Home insurance has been one of the most important types of insurance for homeowners. Homeowners insurance provides critical coverage for your home. However, most homeowners don’t usually take time to reassess their home insurance coverage until a claim is filed.
Homeowners should evaluate their coverage regularly to see if there are opportunities to save insurance costs in the current real estate and home loan mortgage market. One of the easiest ways to lower your premium cost is to increase your deductible. But there are additional ways to save money in the form of credits which are available to many homeowners.
Here is a list of the top five home insurance credits that are available to you:
Security Protection
Several insurance companies provide a credit if a home has a working security system. Your level of credit also depends on the type of security detection system. If you add a burglar alarm, smoke detector, or dead-bolt locks, you may save 5% off your premium. Add a complex fire and burglar alarm system that rings directly to the fire, police department or another monitoring station, and you may be eligible for 15% or 20% savings on your premium.
Central Monitoring
It is good to have central monitoring systems that can shut off the water, if ever, a leak is detected while you are away or a rise in indoor temperature occurs. For example, Chubb offers 2% credits for temperature monitoring systems and water-leak detection systems.
Disaster Vigilance
Disaster preparedness offers homeowners more opportunities to save premium costs. Credits are accessible for homeowners who protect their homes against natural disasters. Shatterproof glass windows and storm shutters can reduce home insurance premiums in certain areas. At some insurance companies, a wind-resistant roof can result in a discount of up to 20%.
Additional Discounts
As a homeowner living in a gated community, you may be eligible for a 5% premium discount. Additionally, you may be able to get more breaks by updating your plumbing or electrical system.
Repeat Customers Discounts
Ask your home insurance company if it offers car insurance, life insurance, and other types of insurance you may need and get it through them. If your home insurance company’s quotes are competitive, you can get discounts on more than your home insurance.