Many homeowners throughout Rhode Island pay their premiums and renew their policies each year without checking to see if they’re entitled to any discounts. They may think it isn’t worth their while or they simply aren’t aware that they exist. Here are 8 often overlooked home insurance discounts that could lower your insurance premiums without sacrificing coverage.
Insurance companies often offer discounts to those who are over 55-years old simply because they tend to spend more time at home and, because of that, are more likely to spot a problem before it turns into a disaster.
Insurers realize that it costs less to repair a small leak that just recently started than one that has been running all day while no one was home and they’re often willing to pass those savings along to you.
You’ve Never Filed a Claim
If you’ve never filed a claim, your insurance company may offer you a claims-free credit.
Homeowners who have had a clean claims record for 3-5 years could see a substantial discount.
You’ve Updated The Electrical
According to the U.S. Fire Administration, electrical problems are the leading causes of house fires. As a result, many insurance companies offer a discount when you rewire your old home and replace its’ outdated electrical components.
The discount depends on the age of your home, but if you do not replace your screw-in or fuse system with a more up-to-date circuit breaker, insurers may not want to insure you at all eventually. Talk to your insurance agent to find out whether an upgrade qualifies you for a discount.
You’ve Replaced Your Home’s Roof
If your home’s roof has reached the end of its’ serviceable life, consider toughening it up with impact-resistant roofing materials. Your home’s roof is very susceptible to damage from rain, wind, hail, hurricanes, and tornadoes. When it fails, your home and belongings are at risk and claims can cost an insurer a bundle. Consequently, many insurance companies offer a sizable discount if you replace or recover your roof.
Your insurance company can provide you with specific requirements regarding which grade of material qualifies for a discount. You may also be able to use the upgrade as a tax deduction!
You Quit Smoking
Many insurance companies offer a discount for non-smoking households. Obviously, there’s less chance of fire if smoking isn’t part of the equation. Smoking is still one of the top causes of fire-related deaths, injuries, and property damage in the U.S. If every member of your household has been a nonsmoker for 12 consecutive months or more, be sure to let your insurance agent know.
You Install Gas & Water Sensors
Advanced technologies now make it possible to remotely monitor your home for gas and water leaks. Insurance companies often offer discounts for these preventative devices, because they create a safer home and decrease the likelihood that you’ll need to submit a substantial claim.
You can often purchase sensors from home improvement centers and install them yourself.