Are you a current or past member of the military? Do you own your own home? Your insurance company wants to thank you for your service by rewarding you with a military home insurance discount.
By simply being in the armed services, you can qualify for a discount on your home insurance premium that ranges between 5 and 20 percent. The discount varies between insurance carriers.
How to Qualify
It’s easy to find out if you qualify for the military home insurance discount. Just follow these simple steps and you’ll be on your way to big savings:
- 1. Set up a meeting to speak with your independent insurance agent. Unlike captive agents, they have access to a variety of policies from different home insurance companies. Some carriers may offer greater military discounts than others, so it’s a good idea to shop around. However, make sure to compare your savings with the insurance policy options. Some types of home insurance are better than others, no matter how much you may save with a discount on your premium.
- 2. Provide your independent agent with documentation. Often, the military home insurance discount is available to current military members, active members fighting overseas, veterans, and family members. This includes both men and women in the National Guard, Army, Navy, Air Force, Marines, Coast Guard, and Reserves. You just need to show proof of your involvement in the military for verification.
- 3. Start receiving your discoun Once you have been approved for the military discount on your homeowners insurance, the savings will be applied right away. Be sure to verify the discount amount with your independent agent. They may also be able to suggest other ways to save as well.
Other Ways to Save
After purchasing your home, one of the first items on your to-do list should be buying homeowners insurance. Speak with your independent agent about your insurance requirements, what you can afford to pay for coverage, and what you expect in an insurance carrier. They will help you to shop around and find the right policy at the right price.
Keep in mind that the goal of home insurance is to provide financial protection in the event of a loss. While your mortgage lending company will only require you to insure the amount you owe on the house, insuring 100 percent of the home’s value is a better idea. Home insurance protects against poor weather conditions, theft and vandalism, and other liabilities. Saving money through discounts is quite beneficial, but be sure to consider all aspects of a policy and not just the overall costs.
If you are concerned about the annual premium for your home insurance, there are other ways to save aside from the military discount. For example, you can raise your deductible. A deductible is the amount you pay out of pocket if you have to submit a claim. For example, your deductible may be $1,000, but once this is paid, your insurance company will help to cover the rest of the costs to repair or replace the loss. A higher deductible means a lower annual premium. The rate change will vary depending upon the insurer. Ask your independent agent about raising your deductible in order to increase your savings.
There are other discounts available to homeowners too. Many of these can be combined with the military discount, including:
There are many other discounts available as well. To determine what your insurance carrier offers, just ask.
Speak to An Agent
Don’t wait to find out if you qualify for a military discount or other incentives before buying home insurance. Promotions can be applied after you have an insurance policy in place. Speak to your agent today about the best coverage for your home. They will have the knowledge and experience to recommend the right policy and discounts.
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Enhanced Insurance is not written by attorneys. If you’re looking for legal advice, you need to contact a lawyer. Further, insurance practices and forms change constantly and are varied from state to state. For definitive answers in your area, contact a local agent.
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