Home Insurance Savings Tips
If you are like most people we are insurance poor. Here are some money saving tips for you to help with this issue.
Set higher deductibles to lower your premiums. You can always go back and change this if necessary. We have been doing this for years and have saved thousands of dollars on insurance of every type. We have some set at a 5% deductible, of course check with your lender to make sure there is not an issue.
Most companies offer discounts for smoke detectors, burglar alarms, third-party alarm monitoring systems, dead bolts, fire extinguishers, Neighborhood Watch programs. Ask your agent what they recommend of if there are any discounts you may be eligible for, or if there is anything you can do to update your home for this deduction.
Earn “multiple coverage” discounts by using one carrier for all of your insurance. This includes car insurance, life, health & home. It is always a great idea to ask the company what type of discounts they offer or special programs they have if they are able to receive all of your business.
Premiums will be higher if fire stations and fire hydrants are too far away. This is a good thing to look for when you are purchasing a home, where the closest fire hydrant is and fire department.
Going without a claim for three to five years may warrant a discount. Most companies reward longevity of service. Some companies offer discounts if you’ve paid off the mortgage. This is a great question to ask if you own your home free and clear.
Discounts often apply if your home was built or rebuilt within the past 10-15 years.
Check out non-smoker, early retirement, and live-in-housekeeper discounts.
If you are purchasing a condo or townhome, ask about assessment insurance. This is not something insurance companies advertise but we always recommend asking. You never know when there will be a large assessment and you will have to pay out of pocket for a big expense. This insurance is typically not very expensive and can really protect you if you get into a bind.