Homeowners understand the importance of
home insurance but usually don't take time to reassess their home
insurance coverage’s monthly premiums. Americans should examine their
existing homeowners insurance and see if there are any opportunities to
An easy way to save money on your monthly premiums is to raise your deductible. You can reduce your home insurance expenses by taking advantage of credits available to many homeowners.
Home insurance credits savings can be substantial. Here are five home insurance credits that you may be eligible for.
Home Security Protection
Many home insurance companies offer a
credit if a home has an active security system. The credit amount
varies with the type of home security system. Homeowners can get at
least 5% off their insurance premium by having a smoke detector,
dead-bolt locks, or a burglar alarm according to the Insurance Information Institute.
Also, by installing a fire and burglar alarm and a sprinkler system you
may be eligible for discounts between 15% or 20% off your home
Central Monitoring Systems
Central monitoring can close off the
water if a leak is detected during the homeowner’s absence, or raise
the home’s temperature if it goes below a specified range, to stop the
pipes form freezing. Insurance companies may provide up to 2% credits for leak detection and temperature monitoring systems that shield a home's pipes from freezing.
Disaster Preparedness Tools
These are credits offered to homeowners
who protect their homes against natural disaster. For example,
shatter-proof glass and storm shutters can aid in reduction of
homeowner’s insurance premiums in certain areas. A wind-resistant roof
may save you 3% to 20% from your insurance company.
If a homeowner also purchases other insurance products, such as car insurance, mortgage insurance,
life insurance, travelers insurance, and/or disability insurance. If
you purchase additional insurance products from your existing home
insurance provider you not only can save on the home insurance but any
additional insurance products you may purchase from the same provider.
A gated community can get your
discounts of up to 5% credit for added extensive level of security.
Insurance carriers offer discounts off their regular premiums if your
old electrical or plumbing systems have been completely modernized.