Friday, March 6, 2020

4 Ways to Help Reduce Your Home Insurance Premium



I was recently discussing ways to reduce Home Insurance Costs with a client.  Many clients are building new homes or revamping an existing home.  Here are some ideas we discussed that can reduce your home insurance.

1.  Fire & Burglary Alarms:  There is a discount for having alarms for fire and burglary.  There are a lot of technologies out there.  Burglar and fire alarms that are monitored by a 3rd party give the bigger discount.  But even the alarms that alert your phone with video/data sharing may provide a  discount:  Blink, Ring, etc.

There are 3 other things that I would recommend considering.  With some of our carriers, these will discount your policy a little.  But more importantly, these could prevent or minimize a claim.  Avoiding a deductible, the mess, and the hassle has big value!

2.   Roofing Material:  Consider installing a roofing material that has a UL 4 Rating.  This can avoid most hail events and will also last much longer.  The newer the roof, the better the discount.  The better and newer the roof is an even better discount.

3.  Backup Sump Pump System - Municipal Water or Battery Backup:  If this is done during construction, it is a minimal cost.  I would do the municipal water backup.  No electricity = no sump pump.  When do you need a sump pump?  During a storm.  When does the power go out?  During a storm.  This is why Sump Pump backups are huge.  Plus some are a 2nd pump so even if you have power, it many be the difference-maker.

4.  Water Leak Detection Devices:  There are some new water leak detection devices our there that will alert you or turn off the water when a water leak is detected.  Your home's washing machine, dishwasher, and the water line to the fridge are your 3 leakers and can cause massive damage. Check out this page on our web page for more information on Water Loss & water leak detection systems.

~ Jeff Eastvold