3 Ways to Decrease your Homeowner Policy Premium

1. Roof Type

While some people know this, others do not, but the type of roof you have can potentially mean big savings on your premium. Most carriers offer discounts for metal roofs, metal roofs are sturdier and don’t require as much maintenance as traditional shingle roofs. The rule of thumb for our companies in the past has been it had to be a 26 gauge metal roof, but now, that opportunity for savings has extended to any type of metal roof. For the company that Andrews Insurance Agency writes through, a cosmetic exclusion must be signed in order to receive that discount. A cosmetic exclusion means that if the roof is cosmetically damaged, but remains structurally intact, it won’t be covered. If the roof is structurally damaged, and you’re on the correct policy type, then by all means it’s covered, but just a few dings and dents won’t be repaired. Every carrier is different, and their rules for discounts and any exclusions will vary, always contact your insurance agent to see if you’re missing out on that discount.

2. Raise Your Deductible

Like with auto insurance, raising your deductible can save you money. Usually most homeowners have the standard $1,000 deductible. But deductibles can be increased depending on carrier and situation. If you’re looking to save money on your monthly or yearly premium, then raising your deductible would be something to consider. While your out of pocket cost would be more in the event of a loss, if you’re looking to save monthly, then speak with your agent about what options are available to you in regards to deductible increases.

3. Ask About Discounts

Again, every carrier is different, so discounts are going to vary, but there are some great discounts available that you may not be aware of. If you’ve got a central station reporting fire alarm or central station reporting burglar alarm, such as ADT, almost all carriers offer discounts for that. Central station meaning that in the event the alarm is tripped, a notice will go directly to the fire station as well as the police station to get help there quicker. Usually carriers don’t accept alarm systems that send alerts to your cell phone, but it’s always a good idea to check with your agent. If you’ve got a regular smoke alarm, that doesn’t report to a fire station, then you are most likely still able to get a discount for that, although it likely won’t be as big of a discount as a central station reporting alarm.

-Jordan Newcomer

Licensed Property & Casualty Insurance Agent