Are You Getting As Much Credit On Your Homeowner's Policy As You Could Be?
Many people could be saving money on their homeowner's insurance premium and don't even realize it. Here, we give you some examples of ways that you could be saving.
The higher the deductible, the more money you can save on your premiums. Keep in mind that mortgage companies will often require a certain deductibles and that disaster-prone areas will often have separate deductible such as a hurricane deductible. All deductible are often deducted from the payout in the event that a claim is filed. If your home is paid off, there is more leeway regarding your deductible. Contact your insurance agent for more details.
If you have had your roof replaced in recent years, it may be worthwhile to have a wind mitigation report done. In a nutshell, a wind mitigation report is an inspection done by a licensed inspector to show how resistant your roof/windows are to wind. Things like hurricane clips and storm impact windows can add substantial credit to your policy, lessening your premium by more than you may think.
The shape of your roof effects your premium. There are many different shaped roofs, from gable to hip. A hip roof slopes down on each side, allowing the wind to roll over it, making it less likely to be damaged in heavy winds. This type of roof (90% hip) could save you substantially on premium each year. This is something to keep in mind while house shopping.
If you have a central monitoring system in your home, you can get a credit on your policy that could lessen your premium. Make sure that you send what is called and "alarm certificate" to your insurance agent to get your credit.
Many people are spending more than they have to on home insurance due to extra coverages that they do not need. You don't have to get insurance against risks that you will likely never encounter. For example, if your home is in an earthquake-free zone you can save money by making sure you're not paying for earthquake coverage you don't need. We advise to discuss this with your agent before making any decisions on removing coverage.
When filing a claim, make sure it's worth it. If your deductible is $1,000 and the damage done to your home is worth $800, then it doesn't make sense to file a claim when they will be automatically taking that $1000 deductible off of any payout. Then you would have a claim against you that will always follow you. *Note: Many insurance companies will drop you for filing too many claims.