If You Hate Money Don’t Read This – Free Money to the Insurance Company

Posted November 25th, 2009
by HomeownersInsurance.org Staff (no comments)

MoneyToiletIf you’re not taking advantage of all of the insurance discounts offered in today’s marketplace, it’s like giving free money to your homeowners insurance company. Sure, you may be happy with the coverage and even like your agent, but why pay more than you need to?

According to a recent study done for the Independent Insurance Agents & Brokers of America, too many Americans aren’t utilizing all of the various discounts that may be available on both auto and homeowners insurance. In the study, homeowners were asked if they thought they were taking advantage of all of their discounts. More than a third of the respondents, which represent around 53 million households, said they don’t think they are.

These numbers are staggering. In tough economic times, it’s surprising to think that folks are paying more than what they need. Even if it’s just a few dollars a month, these kinds of homeowners insurance discounts can really add up.

Many Types of Discounts

There are all sorts of discounts offered by insurance companies. There are discounts that are regional, for example. Of course, there are multiple policy discounts where customers who get both homeowners insurance and auto insurance through the same company may be able to save significant amounts of money.

There are even quirky and obscure discounts available, too. For example, some homeowner’s policies will offer a discount for installing radon gas detectors. Every dollar counts, and if you can save a few bucks by doing installing the device can pay for the device and increase your family’s safety at the same time.

There are discounts for living in a gated community, discounts for having a hail resistant roof, discounts for having a good credit score, discounts for new or modernized electrical wiring, and discounts for not having had a homeowners claim over a long period of time.

Discounts Deeper than Customers Suspect

The average respondent who indicated that they were saving money on their homeowners insurance with discounts suggested that they save around 6 to 10 percent of their premiums. However, most companies offer discounts that could give their customers a much more significant discount structure – as much as 30 percent.

Some discounts are sizable by themselves. Multiple policy discounts tend to fall into this category, as do discounts or not having any claims in the past ten years. These types of discounts can be as much as 20 percent or more.

If you’re not getting the discounts you qualify for on your homeowners insurance, talk to your insurance company today and stop giving away your money if you don’t have to.

Categories: Insurance Tips

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