Heads up if you're financing your new home. One of the things the mortgage company will require is homeowner's insurance. Do you know how to get the best rate possible with the proper coverage? By asking the right questions and paying close attention to the details, you can be sure that you're getting all the discounts you qualify for. Below are some of the discounts insurance companies might give to policy holders.

• Do you have a current renter's or homeowner's policy with any company?
  • Having a current policy will lower the rate by up to 10%.
• What is the age of the home?
  • Newer homes have better rates. Up to a 20% discount.
• Does the home have a security system?
  • If is has a security system it will get a discount. If it is monitored by a company, the discount can be up to 20% off.
• Are you retired or a homemaker?
  • Retired persons over 55 and homemakers get a discount. Up to a 5% discount.
• Does anyone in the house smoke?
  • If no one in the house is a smoker, you receive a discount.
• How much is your mortgage balance?
  • Home owners are advised not to insure the cost of the land, just the home located on it. Land is not at risk of a loss.
• How much of a deductible can you afford?
  • The higher the deductible the lower the premium.
• What part of the city is the home located in?
  • Depending on the location of the nearest fire station and fire hydrant the premium can be lower.
• Do you have any previous homeowner's claims?
  • If you don't have any claims, there may be a Claim Free Discount.
• How good is your credit score?
  • Although, the credit score isn't the only factor in determining an Insurance Score, it is the largest factor. Basically, the better the credit the better the rating class for insurance.
• What is the main construction of the home?
  • If it is brick instead of siding it will have a better rate.
• Would you like to combine your home and auto policies together?
  • A multiple policy discount can help save you up to 30%.
• Does the home have any recent improvements?
  • A new roof, electrical system, plumbing or other renovations can get you a discount.
• Will your homeowner's insurance payment be escrowed?
  • If you escrow your insurance you can avoid up to a $60 per year charge for paper bills.
• How much personal property coverage do you need?
  • Some people don't need a large amount of coverage for belongings. Lowering this amount will save money each month.

These are just some of the discounts that insurance companies give to their clients, so be sure to ask about these discounts and whether there are any others you might qualify for to get the best premium possible. Thanks to Charles Semon of Semon Insurance Agency - All-State for this information. You can contact Charles here:

Charles M. Semon Jr. - Owner
Semon Insurance Agency - Allstate
charlessemon@allstate.com
318-861-2034 Office
We proudly serve all of Louisiana and Texas.

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