Can home coverage discounts help you? Over the last decade homeowner’s insurance policy premiums have doubled, or more. Catastrophic storms have occurred at double and triple the normal rate. Ten years ago the average private passenger auto policy had a premium that was about double the average home policy. Now, on average, home policies cost more than personal auto policies.
To add to the problem, many home policies now carry large deductibles. Some policies have wind and hail deductibles that are two percent of the insured value of the home. A $300,000 home has a deductible of $6,000 if fully insured.
Homeowners can still find excellent value if they qualify and receive all of the offered discounts on their homeowner’s policy.
When you place both your home insurance and car insurance with one company, you will probably receive a substantial credit. Some companies will even give that credit if you tell them you will add the other coverage during the next twelve month when it come due.
Federal government employees are believed to be a better class of risk by some companies, and those companies are willing to give them a discount.
A few companies believe that the more years of education you’ve achieved, the more responsible you will act maintaining your home. They also believe that certain occupations, like teachers, deserve lower rates.
Insurance companies vary wildly in their opinion of customers in the military. While some avoid that risk, others will allow a credit.
Concurrent Life Insurance
Many companies who write home insurance are paired with a sister company that writes life insurance. You might be entitled to a credit if you have life insurance and home insurance with the same company.
You might want to tell your insurance agent to “Bill my bank.” Many companies offer a small credit if you pay your premium through electronic funds transfer.
Paid in Full
If you can afford to pay your premium in full each year, you might be pleasantly surprised at the savings. There is the obvious yield on money held, but insurance companies view those who pay annually as being more responsible and less likely to have losses.
Foe the last two decades, insurance companies have been placing a very high importance on certain risk characteristics revealed through your credit report. They will dissect your report to get to those areas of your financial behavior their logarithms suggest indicate a low propensity for loss.
If you’re willing to read your policy online, many insurance companies will pass the paper and postage savings on to you in the form of a discount.
Be sure to ask your agent if you qualify for any affinity group discount. Although many of these groups are work –related, they also might be as esoteric as the conference your alma mater was in.
Just like at the movie theater, insurance companies are very willing to give discounts to senior citizens.
If you commit to renewal or transfer your risk from one company to another far in advance of your renewal date, many companies will give you a discount. They have found that people who are forward thinking have fewer losses than those who leave important decisions to the last moment.
Insurance companies will increase your discount percentage the more years you stay with them.
Burglary alarms, smoke alarms, and sprinkler systems each will qualify you for discounts.
Insured to Value
The closer your home is insured for full insurable value, the more some companies will discount your premium. Insurable value and market value are not the same thing.
Several insurance companies will provide a discount for a home recently purchased. They believe the sales process will create good maintenance.
Proper home maintenance is important for many reasons. A new roof, water heater, furnace, etc. will result in reduced loss exposure.
Homes in certain areas of the United States may qualify for discounts for proper storm shutters.
Hail Resistant Roof
Some companies will give a discount for “hail-resistant” roofing. This discount is substantial enough that you should check with your company for specifics before selecting a contractor and roofing product.
Cigarettes are the leading cause of home fire fatalities in the United States. Smoking-material fires cause hundreds of millions of dollars of property loss each year. Many insurance companies will discount home insurance policies for non-smokers.
You can save up to five percent of your premium, from some companies, if your home is certified “green”.
If you are a dues paying member of a homeowner’s association, you may qualify for a discount on your home insurance, from certain companies.
Due to extra security, certain insurance companies will allow house insurance credits for living in a gated community.
While the majority of people want an agent involved in their purchase of insurance, many people want to see if they can save money by buying direct from the insurance company. Others want to try a direct quote to make sure the premium they’re now paying through their local agent is fair. If you want a quote for your coverage, click on the competitive quote button on the right side of this page.