When I got my kids a dog, I had no idea that it could affect my homeowners insurance. I happened to run into my insurance agent in the store when I was buying dog food and he asked me what kind of dog we had. When I told him, he said I should stop in the office the next day. I had no idea that things like this could affect premiums, so I started asking what else could do it as well. I created this site to help others understand some of the finer points of homeowners insurance and what they should think about to manage their rates.
If you own a home, you need homeowner's insurance. It's that simple. Not only does your lender require it, but you want to protect your investment from unforeseen things like fire, theft, or an act of God. However, that doesn't mean that you have to pay top dollar for your insurance. There are a number of ways you can save money on your homeowner's insurance premiums. Taking advantage of these discounts can shave up to 25 percent off of your yearly home insurance bill.
Lesser known homeowner's insurance premiums
1. Non smokers. Smoking was the primary cause of more than 12 percent of fatal residential fires in the United States in 2014, according to the U.S. Fire Administration. Therefore, eliminating this potential cause of house fires is worth a discount in the eyes of your home insurance provider.
2. Living in a gated community. The extra security that living in a gated community provides can translate into a significant savings on your homeowner's insurance.
3. Updating your wiring. Older electrical wiring is also a major cause of house fires. Even relatively-new wiring (10 or 20 years old) is less safe than modern configurations and products. This is because the proliferation of modern appliances and electronics require more power than many houses are equipped to provide. Adding more circuits and updating old aluminum or even knob and tube wiring with new, safer products. Investing in new wiring not only helps keep your property and your family safe, but qualifies you for a discount on your insurance with most carriers.
4. Having a homeowners' association. If the community or building where you live has a homeowners' association (HOA), you may be able to save even more on your insurance premiums. That's because HOAs are self-policing and require the people who live in these communities to make timely repairs to their properties.
5. Owning a new house. If you home is less than 10 years old, you may qualify for an additional insurance discount. That's because most newer homes come equipped with the safety products from day one and insurers don't have to worry about claims due to ageing roofs, wiring or HVAC systems
While it's not a good idea to save money by foregoing buying home insurance, you can save on your premiums by not smoking, living in a gated community, updating your wiring and even living somewhere that has a homeowners' association.
Share6 March 2017
