Home Insurance Savings Tips.
There are so many ways to save on home ownership. Rarely do we think about ways to save on insurance but there are many things you can do. Also, I suggest at least talking to a local insurance company, especially in the coastal area.
1. Set higher deductibles to lower your premiums; just make sure you have enough cash to cover the larger deductible.
2. Most companies offer discounts for smoke detectors, burglar alarms, third-party alarm monitoring systems, dead bolts, fire extinguishers, and Neighborhood Watch programs.
3. Earn “multiple coverage” discounts by using one carrier for all insurance needs, but make sure you are still getting the best coverage and rates for Wind and Hail and Flood, if you need it.
4. Premiums will be higher if the fire stations and fire hydrants are too far away.
5. Going without a claim for three to five years may warrant a discount. Most companies also reward longevity of service. But you may have to remind your agent of this as they may not give you an automatic discount.
6. Some companies offer discounts to people who have paid off their mortgage.
7. Discounts may also apply if your home was built or rebuilt within the past 10-15 years.
8. Check out non-smoker, early retirement, and live-in-housekeeper discounts.
9. There are also insurance brokers with contacts outside of FEMA who can help you get a better flood rate ... or get a better Wind and Hail premium for policy not in the NC Wind and Hail pool.
10. FEMA has recently changed Flood zones and premiums so make sure you get the most current information.
How to Collect: You are partly responsible for loss recovery. To prevent forfeiture of coverage and increase your ability to get a settlement: Notify carrier immediately after a loss. Make repairs to prevent further damage. List personal items damaged. Show an insurance rep the damage. Complete a statement explaining circumstances for the insurance company.