Many Rhode Island homeowners pay more than they should for their homeowner’s insurance, because they’re not aware of the many discounts that may be available to them.
Here are 9 ways you could save money of your Rhode Island homeowner’s insurance policy that you may not know about.
Bump Up Security
Insurance companies usually offer discounts if your home has a smoke detector, burglar alarm, or dead-bolts. If you install a monitored alarm or sprinkler system, you could receive even greater savings.
New technologies can also monitor your water or gas systems for leaks and your insurance company may offer a discount for these, too.
Upgrade Your Home’s Mechanical Systems
If your home has old electrical wiring and you’re considering remodeling, take advantage of the new wiring discount that some insurers offer. Upgrading your home’s electrical wiring makes sense for safety and especially if you intend to sell. Companies may not insure homes with dated wiring, because it is more likely to cause fires.
If your home has an old heating furnace or boiler, think about upgrading it. Not only will you save money on heating costs if you upgrade to a high efficiency heating system but you may also qualify for a discount on your home insurance for having an updated home.
Smoking is still a major cause of residential fires and deaths. The U.S. Fire Administration states that 12.8% of fatal residential fires are the result of careless smoking. If you’re a non-smoker, your home insurance company may offer you a discount.
Take Advantage of Your Claim-Free Status
Most people know discounts exist for good drivers, but did you know you may also qualify for a discount if you’ve never filed a claim on your home insurance? The reason for this is simple – the insurance company isn’t paying out money to cover your claims, so they pass some of the savings along to you. If you’ve been claim-free for 3 years or more you may be eligible for an additional discount.
Are You A Senior?
Many insurance companies offer discounts to mature adults for several reasons. First, they usually spend more time at home, so there’s less likelihood of a burglary. Second, if there’s a problem like a fire or broken pipe, they’re more likely to spot it. Senior’s discounts often apply to any retirees over 55 living in their permanent residence.
Do You Live in a Gated Community or HOA?
Insurance companies often offer discounts to those living in gated communities because they’re less likely to be robbed or vandalized. This is particularly true if you live in a home close to the local fire department or police station.
The same goes for those who live in a neighborhood with a homeowner’s association. Many of these areas have security restrictions and a community watch, making it less likely that the insurance company will have to pay a claim for robbery or vandalism.
Do You Own a New Home?
If you bought a new home, you may qualify for an insurance discount. New homes are less likely to have problems, which can reduce the likelihood of you needing to file a claim.
These are just a few of the discounts available to Rhode Island homeowners. Discuss your insurance needs with your insurance agent, and don’t forget to ask them about loyalty discounts and multi-policy discounts. Bundling policies can often lower your premiums without reducing your coverage.
Bundle Your Insurance Policies
A discount that is universally recognized by almost all insurance companies is an “Account Discount” or bundling credit. If you bundle your home and auto insurance with the same insurer, you will likely qualify for a reduced premium on your Rhode Island homeowners insurance. Insurance companies make this discount available to reward their best customers!
Call Loiselle Insurance
Rhode Island homeowners should not pay more than they need to for their insurance coverage. Call one of our professional agents today to review your insurance needs and discuss ways to maximize your insurance discounts.