Ready To Close On A House But Need Insurance? Know How To Get Discounts
If you are moving into a new home and you have to get homeowner's insurance for the first time, it's important to shop around. You also want to be knowledgeable about the discounts that you could be eligible for.
You don't want to miss out on savings, especially if you put your insurance in your mortgage cost, because a higher cost means a higher monthly mortgage. Here are a few things you want to consider asking if you get a discount for.
How Close are the Nearest Authorities?
Are you right down the road or close to a fire station? If so, this could earn you a discount because the squad could get there quickly if your house had a gas leak or a fire. Are you by a police station? It makes it more difficult for an intruder or burglar to wander around the neighborhood when there are police lingering around and passing by, and who could be at the house fast. Being close to local authorities could earn you a discount.
Major Appliance or Structural Replacement
Did the past homeowner replace the hot water heater or furnace before they moved out? Or maybe they replaced the refrigerator? If so, this makes the new appliances less likely to get rusted pipes and flood or have a gas leak. Newer appliances are also less likely to create a fire hazard. Other structural changes like a new roof or sealed foundation can earn you discounts as well.
Home Security
If the house has a security system let the insurance company know, as this is a great way to get a discount. If it doesn't have one, consider investing the money to have one installed. The amount you save on your homeowners insurance could be enough to cover the monthly service fee to have the security system. Adding a fence around the property is another security discount.
If you need other types of insurance ask about bundling the policies together, but take the time to get at least three quotes. There may be a company that is offering a huge incentive for new customers, and you may find it's best to use a local insurance company near you. You won't know until you shop, but if you just bought a new home the lender will want you to pay a year's worth of insurance in advance so the house is covered even if you fall behind on payments. This is why getting the best rate is also important.
Share