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Home Ownership Preparation :: Basic Homeowners Insurance
Basic Homeowners Insurance:
How to Save on Basic Costs and Homeowner's Insurance
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Most people just pay their annual premium and never stop to evaluate their basic homeowners insurance. However, taking the time to examine your insurance paperwork could really pay off, saving you some major money.
The most obvious way to reduce your premiums is to raise the deductible, but it's not the only way. One of the best methods of reducing your basic homeowners insurance premiums is to search out applicable credits that you are qualified for.
Keep reading for five common home-insurance credits that are offered by most carriers, though the eligibility and availability may vary.
Security Protection Credit
Many insurance carriers offer a premium credit if a home has an alarm system. According to the Insurance Information Institute, property owners can often save as much as 5% off their premiums for things as small as dead-bolts, smoke detectors and basic burglar alarms.
If you add in a high-tech sprinkler system and an alarm that rings the fire and police department, and you may cash in a premium reduction as high as 15% or 20%.
Central Monitoring Credit
Central monitoring systems are essentially automated house sitters. They can shut off the water if there's a leak and the homeowners isn't there, or raise or lower the indoor temperature if it falls below or above a specified range. Many insurance carriers will deduct your premium by 2 to 5% for installing these systems.
Disaster Preparation Credit
Credits are available for homeowners who protect their homes against natural disasters. Shatter proof glass or storm shutters can reduce premiums in hurricane-prone areas, while a wind-resistant roof can bring you a discount ranging from 3% to 20%.
Repeat Customer Credits
You're often entitled to a discount if you already have a car insured with the same carrier, or your life insurance. A good customer who is loyal and has few to no claims on record can save as much as 20% on their annual homeowners' insurance.
Other Discounts
Finally, don't be afraid to simply ask your insurance agent about any other credits or savings available to you on your basic homeowners insurance. Some carriers offer discounts for living in a gated community, while others may offer them for a recently renovated home. It never hurts to ask.
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Home-Ownership-Preparation.com :: Basic Homeowners Insurance