A recent survey by the Independent Insurance Agents & Brokers of America foundthat more than 34 percent of respondents, representing 53 million households, admitted they are probably not taking advantage of all the home insurance discounts available to them.
In an economy where people are trying to save money on absolutely everything right now, why would homeowners not be taking advantage of these discounts? The answer is easy. Most survey respondents admitted that they did not know that many of the home insurance discounts even existed.
All too often, homeowners shopping for home insurance will get wrapped up in the process of comparing coverage types , limits and deductibles overlooking the various discounts available from many providers.
Discounts vary by region and provider, so discounts available through one company, may not be offered through another. The best way to find out? Ask.
Most home insurance agents will offer homeowners various insurance discounts during the quoting process as additional savings of up to 20 percent are often a major selling point. However, in order to be a wise consumer, homeowners should go into the quote process already knowing some of the major discounts that are available.
For example, if you can answer yes to any one of these questions, you should be taking advantage of a homeowners insurance discount right now:
- Was your home built in the past 10 years?
- Do you have a security system in your home?
- Are you retired and 55 years of age or older?
- Are you a non-smoker?
The best part about some of these discounts is that even if your home does not qualify right now, there are upgrades and improvements you can make that will help qualify you for home insurance savings in the future. For example, instead of asking for those diamond earrings this Holiday season, why don't you put a security system on your list? You might be able to save up to $200 on your home insurance premium each year just by having one installed. In the market for a new roof? Ask your provider if they offer discounts for metal or storm resistant roofing and you could save an additional 15-20 percent on your premium.
Bottom line is that the safer your home is against claims, the better rates you should be eligible for from your insurance company. Don't be afraid to ask!
More Resources:
Twelve Ways to Lower Your Homeowners Insurance Costs by the Insurance Information Institute
Home Insurance Discounts: Are you saving enough? by HomeInsurance.com
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