It's no secret that home insurance is a necessary expense, but you may not know that there are often credits available that can lower your out-of-pocket costs. Learn about some of the common credits available so you can take steps to make your home safer while lowering your annual insurance bill.
Homes in secured and gated communities are often offered discounts, but security credits are also available to those outside of these communities. The following security upgrades to your home can help lower your insurance costs.
Monitored security alarm systems.
Driveway or entry gates.
Some insurance companies may even offer an installation credit to help offset the initial cost of the security system.
Although home insurance is mainly to protect the home, most policies also come with contents coverage. You can also purchase additional contents coverage if you have high-value items onsite. One way to lower your contents coverage cost is to have a safe professionally installed in your home to store jewelry and the other high-value items inside. Some insurance companies may also recommend storing small valuables offsite in a safe deposit box. Your policy still covers the items, but you receive a credit because offsite storage is considered more secure.
Not all home insurance claims are due to theft, which is why your company may offer further discounts if you take steps to storm-proof your home. The type of improvements you make depend on what kind of weather your area is prone to experiencing.
For example, in area prone to hail and wind storms, consider hail-resistant roofing next time you replace your roof. Lightning protection, such as grounding poles, is a good idea in areas with regular thunderstorms. In wind or hurricane prone areas, storm shutters and shatterproof windows may result in a discount.
Your insurance likely covers fire damage, so it makes sense that it would also offer credits if you actively work to prevent fires. There are usually credits for homeowners that happen to live close to the fire station or right next to the hydrant. Other credits are also available, which you have more control over.
One of the most common credits available is for adding extra fire detectors and a sprinkler system to your home. Other options that may yield savings via an insurance credit are the installation of a gas leak detector and an emergency gas line shut-off switch.
Contact several insurance companies, like Coast Comp Insurance Agency, to see which credits they offer for homeowners. Then, compare the offers to find the best policy for your needs.