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Homeowners often don't take time to reassess their home-insurance coverage when it's time to pay the premium. But with many Americans looking for ways to save a buck these days, examining that paperwork could pay off.
While raising the deductible is often an easy way to reduce premium costs, it isn't the only way. Discounts in the form of credits are also available for many homeowners.
"People are really looking in every nook and cranny, if you will, for possible savings," said Pete Spicer, vice president and new product manager for Warren, N.J.-based Chubb Group of Insurance Companies. "Credits can really add up and become substantial," he added.
Those who have recently made home improvements or have incorporated upgrades to their property may benefit by asking whether they're eligible for credits.
A renovated house credit, for example, is available through Chubb for homes that have been renovated in the last 10 years. Those eligible to take advantage of that credit may shave off as much as 10% of their premium if the renovation occurred in the last year.
It's likely that some of these breaks will be brought to your attention by your agent, said Dick Luedke, spokesman for Bloomington, Ill.-based State Farm Insurance. But it doesn't hurt to be proactive and ask about them yourself if you think you may qualify, he added.
Below are five home-insurance credits that are offered. Availability and eligibility will vary by carrier.
  • Security protection credit. Many carriers offer a credit if a home has a functioning security system, with the amount of the credit dependent on the type of system. According to the Insurance Information Institute, homeowners can often get at least 5% off their bill for a smoke detector, burglar alarm or dead-bolt locks. Add a sophisticated sprinkler system and a fire and burglar alarm that rings the police, fire department or another monitoring station, and you may be in for a premium reduction of as much as 15% or 20%, according to the institute.
  • Central monitoring stations. Some of the same technology that works for reporting suspected burglar activity can help control other aspects of the home. Central monitoring systems can shut off the water if there's a leak detected while the homeowner is away, or raise the temperature if it moves out of the acceptable range. Chubb, for example, offers 2% credits for water-leak detection systems as well as temperature monitoring systems that protect a home's pipes from freezing.
  • Disaster preparedness. Credits are also available for people who guard their homes against natural disaster. Storm shutters and shatter-proof glass can help reduce premiums in some areas, according to the Insurance Information Institute. At Chubb, an automatic seismic shut-off valve that protects gas lines in the event of an earthquake, as well as a back-up generator, can reduce an insurance bill. At State Farm, a wind-resistant roof can result in a discount from 3% to 20%, depending on where the home is located, Luedke said.
  • Other discounts. Live in a gated community? Chubb provides a 5% credit for that level of security. Many carriers will also offer breaks if the home's plumbing or electrical system has been completely modernized, according to the Insurance Information Institute.
  • Discounts for repeat customers. There's often a discount in the premium if at least one car is insured under the same carrier that insures your home, Luedke said. And the longer you've been a customer -- and haven't racked up any claims -- there are also price breaks, he added. At State Farm, for example, a claim-free customer who has used the company for more than nine years is eligible for a 20% break on his or her premium
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