Let's face it: no one enjoys paying for home insurance. While we understand how necessary it is, its high cost can be overwhelming, especially when considered alongside all the other expenses of home ownership. Many homeowners, however, are actually missing out on discounts that could substantially lower their home insurance premiums. Consider these scenarios, and then contact your agent to find out if you qualify for a discount.
For the Long Haul
Have you owned your home for some time, and been claim-free on your home insurance? Have you been with your home insurance company for several years? You could be eligible for a nice discount. This one can be overlooked, however, because insurance companies often don't give the discount automatically. You have to ask for it.
Changing Things Up
Have you recently completed major home renovations? Some of them could qualify you for a discount, especially if you re-did your plumbing, electrical, or HVAC systems. Newer pipes are less likely to leak, newer wires are less likely to cause a fire, and new HVAC systems are less likely to cause a whole host of issues. It may take some time to go over all the changes you made with your agent, but the result could be extra money in your pocket.
Keep it Secure
Do you have a home security system? Home security can lower your monthly insurance costs by lowering the risk you expose yourself, and therefore the insurance company, too. Many companies will offer at least a small discount even for local alarms but offer a significant discount for alarms that are monitored by a home security company. Add in some smoke detectors which are actively monitored, and you could be in for some serious savings.
A somewhat common, and incredibly expensive claim on home insurance is a burst pipe or a broken sump pump. Repairs for these issues can easily run into the tens of thousands of dollars, and that's certainly something insurance companies want to try and avoid. By installing sensors that detect water leaks right when they start, and also have the ability to shut off the water supply, the risks of catastrophic damage are greatly reduced. Not only do these sensors avoid major headaches for you, they can also save you a bundle.
Have you recently kicked your smoking habit? You could save more than the cost of cigarettes. Most insurance companies charge higher rates if at least one smoker lives in a given home, because smoking carries a slightly higher risk of a home fire, no matter how careful you are. The inverse is also true, however: if the one (or more) smokers quit smoking, there could be a discount on the way as the risk of a fire goes down.
There are many factors that go into determining home insurance premiums, and by considering a few, often overlooked scenarios, you could find yourself not minding your home insurance so much, after all.