Maximize Insurance Discounts
Home insurance is a basic necessity of homeownership. Although it may seem an inconvenience and added expense every month, in the event of a catastrophe, there is no better safety net. Maintaining proper level of coverage for your home is critical and can mean the difference in a relatively good experience and a surprise that could cost you thousands. You can Read more about that HERE.
If you are already confident that your home is properly insured, there are a few things you can do to take advantage of hidden insurance discounts on top of your current policy. It is recommended that you always contact your insurer first before making any repairs or adding devices to your home in anticipation of a discount to ensure it will benefit you.
Here are our top recommendations that will not only get you a nice discount, but also make your home safer!
1. New roof or special materials discount
Getting a new roof is pricey, but an insurance discount can put a little bit of that cash back in your wallet. A new roof is much less susceptible to wind damage. In Florida, wind is a serious threat to home as it is more likely to catch and pull off loose shingles on older roofs.
Some insurers offer a discount for using certain impact-resistant roofing materials. Hurricane strapping on the underside of roof decking is vitlly important and can save you on your policy if proven to me installed.
2. Security system discount
If you have a service that monitors your home 24/7 for fire and burglary, you can save a significant amount off your monthly premium. You may also get discounts for smoke alarms or sprinklers.
Keep in mind that a professionally monitored alarm system might run $30+ a month, so although the discount may just offset some of the added cost, it will give you heightened peace of mind around the security of your investment.
But, also consider the fact that you're reducing your chances of a big claim that could cost you the amount of your deductible.
3. Newly built home discount
If your home is newly built, you're less likely to have something go wrong -- like a pipe bursting or an electrical fire -- that could result in a big claim.
Discounts vary by insurer, and generally apply only to brand-new homes. The discount might stay on the policy for several years, decreasing as the home ages. For example, a 10 percent discount might drop to 5 percent when the home hits 5 years old.
But you could save as much as 30 percent, according to Nationwide.
4. Water Monitoring Device Discount
As home insurance companies fight for your business, they are also utilizing modern smart home technology to reduce their risk, but also give you an incentive to pick them. Modern insurers such as Hippo Insurance offer policy holders smart home monitoring kits to focus on water leak detection. If your insurance company doesn’t offer complimentary devices, consider purchasing your own form trusted companies such as Notion, Kangaroo or SimpliSafe and then asking your insurer to apply a discount for actively monitoring for water leaks.
