It’s an unfortunate truth that homeowners insurance costs have been rising over the past few years in Keokuk. We get a lot of questions from clients asking us if there are ways they can lower their homeowners insurance premium, luckily our answer is “Yes!”
The good news is there are quite a few ways to significantly lower your insurance premium, it just takes research and a conversation with your insurance agent.
Discounts and credits depend on a lot of factors and vary person-to-person and state-to-state.
Here are some discounts and credits to ask your independent insurance agent about:
This discount involves letting one company handle all your insurance products: your home, car, and other personal property. So you would be saving an overall cost versus saving money just on one insurance package. Bundling your insurance may also allow for paying just one deductible expense versus paying multiple deductibles for different insurance policies. Try combining your home and auto insurance together and expect to save about 20%.
New Home Discount
To an insurance company, a new home means less risk because everything in the home is brand new and should be working properly. Luckily, in insurance terms a “new home” includes homes up to 10 years old, so this is a discount you should definitely look into if your home is 10 years-old or younger.
Depending on the state (if you aren’t living in Keokuk, IA, check with your agent) a new home discount can save you around 15%.
Non Smoking Home Discount
Yes, in a world where tobacco has been proven dangerous to your health, some companies actually reward you for being tobacco free. And even though smoking is becoming less common, one of the main causes of home fires still remains to be fires caused by smoking. If there is a smoker in the house, your insurance company is likely to raise your rates because of the increased risk of fire. However, if your home is smoke-free, you may be eligible for a discount. While it’s not a huge discount, you can expect to save around 5% with a non-smoking discount on your homeowners insurance.
Security Alarms and Smoke Alarms
Installing security alarms in your home helps reduce the risk of theft or burglary. Homeowners can expect to save around 10% on their homeowners insurance by installing an alarm system. The same discount goes for smoke alarms. Smoke alarms and fire extinguishers help reduce the risk of fire in your home and can save you around 2% on your homeowners insurance premium.
Credits are another way to potentially save money on your homeowners insurance. Credits are given when you upgrade something in you home to set standards specified by your insurance company. By updating your home, you are ensuring your home is up to code and has less reason for risk.
Here are three types of credits to check with your homeowners insurance provider for:
If your home is of a certain age, consider having it re-wired by a professional. This will help improve the safety of your home by lowering the risk that your home will catch on fire because of electrical problems.
Check with your homeowners insurance provider to see what kind of wiring credits they offer, as discounts can be as large at 10%.
No Claims Discount
If you have been with the same homeowners insurance provider and have not filed a claim for a number of years, ask your provider to see if there are any “no claim” credits available.
This is like a reward for not damaging or needing to cash in on your insurance policies. The discount can range up to 20 percent!
Retired homeowners more often have lower risks because they are spending more time at home; meaning their home is less likely to be broken into or have an unexpected fire.
Retired homeowners also tend to take better care of their homes because they happen to have the time and homeowner insurance companies are willing to credit that for around 10 percent!
It never hurts to ask
Homeowners insurance can be expensive but with discounts, credits and by simply speaking with your Keokuk insurance agent you can learn how to save more as a homeowner.
It’s important to know that discounts do vary depending on the city and state and Keokuk homeowners make sure to discuss discounts or credits with an insurance agents that is familiar with the Keokuk area. (Ask now: 844-272-3420)
About Ryan Ruffcorn
Ryan grew up in Keokuk, graduated from Keokuk Senior High, and started his agency in Keokuk from scratch in 2003 after having worked for one of the largest international accounting firms, KPMG, LLP.
Ryan is hardworking; his loyal and trustworthy character is exemplified by the way he does business. He thoroughly enjoys helping clients through the insurance buying process to secure coverage for their most valuable assets.