Everybody loves a discount. That’s why we’re going to review things that may help you save on home insurance premiums. Don’t be afraid to ask your broker if there are any other discounts available. That’s what they’re there for!
Common insurance discounts
- Bundle home/auto insurance – Most insurers offer a discount when they provide and service both policies.
- Pay premiums annually – This way, you avoid administrative costs that are applied when paying monthly.
- Don’t file small claims – Many insurers offer a claims-free discount.
- Increase your deductible – In most cases, the higher a policy’s deductible, the lower the premium.
- Mature homeowner – Are you 55 or older? That will likely qualify you for a discount.
- Alumni/professional group – If you are a graduate of a college, university, or member of a professional group, you may get a group rate discount.
- Be a non-smoker – Not only is it not healthy, but it’s also a risk to your property.
- Buy a new home/condo –You may be eligible for a discount because newer buildings are less likely to have problems.
- Become mortgage free – Some insurers may offer a discount if you no longer owe the bank money.
- Have a good credit rating –Your insurer will likely look favorably on a good credit rating and consider you less of a risk.
- Loyalty discount – Many offer a reduction for keeping your business.
- Shop around – Have your broker compare rates every few years at renewal time to make sure you’re getting the best deal.
Home upgrades that may reduce premiums
When you renovate or update your home, always inform your insurer. Depending on what you’ve undertaken, it could mean lower rates!
- Upgrade the furnace – Certain types of heating, such as oil, have more risk attached which means there’s a higher chance of a claim.
- Install a monitored security system – Insurers will see you as being less of a risk for theft.
- Replace old wiring – If your home is over 30 years old some insurers would require wiring to be updated. After the work is done by a licensed electrician, provide a certificate of completion to your insurer.
- Upgrade plumbing – Older pipes, such as those made of lead or galvanized steel, can pose a risk of rupture, rust or leak over time.
- Install a backflow valve or sump pump – A backflow valve prevents sewer water from entering your home. A sump pump can prevent water damage in your basement. These mitigate the risk of water problems.
- Update your roof – Over time roofs will degrade, making liabilities a much bigger issue. If you’re missing shingles or they are curling, it’s likely time for repairs or replacement.
- Replace the water tank – If your hot water tank is 15 years old or older, you may want to replace it because the likelihood of leaks and bursts increases over time.
NACC has partnered with HUB Insurance to provide a one-stop shop for Commercial Insurance, Employee and Student Benefits, Group Retirement, Surety, and Personal Insurance. To discuss your college’s unique needs, please complete the form found here: HUB Inquiry Form
