Even More Ways You Can Save on Homeowners Insurance

Did you know there are many ways you can save on your Cape Cod homeowners insurance program, even if you already satisfied with your current policy and price? Insurers often provide discounts for making improvements, renovating or rebuilding parts of your home. We shared four ways to save on homeowners insurance in last week's blog post; here are four more! 

1: Loss Free Credit

Haven’t had any claims in the past few years? Tell your insurance company! This could result in a “Loss Free” credit, which might save you a bundle. Remind your insurance agent the number of loss-free years and ask if you are eligible for a “Loss Free Credit”. You might be surprised. 

2: Home/Auto Account Credit

Do you insure your house with the same insurance company as your automobile? Make sure you’re receiving a home/auto account credit. If not, ask why! If you own multiple properties, such as a vacation home in Falmouth and a primary residence in the Boston area, inquire if the insurer will cover both locations and your auto policy. 

3: New Home Credit

Have you recently completely renovated your home, or it is newly built? Is it up to code? Do you have a new roof, electrical, plumbing, heating systems? If the answer to any of these questions is yes, then advise your agent and inquire about discounts.

Modern construction materials and utility equipment is often much more robust and safer – your insurer values prevention and safety! If your upgraded systems include automatic water or gas shutoffs, lighting rods, smart home features or are significantly newer than what you replaced, inform your homeowners insurance agent know. Sometimes discounts are available –  it can’t hurt to ask. If you’re considering making any major home improvements, inquire if the updates would help save on the homeowners insurance premium.

4: Increase Your Deductible

Do you have a $500 deductible? Ask your agent the annual savings for a $1,000 or $2,500 deductible. Though it might seem unconventional, retaining risks you can afford to lose, and transferring risks you can’t afford to retain can help you save over the long term. Over time you will come out ahead by consistently securing higher deductibles and saving the premium.

Want help finding available discounts and devising a risk management strategy for your home? Schedule a sit-down with one of our representatives to review your risk management and insurance needs!