Everyone is looking to save money these days. We naturally look for sales and other discounts when we’re shopping at stores, but we often forget about home expenses. If you haven’t reviewed your homeowners insurance policy lately, you may be missing out on some discounts. Here are 5 common discounts on MA homeowners insurance that you should ask your insurance agent about.
Install a Security System
Whether you have a fancy hi-tech system or a simple self-install system, you may be eligible for a discount. After installing your system, contact your insurance agent to update your policy. Almost every MA insurance company offers some type of discount for security systems.
Look for Group Discounts
There are a wide range of discounts offered to members of different organizations. This can apply to employers, non-profits, clubs, and other interest groups. Be sure to tell your insurance agent about any involvement that you may have in any organizations so that they may check for discounts. Keep in mind that discounts may be insurance company-specific as well, so switching insurance companies can sometimes save you money.
If you rarely submit insurance claims, it may make sense to increase your deductible. This usually results in a lower premium. However, keep in mind that the higher deductible means more out-of-pocket costs if you do file a claim. Make sure that higher amount will not cause a strain in your finances. If so, it may be best to keep the low deductible and pay a slightly higher premium each year.
MA insurance companies offer discounts for multiple policies. Look into how much you can save by having your homeowners insurance and auto insurance with the same company. It may be well worth it to combine them.
Double Check Values
The replacement value of your home is used to calculate your insurance premium. This is essentially the cost of rebuilding your home in case of a major disaster. This amount should not equal what you paid for your home. Market values may be much higher than actual rebuilding cost. Plus, market values include the cost of your land. Since you’re only rebuilding the structure, the amount being insured should be less. Contact your MA insurance agent to confirm that your policy is using the correct replacement value.
Other Discounts on MA Homeowners Insurance
Every insurance company offers a different set of possible discounts. Work closely with your insurance agent to identify all possible discounts on MA homeowners insurance for which you qualify. Independent insurance agents in MA generally work with several major insurance providers. They can help shop rates for you and find you the best options for both price, coverage, and service. Call Gorman Insurance today for a free quote.