How to Save Dollars on Your Homeowners Insurance Rates
Written by admin on October 5th, 2009 in Insurance.
Homeowners Insurance Coverage
Your homeowners insurance premium is rated up or down depending on how you score on certain factors. Here are some of the factors homeowners insurance companies use to calculate your rate.
1. Condition of your home –
Insurance companies calculate how much wear-and-tear there has been on your home when figuring your payment. The insurance company will consider how good a condition your roof is in, if there is any damage from termites, and the if your electrical system is up to code. New homes are usually in better shape than older homes, you can get up to a fifteen percent discount on your premium if your home is brand new.
2. Construction
Depending on where you live you may be able to save money if your house is constructed so that it is more resistant to damage from your environment. For instance, brick houses cost less to insure in the North because it can stand up to strong winds. Wooden homes are less to insure in the West because they may fare better in an earthquake.
3. Home Security
If you have security property features like anti-robbery alarm devices, deadbolt locks, window latches, smoke detectors, and watering devices you can usually get a five percent discount. Also if you live close to a fire station (approximately five miles) you usually get an additional price reduction.
4. No Smokers in the home -
The potential for fire significantly increases if you have a smoker in the home. If you are smoker free you may get a rate decrease of approximately 2% to 5%.
5. High Risk Areas
Flood as well as earthquake destruction are not covered under homeowner’s insurance. You have to purchase your own supplemental catastrophic policy. The first place people ususally look for these plans is through government resources but you may be able to save money with a privately owned coverage provider.
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October 5th, 2009 at 7:18 am
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October 5th, 2009 at 7:55 pm
Great tips. If you have a monitored home security system you usually can save up to 20% on home insurance. Visit http://www.homesecurityalarms.net for very affordable monitored home security.