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Be sure to review your policy periodically with your agent or customer service representative. When comparison shopping, be sure to look at coverage terms, service and pricing that is best for you. Prices may vary by hundreds of dollars, so consider the importance of quality service -- not just price alone.
If you have a non-smoking household, be sure to let your agent or insurer know. Smokers in a home represent a higher risk because of the possibility of an accidental fire. If your household consists totally of non-smokers, ask about a premium discount.
Install dead bolt locks on all exterior doors. This will deter break-ins and often will qualify you for a premium discount.
Consider installing a sprinkler system. Fire suppression systems may make you a more attractive customer for a homeowners insurer.
Prevent losses from break-ins with home security systems, such as special lighting and burglar alarms. Insurance companies encourage their policyholders to adopt these measures and may offer a premium discount for having some sort of home security system in place.
Money Saving Tips
Controlling household expenses is something we all try to do. We want to help you reduce your home insurance costs when possible. Here are some points to consider:
Smoke alarms. Check your policy or contact us to see that you are receiving a discount. If you don't have alarms, get them. Not just for the discount, but for your family's safety.
Higher deductibles. The standard deductible today is $250. If yours is lower, you are paying an added charge. If you choose a $500 or higher deductible, more savings are available.
Delete unneeded coverage. Review your policy. There may be jewelry listed that has since been sold, endorsements for businesses in the home that are no longer in operation or other unnecessary coverages.
Central station alarms. Fire and burglary alarm systems that automatically dial a central station can provide both good security and a significant premium savings.
Combine home and auto insurance in one company. Companies often offer a discount on the home and auto insurance or both when carried by the same insurer.
Other Discounts: In addition to these money-saving tips, some companies offer discounts if you have fire extinguishers, deadbolt locks or a loss-free record. Check with us to see if your plan offers any of these options.
Remember, under-insuring is not a recommended way to save premium as it can lead to serious problems settling a claim. Whether it's a question about cost or coverage, we're always willing to review any insurance concerns with you. Please call us.
For more information or a free consultation, contact Insurance Management Associates at 410-266-8888 or by e-mail.
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Make Sure You Have Replacement Cost Coverage
A Replacement Cost endorsement provides insurance coverage for the full cost of replacement of real property as well as personal property. This means the cost of rebuilding your house as a new house, not depreciated for its age (for example, a ten-year old house). It also means covering the replacement at today's cost, not, using the example above, at what the cost would have been ten years ago.
Consult your Insurance Management Associates agent at 410-266-8888 for more information about replacement cost coverage.
Insurance Credits
There are a number of things that may lead to a discount on your homeowners' insurance policy.
- Alarms – can receive up to 20% credit for central station monitored fire and burglar alarm.
- Water leak alarms
- Sprinkler System
- Gated Community Credit
- Back up Generators
- Surveillance Systems
- 24-hour Guard posted at entrance to your community
More Money-Saving Tips for Homeowners
Raise your deductible to lower your premium rate. If you have a $500 deductible, consider raising that. Make sure your deductibles are set to an amount you can comfortably afford.
Explore "package discounts" that may reduce your rates if you insure your home and cars with the same company.
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