Posted on: 12 July 2019
Many people don't understand home insurance discounts as well as they do car insurance discounts. This is unfortunate because there are dozens of ways you can enjoy discounts and effectively reduce your home insurance payments. Below are some of the ways to enjoy these discounts.
Any improvement that makes your home stronger or more durable is welcome news to the insurance company. Such improvements reduce the risk your home poses to the insurance company. For example, if you replace your roof, the new one is less likely to suffer storm damage than the old one. As a result, the insurance company may reward you with a discount.
Security measures that reduce the risk of thieves or burglars can also score you discounts from the insurer. Examples of such measures include the installation of an intruder alarm system, the erection of a security fence, and the installation of security lights, among others. Make sure your insurance company knows about such installations to enjoy the discounts.
Early detection of impending home disasters can sometimes prevent disasters or limit their damages. For example, if you detect a water leak the minute it occurs, you may only have to mop up the water and nothing more. The installation of safety sensors can help with this early detection of disasters. For example, you can install smoke alarms and water leak sensors to warn you of fire outbreaks and water damage respectively. Your home insurance company may reward you with discounts for those installations too.
Multi-insurance discounts are common with all lines of insurance, and you may be able to snag one form your home insurance company too. Basically, this is a discount you get by buying more than one line of insurance from the same insurance company. For example, you can buy your car, home, and business insurance from the same carrier and enjoy the bundled coverage discount.
Claims Free Periods
Some insurance companies will reward you with a discount if you don't file a claim within a specified period. For example, you may enjoy the claims-free discount if you don't file a home insurance claim for five years. The discount is to encourage other homeowners to be careful with their homes to reduce the risk of damages.
The above are just a few examples of home insurance discounts. Talk to your insurance agent for further exploration of discounts and other things you can do to keep your homeowner's insurance rates affordable.Share