- If you have a new home or a renovated one, ask your agent about homeowners discounts. Many insurers offer discounts up to 25 percent for homes that are less than five or 10 years old since newer homes tend to experience fewer losses. In addition, homes that have substantial renovations can also qualify for this discount if the specified work has been performed by a qualified (licensed when necessary) contractor with proper documentation.
- Make your home more disaster resistant. For example, you can make your home more resistant to hurricanes and other disasters by adding storm shutters, stronger doors, and reinforced roofing materials. Many insurance companies offer premium discounts for these types of home features.
- Maintain an excellent credit rating. Insurance companies are increasingly using credit scores to determine homeowner’s insurance premiums. Establishing and maintaining a strong credit history can thus reduce your premiums.
- Make sure your home is not over insured. Remember that the value of your land and the value of your home are separate. If your home is destroyed and needs to be rebuilt, the focus should be on the replacement cost of your home itself and should not include the value of your land.
- Seek out other discounts. Insurance companies offer a multitude of discounts that you should check into. For example, many insurers offer loss-free discounts and long-term customer discounts, as well as multi-policy and senior citizen discounts.
Our agents at Executive Insurance and Financial Services will work with you, and help to you find ways to lreduce Homeowner's Insurance premiums.
International Risk Management Institute, Inc.