Proximity to a firehouse is just one variable in determining the cost of insurance coverage that protects your home in the event of a fire, theft, accident or natural disaster.
In a survey of 1,001 consumers in April, the Travelers Co. found that just over half of the respondents (56%) in 2016 said they check their homeowner’s policies at least once a year.
One easy way to save on your premiums is by bundling insurance policies. Consumers could save an average of $314 per year by combining their auto and home, condominium or renters policies with the same insurer.
Combining other types of insurance products, such as life insurance or an umbrella policy, may qualify for a bundling discount as well. The more insurance you stack on, or give to one insurance company, the more likely they are to give you discounts.
Home improvements including the roof, windows, electrical or plumbing systems may also qualify for a premium discount.
Installing a security system, particularly one that automatically dials the police or fire department can qualify for a 5% to 10% premium discount as well.
Discounts might be available for homes with features that mitigate against wind damage, such as hurricane shutters, impact resistant windows and doors or roof straps.
There are plenty of other lesser known discounts that might be available, depending on the insurance company, from being a non smoker to owning a home built with “green” features like Energy Star appliances or sustainable materials like bamboo.
There are two other ways to reduce your homeowner’s insurance premium, although they don’t technically qualify as discounts. The first is to raise your deductible. The second is to maintain good credit. Customers with poor credit could pay twice as much for insurance as those with excellent credit.
“Failure is a detour,
not a dead-end street.”