Save Money with Home Insurance Credits

Gaurav Bhola, MSM, Managing Editor

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 save money.

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 insurance.

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.

Multi-insurance Discounts

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.

Additional Discounts

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.

By: philipsmith
Date: 6/3/2010 6:01:36 AM
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