Do you know what affects the cost of your property insurance premiums?
Many homeowners are unaware that there are a handful of factors that affect their property insurance cost.
Today, we’re sharing some things that affect your property insurance costs, and steps you can take that will reduce your premiums.
New Roof Discounts
Did you know that installing a new roof can significantly reduce your property insurance rates? A new roof can lower your home insurance premium up to 35%, depending on materials used, location of your home, and your insurance provider. A new roof not only enhances the safety and longevity of your home but it can also get you a discount on your insurance premium as it reduces risk.
Alarm Systems
Alarm systems are an excellent way to deter burglars and protect your home. Insurance companies recognize the added security and often offer discounts for homes equipped with monitored alarm systems. The amount you can save will depend on the type of system you have installed in your home.
Age of Your Property
Newer homes generally cost less to insure as they are built to current building codes and standards. The discount is usually offered in age brackets, such as 5–10 years old and new construction homes will receive the largest discount.
Sprinkler Systems
Installing a sprinkler system is another way to reduce your property insurance rates. Sprinklers can quickly extinguish fires, minimizing damage and loss. You can also maximize benefits by having sprinklers inspected annually and certified to support future claims.
Gated Community
Living in a gated community can also lower your insurance rates. Gated communities typically have restricted access, which decreases the likelihood of vandalism and theft. Larger discounts may go to 24-hour manned security gates as opposed to automatic gates.
Bundled Policies
Bundling your insurance policies can lead to substantial savings. By combining your property insurance with other policies like auto or life insurance you can benefit from multi-policy discounts. The amount of the discount will vary depending on your carrier but the savings can be between 5 to 25%.
Size & Value of Your Property
The size and value of your property are large factors in your insurance rates. Larger, more valuable properties cost more to insure due to the higher replacement costs.
We hope knowing these factors will help you lower your insurance costs and make informed decisions about your coverage.
Looking for help with your property insurance, or need other insurance services?
Visit our website thepremiumadvantage.com to schedule a free personal insurance appointment today!