Hidden savings for home insurance

We all can benefit from saving money.  When it comes to home insurance, you’re probably aware that having a security system in your home will save you money on your premium, as will having smoke detectors and carbon monoxide detectors.  Often you can save money if you use the same company to insure your home that you use for insuring your cars.  Courtesy of Bankrate.com, here’s some other ways you can save money on home insurance:

1. Living in a gated community.  A burglar is less likely to enter your home when you have the security of gates and a person who monitors everyone who enters and exits.  And location plays a key part in the prices you pay.  If you live close to a fire department in an accessible area, it’s likely you’ll pay less than someone who lives 20 miles from emergency help in a rural area that’s hard to access.

2. Having an impact-resistant roof.  It’s obvious that everyone wants a roof that doesn’t allow rain or water (or anything else) to get into their home.  Impact-resistant roofing is graded on a scale of Class 1 to Class 4.  Class 4 is the sturdiest and it’s likely your insurer will give you a discount if you use it on your roof.   It’s also likely eligible for a tax deduction!  So if you need a new roof in your future, consider one that might cost a bit more but will save you money on insurance and taxes.

3. Being claims-free.  It’s common for you to pay less on car insurance if you haven’t had an accident or made any claims in so many years.  More home insurance companies are offering discounts for the same reason.  They not only want their customers to be loyal, but they’re saving money and passing the savings on to you.

4. New home or remodeling work.  First things first.  If you’re planning any remodeling or renovation to your home, talk to your insurance agent to see if they can offer you tips that will save you on your premium.  It makes sense because anything new brings a lot less risk for an item to fail, causing the possibility of filing a claim.  And a new home has everything new, which means it would be very rare for a claim to occur within the first couple of years from damage.

5. No smoking.  Unfortunately, if you’re a smoker or have one living in your home, the chance of a fire automatically increases.  So it’s possible your home insurance premium does, too.  And smoking is the number one cause of fires in homes.  So most companies will offer you a discount if you don’t smoke.  It won’t drop as dramatically as it does for life insurance, but it’s definitely worth asking about.

I hope some of these items will help you save some money on your insurance.  It’s possible that your specific company doesn’t offer them all, but it’s worth asking about.  Please visit me online with any more questions.

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