One of the definitions Merriam-Webster offers for the word ‘premium’ is:
Premium (noun) - a high value or a value in excess of that normally or usually expected.
That’s probably not the definition you want to think about when you pay your insurance payment or premium each month. In fact, you want that premium to be ‘premium’ as little as possible. The good news is that there are plenty of ways to bring down that cost via discounts you may have missed. You just have to understand where to look and find the discount that makes the most sense for you in your situation.
Particularly with homeowner’s insurance, it’s worth the extra research to receive the maximum number of discounts possible. Here are a few you should consider.
Bundles Just like with booking travel, you can often find sweet discounts when you bundle multiple services or offerings together. In truth, it’s the number one way to save a significant amount on insurance. Insuring your home and auto with the same carrier can save you up to 25%. We’ve seen people save over $500 per year by bundling. So, it is worth every second of the time it takes to consider how you can group the policies you need together under the same carrier. Let us help you out by checking our bundle quotes at itscovered.com.
Safety Devices If you are in the market for a security system for your new home anyway, it’s good to know that adding one could save you anywhere from 5-10%, depending on your insurance carrier and the type of security device. Even updating or adding deadbolt locks to your house can improve prices. Not every system qualifies for a discount, so be sure to find out what qualifies for a discount before buying. Ask your insurer for recommendations.
Smoke Detectors Smoke detectors are inexpensive devices that really do provide peace of mind. The National Fire Protection Association recommends “homes should have smoke alarms installed inside every bedroom, outside each sleeping area and on every level of the home, including the basement. So that means a two story, three-bedroom house needs a minimum of five smoke alarms.” Since you are likely going to have these easy-to-use electronic devices in your home, you might as well document them for your policy carrier and get the discount. I should be worth around a 5% off your bill.
Sensors There is a plethora of new sensor technologies out there that can make your home a safer place. These small, inexpensive sensors hitting the market can detect everything from gas to water leaks and more. Installing these types of devices activate additional discounts on your annual premium.
Roofs While getting a new roof is no small affair, if you happen to be in the process of planning your next upgrade, you may want to weigh the cost benefits of considering an impact resistant roof, as they can often bring down your premium payment.
The Bottom Line In the end, figuring out which discounts make the most sense is situational and can really depend on where you live. But it is truly worth taking the time to connect the dots on which discounts can be applied to you. The results can be significant. The good news is you don’t have to go it alone. Talk to a licensed agent to make sure you’re receiving all of the discounts you can. We can help guide you too so reach out to us for assistance.