3 Unexpected Ways to Save on Homeowners Insurance
3 Unexpected Ways to Save on Homeowners Insurance
Homeowners insurance is a necessity. There is no getting around it. Repairs and damage on a home can get costly, regardless if you own the home or you carry a mortgage. Leaky pipes, storms, falling trees, the list goes on for potential hazards to a home inside and out.
However, just because homeowner’s insurance is required, it doesn’t mean you should be overpaying on it either. The savings are there. You just need to take a bit more time finding them with your Covered Insurance Advisor, but you will be happy you did in the long term.
Think bundling insurance policies and improving your credit score will help you save on your homeowners insurance, but did you know about some of the lesser known ways?
Here are 3 often overlooked ways to save on your homeowners insurance.
1) Living in a gated community and/or being part of a homeowners association
Do you live in a gated community or did you recently move into one? Are you part of a homeowners association (HOA)? You may be missing out on additional discounts on your homeowners insurance. Gated communities make it difficult for thieves to access homes thereby providing added security and deterring theft. HOAs provide similar perceptions of security and due to the stricter property maintenance standards, homes are typically well-maintained. These two scenarios are attractive to carriers as it means your home carries a lessened risk than other homes against instances of theft for example. Check to see if either of these applies and check to see if the discount is included on your policy. If you don’t see it, then this is a great time to reach out to your Covered Insurance Team and check the eligibility for applying it to your policy.
2) Making upgrades to your home
Did you make upgrades recently to your home such as installing a security system, upgrading plumbing or electrical outlets and wiring, adding high-tech gas and water sensors, or even upgrading to an impact-resistant roof? All of these upgrades can help you qualify for saving on your premium. Additionally, if you are considering renovations, speak with the team before beginning renovations for advice on maximizing insurance savings.
3) Not filing claims
This one comes as no surprise, as customers carrying a no-claims history or having fewer claims mean insurance carriers are not spending more out than the premium amounts coming into them. Insurance carriers like this a lot and reward those who make few, if any, claims on their insurance. If you are one of the homeowners falling into this category you may be able to reduce your premiums. In fact, a newly added discount reaching up to 20% was introduced for customers who have been claims-free for 10 years. It’s not offered by all insurance carriers, so speak with the Covered team to find out if your carrier is offering it in your area.
Interested to Find out if these discounts are included in your policy?
We’re here to help! Simply call 833-487-2683 or contact us. We are always available to help navigate what your policy includes, or needs to include!