In today’s economy, many homeowners are juggling higher bills with lower profits, facing tighter family budgets due to rising costs, credit limits, or even job losses. However, there is no need to struggle with the cost of home insurance. Despite industry increases, homeowners can lower their insurance rates by up to 30 percent.

However, many homeowners don’t use insurance discounts to lower rates, and even those who apply discounts may qualify for more savings than they do. And lower rates are still possible, even in today’s economy.

Consider the findings reported by the independent association of insurance agents, Trusted Choice, in a 2009 national survey:

“53 million household respondents ‘admitted they may not be taking advantage of all homeowners insurance discounts or said they simply didn’t know’ about the policyholder discounts they likely qualify for.”

The survey also found that the largest percentage of respondents, around 26%, estimated that they save between 6% and 10% on their insurance premiums by using discounts. In fact, many insurance consumers could be saving much more, up to 30%, according to independent insurance agencies, which often shop on behalf of consumers and help them find discounts and compare rates.

Homeowners are often aware of the most common discounts, such as a multi-policy discount to insure both home and car with one company. But there are other discounts and savings that are lost.

How smart are you as a homeowner and insurance consumer?

Find out by using this quick checklist to explore or gauge your insurance discount potential. It’s also the knowledge you and your insurance agent need to lower your rates to save:

  • double service — Don’t overlook the most common discount available: multi-policy discounts. When the same company insures your home and car, you can probably lower your overall insurance costs by 10 to 15 percent.
  • New house, new homeowner? The same criteria used to qualify your home for a specific mortgage are often the same ones that qualify your policy for discounts.
  • Live in a gated community? Then you may be eligible for discounts. Be sure to ask about car insurance discounts if your car is still ‘protected’.
  • rooftop savings — Some insurance companies offer hail-resistant roof discounts for Class 4 roofs — naturally, these credits can vary by location. Also, be sure to ask your insurer about possible discounts before putting a new roof on your home; You’ll probably want to capture savings if it’s available, and a flat roof with no roof warranty can disqualify you from your current coverage altogether.
  • Being a new insured — You may find additional savings extended to new customers based on new qualification models that offer a ‘sign up’ discount. If your insurer extends this discount, your insurance agent could catch you by applying for a new policy with the same company.
  • your history counts — be sure to explore discounts for home insurance customers who have a history of no claims… when was the last time you filed a home insurance claim? A 10-year track record generally qualifies you for this discount; If you’ve never filed a claim, you can save up to 20 percent.
  • Risk reductions — Ask your agent to identify hazard reduction discounts that address a variety of interior and exterior factors: fire and smoke alarms, electrical wiring, chimney/chimney security, heating appliances, burglar alarms, gutter and gutter system and garden elements. Proximity to a fire hydrant and your community fire department also applies.
  • Preventive maintenance and home security – Make sure your insurance agent is aware of any alarm systems or preventative measures you take to secure the property and keep your home safe. Although discount criteria vary, you may be able to save 10 to 15 percent for a combined system that may include two or more measures: deadbolt locks, lockable garages and storage buildings, fire alarms, fire sprinklers, fires, fire extinguishers, alarm or home security system.
  • Good parenting gone wrong — Like it or not, some pets have a reputation. You may love your family pet, but if Fido is a breed of dog that is considered easy to bite or dangerous, your insurance rating may be affected or your coverage in jeopardy. Choose your pet wisely – be aware of the little issues that can turn your pet insurance into a big deal.
  • score card — Expect your credit score to affect your home insurance rates. If you’re married, you may be able to lower your rate by listing the highest scorer as first on the insurer’s application. Also, if you’ve had a lower credit score than and have recently improved your numbers, let your insurance agent know. You may be able to get a policy adjustment – ​​a lower insurance rate is still possible without the need to write a new policy.
  • raise the limit — Consider the difference a deductible makes. You can probably lower your rate by increasing your deductible: $2,500 is the standard deductible, and you can expect a lower rate if you increase it to $5,000.
  • Agent vs. Agent and the Expanded Market — Is your insurance agent an independent who can take advantage of a wide range of products? Or an agent affiliated with a branded company? Know the difference. Independent agents can shop around, explore options throughout the market. Brand agents often don’t have the same agility; they are generally confined to company practice or limited to branded products. Loyalty counts. Still, if you’re committed to a company’s brand, you may be just as constrained as the insurance agent, who also misses out on rate reductions, discounts, and savings offered by brand-name competition.
  • ‘Pride of home’ and stewardship are vital — Even many insurance agents don’t understand the role management plays in taking advantage of the widest range of discounts possible. Why? The better you take care of your home, the more attractive it will look to insurance companies. And the best way to take advantage of discounts is to identify as many discounts as possible; it stands to reason that more companies means more potential for discounts.

So you’ll want to make sure your home qualifies for coverage from all the companies that offer coverage in your area, as increased competition often lowers rates and opens up your access to discounts.

Bottom line, homeowners who apply the above discounts will soon realize the many ways they can save on their homeowners insurance, even in tough times.

Start with savings discounts….

  • Shopping around to compare providers and insurance company rates: which companies offer home insurance in your community?
  • Get guidance In the details: An independent insurance agent isn’t tied to one brand, so these agents can help you see the entire market and get the apples-to-apples perspective you need to compare products, coverage, and rates.
  • Identify discounts — Be sure to identify the common discounts most homeowners get, along with other discounts that are often missed.
  • Do homework’ — Work at home management showing makes you eligible to select from the widest range of insurance products possible.
  • Optimize Selection, and then maximize discounts to benefit from reduced rates and savings.

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