No one wants to over pay for insurance – but we also don’t want to cut corners either. Below we will detail 5 ways that you can save money on home insurance if you live in Willoughby Station or Hickory Hills. The best part – you may already qualify for some of these discounts and not know it!
#1 Verify the age of your roof.
Roof age is a HUGE rating factor – with newer roofs landing you big discounts. Since you probably didnt buy your home new, you may or may not know how old the roof is. Doing your own research and finding out the exact age of your roof is very important. One easy way to do that is ask your insurance agent to run a C.L.U.E. report. This will let you know if any claims have been filed on your home – including weather losses that could indicate roof replacement!
#2 Make sure they have the correct construction type for your home.
As far as insurance is concerned, homes in Willoughby Station & Hickory Hills come in two flavors – Brick Veneer and Frame. Making sure that your home is correctly classified could yield huge savings. Since many homes in these neighborhoods are brick fronts with partial brick or vinyl sides – this is where the confusion comes in. With most carriers, if your homes exterior is 67% or more brick – you qualify for “brick veneer” rating – which could help lower your rate versus being rated as frame.
#3 Insure your home for replacement cost – not real estate value.
Insuring a home for what you paid for it makes sense, right? Well – not exactly. A common mistake people make is insuring homes for their value – not their replacement cost. Remember – if your home burns down – you just need enough coverage to build it back. The cost to rebuild a home after a total loss is called replacement cost. Market value takes things such as location, market conditions, home desirability, etc into account whereas replacement cost does not. A home in Willoughby Station may cost $400,000 to purchase, but the replacement cost is only $250,000. If I took that same home and moved it out of Willoughby and put it out in the country, it’s now a $300,000 home from a market value standpoint. However the house itself didn’t change, so the replacement cost is still $250,000.
#4 Use those smart alarms for smart discounts.
We’re all familiar with alarm discounts on home insurance, but that is so 2019. In 2020, the discounts for smart alarms are smarter and deeper! You can earn extra discounts for any of the following.
- Smart Smoke Detector
- Sprinkler Systems
- Water Leak Sensors
- Water Flow Monitor
- Water Auto Shut Off
#5 The oldest trick in the book, bundle your policies.
This is not a flashy trick, but it is effective. Many carriers have increased their multi policy discounts to upwards of 35% on EACH policy. This can save you BUCKETS of cash each year. Now sometimes – the math on bundling does not work – so you’ll need to consult with your agent on that.