I wanted to pass this along to everyone on the forums here in hopes that some of you can pocket some coin(possibly a lot) by checking your home insurance policy....

Recently my policy was due for renewal and my insurance co sent me a bill for $1008 (taxes included) on my 1992 built home. This premium has been inching up over the years to the point I considered it to be getting unreasonable so I contacted my insurance agent and asked them about it, telling them I thought it was higher than what I thought it should be(I got an online quote from another source to confirm it). In discussing the matter with my agent I discovered that there are a number of things which can substancially reduce your premium....

1. I went from a $500 to a $1000 deductible

2. I'm a non smoker

3. I had a new roof installed two yrs ago

4. Installed a new furnace recently

5. Have paid off mortgage

6. Upgraded all faucets


.....all of this added up to close to a $300 reduction on my premium($725 inc tax). Check your policy and ask your agent for a better deal if you've made some improvements to your home, if you're a non smoker, paid off your mortgage or reduce your deductible to lower your rate. Good luck!

Most companies offer a good discount for having a monitored alarm, even more with fire monitoring.

Regardless of the premium cost, one big event will pay for decades of premiums. Rebuilding after Katrina cost a whopping $178k, and we had no structural damage!! And, I don't care where you live, get flood insurance.

Amen to that.

Scott, do you have to carry a separate windstorm policy where you live?

I pay about $1200 a year in insurance with $500 deductible. I had recent storm water damage, but because of no flood insurance it wasn't covered. I live near the top of a hill. I do have earthquake coverage which is extra. My roof just replaced by insurance company. Because the insurance company paid for the roof, I expect my premium to go up instead of down.

That sounds a little steep, Brian.

I mean the hill you live on....

I happen to be an insurance agent, and while I've never heard of a discount for having a new roof or furnace, I know it's required to have them in good condition. Otherwise, you risk cancellation of the policy. Having no mortgage, raising your deductible, and alarm systems are definitely going to help.

Maybe policies vary across the border, Mary? my take from my agent was that a new roof and furnace would lower the risk of water damage or fire although I was admittedly surprised by the fact that modernizing faucets would actually make a difference, but she in fact, asked me if I'd upgraded them. I also installed new windows a couple of years ago but forgot to mention it to her.

Our Homeowners Policy includes windstorm damage, but not flood, hench the separate policy. Across the boarder in Mississippi, they have Homeowners, Windstorm, and Flood separately. I'm guessing that FL is similar?

I've heard they have added Python and Gator insurance for the southern states?

Yep here in Florida the Homeowners, Windstorm and Flood are separate policies.

I love how the insurance companies do their discounts ... we had a discount for years because we have a hip roof but upon recent evaluation our policyholder determined that our hip roof is actually a 'dutch hip' so therefore we no longer get that discount and due to a somewhat huge discount that was offered right after the '04 hurricanes I installed state approved hurricane shutters costing hundreds of dollars and recently the insurance company dropped that discount for whatever reason they deemed.

My regard for insurance companies goes hand in hand with the buy-here-pay-here for 30% interest used(up) car sales lots. No offense Mary.

Flood is NEVER included in a homeowner policy. Normally, water damage of any kind isn't covered unless it's a result of a covered peril (like wind, hail, lightning, etc.) Sewer backup of drains isn't normally covered either, but there's an endorsement you can add to your policy which is worth it. I've seen a lot of these claims happen, and people get pissed when they find out they don't have coverage for it.

HA!

Just after posting a few minutes ago I was reading through the local news and read this article on insurance rates .... Why are our insurance rates so high?

I'd kill to have a $1,200 a year premium, ours is almost four times that and if we ever lose our $12k screen pool enclosure in a storm it's on us because since the hurricanes there's not an insurance company that will insure it.

Just move to Missouri. It's a lot less offensive.

Rick, call me. I'll tie a rope around it and around my middle and watch SRV through the window....

Yea Mark, between the two of us I think we'd certainly have it anchored!

Dang, you pay a lot of home insurance, Rick !!

Yea Adrian, and if my wife didn't shop around as much as she does it would easily be thousands more.

We just renewed our auto insurance this morning so you'll have to excuse my bitterness, I'll be over it in a couple of days.

Some good notes Adrian.

I'll have to ask about the new roof and faucets thing. The others i knew about.

But flood insurance in Manitoba?
Will never happen.

When your permafrost melts due to global warming after certain American politicians remove any environment-preserving legislation, your homes will sink into the mush.

Allow me to add:

MWAH HA HA!

If only there would have been some sort of rally to show that many people care about such things.

And if only lots and lots of people had gone to the rally.

And if only, as those people were heading to the rally, they didn't say "These crowds suck. Hey! Beer!"

The Earth could have been saved.

Don't worry, Ultraman will save us!!


Say, is that Ray environmentally friendly?

Actually, it's a little Radioactive.

But mostly, I'm OK to have around if you're done having kids and stuff.

And you haven't had success with OTHER weight loss plans.

Hey, now.