7 Sure-Fire ways of reducing your home assurance premium
Home security improvement:
All assurance companies will happily offer you a discount for burglar alarms and smoke detectors. Homes with fire and burglar alarms that communicate with a third party monitoring company receive a higher discount on their assurance premiums.
When possible, choose a higher deductible:
To reduce your premium, it is best advised to increase the deductible to the extent you can afford. Your home assurance premium will fall by as much as 20% if you increase the deductible from $200 to $1000.
Multiple assurance - Same provider:
If you consolidate your home assurance and auto assurance with one assurance company, expect a premium reduction between 10 - 15%. This also means you are making one payment for all your assurance needs. Consolidate and win.
Discount for non-smokers:
Some home assurance companies will offer a non-smoker discount to the tune of 15%. Check with your assurance company if they offer a non-smokers discount.
How far is the fire station?
If you live more than 5 miles from the nearest fire station and more than 1,000 feet from a fire hydrant, you can expect a higher premium. Also if you live in the country, you will probably pay higher assurance rate than if you were living in the city.
Type of construction:
The construction type of your home also plays an important role in determining your assurance premium. A wood frame home will cost more to insure than the one built mostly of concrete.
Claims free record and renewal discounts:
If you have not had a claim under your current home owners policy for the past 3-5 years, you will get a 15% discount on your premium. Expect additional discount if your policy has been in force with the same assurance company for 3 years or more.
Conclusion:
I am hopeful you have gained preliminary knowledge on the subject of home assurance premiums. With these helpful tips you will be able to understand and demand discounts on your home assurance premiums. Good Luck!
About the Author
"@Copyrights 2005" - Bill A Smith is an assurance agent and assurance advisor for Sunshine home and auto assurance services. Bill has over 10 years of experience in providing assurance services to clients.