Home Insurance affords some respite to home owners especially in areas prone to extremes in weather. Choosing the right policy determines how well covered your home and family is from various unforeseen circumstances. Bear in mind that the you must get to know everything that you’re policy covers and every category that it does not cover. Once you are aware of this, it will certainly ease your premium payments to know when you are paying too much and areas where you can easily get big discounts. Here are some tips to get discounts on your home insurance.
1. Old to New: Insurers are always wary of the ‘old’. Older buildings, old wiring or non-weather proof roofing means that they may not be as effective at holding strong through extreme weather, storms, theft or other accidents. Hence, if you have your house renovated, or get new wiring done for the entire home, you should get a discount of up to ten percent. Stats from the Fire department show a high number of accidents due to old wiring, weak roofing, old fire-places etc.
2. Neighborhood safety: Insurance companies feel comfortable when they know you’re doing everything you can to keep your home safe. A safe home, keeps money in the insurer’s pocket. Thus, they like to encourage their policy holders by providing discounts whenever they take steps to reduce possible claims. Initiating or becoming a part of a home owner’s association can mean that as neighbor’s watch out for each other, the risk of loss through theft is greatly reduced. Additionally, having a home in a gated community also reduces risk. Hence great discounts can be obtained simply by informing your insurer about these facts.
3. Automatic Payments: As simple as it sounds, setting up recurring payment for your premium will also provide you a small discount, with the added benefit of not having to manually pay your insurer every time your premium is due.
4. Multi-policy discount: Many insurers provide discounts up to thirty percent, if you buy all your insurance (Automotive, home, business etc.,) from them. The discounts offered are a sort of reward for being loyal clients. The policies need not be of the same type, however, the insurance company does need to be the same. This discount may not always be possible if you’re buying your insurance from an insurance agent.
5. Discount on being claims-free: As mentioned earlier, insurance companies are delighted by anyone who reduces their risks and by those who have not claimed insurance anywhere from five years or more. Each insurer will have a different time period stated to avail this discount, so ask around, and you’re sure to get a discount of up to twenty percent, when you’re claims-free.
These are just five great ways to save on your premium payments, talk to your Insurer and you’re sure to get more discounts you never knew was possible.