There are many secret tips to save money on homeowners insurance, and nearly every property and casualty company offers discounts you may or may not know about. Most insurance agents are paid based on a percentage of your premiums, so they aren’t exactly being incentivized to find you new discounts. It’s up to consumers to seek out discounts that are available and contact their insurance company and agent to establish eligibility, which may require written proof.
Websites like Bankrate and the Insurance Information Institute provide some great tips, but our team at Butler Durrell can directly help with two of the best strategies homeowners are using to lower premiums.
The secret is out. Most insurance companies explicitly state they’ll give discounts to those that secure their home with a fire and theft protection system. State Farm, Allstate, Farmers, Liberty Mutual, USAA and many other property and casualty insurance companies state on their website that discounts will be provided to those that install such a system.
Homes with monitored fire protection are less likely to burn down, and homes with security systems are less likely to be broken into by thieves, so it’s seems only fair that insurance companies make these customers pay less money each month.
Smart Homes Sensors Could Help Save On Insurance Premiums
The next generation of in-home sensors and smart home technology provide outstanding loss-prevention, and many insurance companies recognize these benefits. Two types of sensors, water and gas, in particular may help you secure a homeowners discount in the range of 5 to 10% if the sensor can trigger an automatic shutoff valve.
Home Gas Sensors
Gas leaks are particularly scary, because if you’re asleep there’s a chance you might never wake from the sounding of an alarm, so an automatic shut off could actually save your life. Around 500 U.S. citizen succumb to deadly gases every year. Having a detector that shuts off the primary gas valve in your home or other appliances that could generate carbon monoxide will help prevent these kinds of disaster.
Home Water Sensors
The other sensor insurance companies encourage are those that detect water. Water has the power to damage a structure, but is also one of the leading causes of home fires. When water meets electricity, the results are bad. The amount of water that can pump out of a burst pipe is astounding. Watch how much damage a single water-filled bathroom can do:
Insurance Discounts May Exceed Alarm Monitoring Costs
Though protecting your family and home from fire, theft, water and dangerous gases is probably reason enough to install a security system and sensors, insurance companies sweeten the deal by discounting premiums. Depending on how much you pay in insurance, the cost of monthly monitoring could be completely offset by insurance premium discounts.
You’ll have to consult with your insurance company to find out if discounts are available with your plan, but we’ll be happy to garnish proof of a security system for any of our clients. Contact us to learn more about installing a security system in your home today.