In today's economy, many homeowners are juggling higher
bills on less earnings -- facing tightened family budgets in the wake of rising
costs, credit limits or even job loss. Yet there's no need to struggle with the
cost of home insurance. Despite industry increases, homeowners may be able to
reduce their insurance rates by as much as 30 percent. Nevertheless, many
homeowners aren't using insurance discounts to lower rates -- even those who
apply discounts may qualify for more savings than they're getting. And lowered
rates are still possible, even in today's economy.
Consider the findings reported by independent insurance
agent association, Trusted Choice, in a 2009 national survey: Homeowners are
usually aware of the more common discounts -- such as a multiple policy
discount to insure both home and auto under one carrier. But there are other
discounts and savings they miss.
How savvy are you as a homeowner and insurance consumer?
Find out using this quick list to explore or measure your
potential for insurance discounts. It's also the knowledge you and your
insurance agent need to reduce rates for savings:
Dual duty -- Don't
overlook the most common discount available: multiple policy discounts. When
the same company insures your home and car, you can probably reduce your
overall insurance costs by 10 to 15 percent.
New home, new
homeowner? The same criteria used to qualify your home for a specific mortgage
is often the same that qualifies your policy for discounts.
Living in a gated
community? Then you may be eligible for discounts. Be sure to ask about auto
insurance discounts if your car is equally 'protected' to boot.
Rooftop savings --
Some insurance companies offer hail resistant roof discounts for Class 4 roofs
-- naturally these credits may vary with locale. Moreover, be sure to ask your
insurer about potential discounts before putting a new roof on your house --
you'll probably want to capture savings if available and a flat roof without
roof warranty may disqualify you from your current coverage altogether.
Be a new
policyholder -- You may find additional savings extended to new customers based
on new rating models that offer a 'sign up' discount. If your insurer extends
this discount, your insurance agent might be able to capture it by applying for
a new policy with the same company.
Your track record counts -- make sure you explore discounts
for home insurance customers who have a claim-free track record... when was the
last time you filed a home insurance claim? A 10-year history usually qualifies
you for this discount; if you've never filed a claim, you may save as much as
20 percent.
Risk reductions --
Ask your agent to identify risk reduction discounts addressing a range of
interior and exterior factors: fire and smoke alarms, electrical wiring,
fireplace / chimney safety, heating apparatus, burglar alarms, curb and gutter
system and landscaping elements. Proximity to a fire hydrant and your community's
fire department also applies.
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