For those of you who own a home or maybe even multiple homes, homeowners insurance can be expensive and add up rather quickly. Well, there is hope. There are some “hidden” and maybe unknown factors that you can now use to help get discounts on your homeowners insurance.
1. If your home was built prior to 2006, you can get a wind mitigation inspection done on your home which will result in a hefty homeowner’s discount. Yes, you do have to pay out of pocket for the wind mitigation inspection but you will have long term savings throughout your policy. Usually homes built in 2006/2007 automatically get this discount applied without having to get a WMI (Wind Mitigation Inspection). A WMI is an inspection that determines the structure’s construction against high winds, such as those of a hurricane. It also inspects other items concerned with the structure of the house such as concrete block construction, gables, bracing, shutters and any protectors for all openings, toe nails, clips or hurricane straps, and a secondary water resistance barrier.
2. Monitored Alarm. If you have a monitored alarm system in your home this will help bring your homeowner’s insurance premium down some. This one is a no brainer. If you are paying to take extra precautions for your home, you won’t need to pay as much for homeowner’s insurance which replaces the home and some items of high value inside.
3. If you lived in a gated community or limited access community. The idea for the last point is also relevant here too.
4. If you are a senior citizen. Growing older gracefully and affordably, as I like to say. The elderly have blessed us with both wisdom and years of paying home owners insurance, so why not get a discount in return.
5. Some carriers will give you a discount if you have good or outstanding credit. Ask your agent on this since there is no concrete information on which carriers do and do not provide discount for those with good credit.
6. Some carriers will give you a discount if you have an older home which you have done some major upgrades to.
7. Choosing a higher deductible will also result in lower premium amounts.
Many of these factors are included in your application questionnaires that you fill out when you first get your homeowner’s policy; however feel free to ask if you do not see any sign of these topics. If it can save you money on your monthly payment, then why not, right? Your local agents are there to help you insure your home for the safety of you and your family, so take the time to shop around and compare quotes. Insurance brokers such as Florida Insurance Specialists (if you live in Florida) can be more helpful than you think. They compare and contrast quote for you and lay out all the options for you so YOU can pick the one to fit your budget and needs, which is handy and efficient if you do not want to shop and compare individual carriers and agents one by one.
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