At Ovation Home Insurance Exchange, we understand the importance of protecting your home while also keeping your insurance costs manageable. One of the best ways to save on your home insurance premium is by taking advantage of various discounts offered by insurers. Here, we'll explore some of the key discounts often available to homeowners – and provide practical advice on how you may be able to qualify for them. Whether you're installing hurricane shutters, upgrading your roof, or maintaining a good credit score, these discounts can help you save money without compromising on coverage.
Discount for Installing Hurricane Shutters
All openings to your home need protection. Hurricane shutters are protective coverings installed over windows to prevent damage from strong winds and flying debris during a storm. Likewise, hurricane-rated doors are an excellent idea. These are available for all doors to the home, including garage doors, which are often the easiest point of entry for storm winds to breach.
Because hurricanes are a significant risk for homes in Florida, installing hurricane shutters and doors can greatly reduce the likelihood of damage to your home, making you a lower risk for insurers. Ensure your shutters and doors are professionally installed and meet local building codes. Obtain a certification or proof of installation from a licensed contractor and provide this documentation to your insurance agent.
Discount for Strengthening Your Roof
Strengthening your roof involves various upgrades and reinforcements, such as installing hurricane straps, using stronger materials, or having a secondary water barrier. A fortified roof is less likely to suffer damage during a storm, which can prevent costly water damage to your home's interior. Have a certified inspector conduct a wind mitigation inspection and provide a report detailing the recommended upgrades. Follow through with the recommended improvements from the inspection report and submit documentation of the upgrades to your insurance agent. Roof strengthening can lead to substantial savings on your premiums, depending on the extent of the improvements. You may even be eligible for up to $10,000 in matching grant funds to strengthen your roof, through the My Safe Florida Home state-subsidized program.
Discount for Having a Home Security System
A monitored home security system includes devices like alarms, cameras, and motion detectors connected to a professional monitoring service. Homes with monitored security systems are less likely to be burglarized, reducing the risk of theft and damage. Choose a reputable security company and install a comprehensive home security system connected to a 24/7 monitoring service. Submit proof of installation and the monitoring service agreement to your insurance agent.
Discount for AC Service Maintenance Contract
A service maintenance contract involves having a professional HVAC technician inspect and maintain your air conditioning system twice a year. Regular maintenance of your AC system can prevent costly breakdowns and extend the life of your unit, reducing the risk of water damage from leaks or system failures. Enter into a maintenance contract with a licensed HVAC company and ensure your AC system is serviced twice a year as per the contract. Provide your insurer with copies of the maintenance contract and service receipts. While this discount may offer modest savings, it also provides peace of mind and can reduce other potential repair costs.
Discount for a Good Credit Score
A good credit score indicates to insurers you are financially responsible. Insurers use credit scores as one of the factors to determine your risk profile. A higher credit score can translate to lower premiums. Regularly check your credit report and score, pay bills on time, reduce outstanding debt, and correct any errors on your credit report. Once your credit score improves, inform your insurer and ask if you qualify for a discount. A good credit score can lead to significant savings.
Additional Money-Saving Tips
Where available, consider bundling your home insurance with other types of insurance, such as auto or life insurance, to receive a multi-policy discount. Opting for a higher deductible can also lower your premium. Just make sure you choose a deductible amount you can afford to pay out-of-pocket in the event of a claim. Regularly review your policy to ensure you are taking advantage of all available home insurance discounts and your coverage is up to date. Shopping around and comparing quotes can help you find the best deal for your specific situation. Upgrading other aspects of your home, such as plumbing, electrical systems, and adding fire sprinklers, may also qualify you for additional home insurance discounts.
Maximize Your Home Insurance Discounts with Ovation
Taking proactive steps to protect your home not only enhances your safety but also offers financial benefits through insurer-provided discounts. So, review your current coverage, consider implementing some of these changes, and start enjoying the savings on your home insurance premium.
At Ovation Home Insurance Exchange, we strive to help homeowners find the best ways to protect their homes while saving money. By taking advantage of these home insurance discounts, you can lower your insurance premiums and still enjoy comprehensive coverage.
If you have any questions or need assistance with qualifying for these discounts, our team is here to help. Contact your insurance agent to learn more about how we can help you save on your home insurance. Not yet insured by Ovation? Get your quote now.