurance claim will increase dramatically. So it is not surprising that once you have impact-resistant roofing materials, your insurer will never hesitate to offer discounts. Also, these insurers are aware of the many available roofing materials in the market today, they can even provide you with information of the impact resistant standard roofing materials, they are graded as Class 1-4, Class 4 is the sturdiest. In some cases, your insurer may require an inspection from an approved laboratory for testing before they will issue a credit. The upgrade may be deducted on your tax too. Definitely, insurers give discounts for homes with Class 4 roofing materials because it has a very slim chance of damaging homes. The impact resistant roofing will give you a discount of 5%-10%.

Claims-free Credit

Of course, for home insurance companies, having no claims means good news. A credit that is claims-free is the equivalent of a home insurance because the absence of claims makes your insurer’s pocket earn more money and the more good news is that they will pass some of the savings to your premium increasingly. In fact, homeowners who are claims-free enjoy increasing discounts especially for those who have not been claiming for a decade, they get a 20% discount. Nowadays, companies think about the value of longevity as a reward to their clients. A claims-free will save you up to 20%.

Home Insurance Discounts to Keep in Mind

Homeowners Association

It may be strange but some insurers give credit to the company or association you belong. The reason behind this is that the security considerations of communities with the homeowners association and the residents are obliged to properly maintain their homes to meet the association’s requirements. To avail of this discount, you do not have to become a member of a homeowner association. You will still be considered less risky because your neighbors are involved in keeping your place safe from thieves. Becoming a member of a homeowner’s association will give you a discount of 5%-10%.

Home Insurance Discounts to Keep in Mind

These are some of the major discounts that you must know to save money from paying high insurance premium each year. The bottom line in order to avail of home insurance discounts is to keep your home safe from any destruction like natural calamities and fires. If your insurer notices that you put high regard in keeping your home safe, then you will surely enjoy the discounts.

Leave a Reply

Your email address will not be published. Required fields are marked *