You often hear insurance commercials touting all sorts of discounts – good student discounts, safe driver discounts, multi-policy discounts, and the list goes on. Sometimes it can seem quite overwhelming. Which discounts are you eligible for on your automobile coverage? What about your homeowners policy? Are you missing out on some credits? Would you qualify for additional credits if you added some simple devices to your home or car?
Whether you are in the same home and vehicle from 10 years ago, or you’re looking into a new house or car, it is important to understand the types of safety devices and loss prevention measures available. These can help protect your home or vehicle from a variety of loss. And they can even reduce your insurance premiums. Take time to learn about the options available. And speak up. Tell your advisor about any loss prevention measures used in your automobile and home.
Measures That May Reduce Your Homeowners Premium
Your home is exposed to a vast amount of risks each day. What can you do to help mitigate those risks? Safety devices and loss prevention measures like those below can help protect your home AND might make you eligible for discounts. These devices and measures may be able to provide credits exceeding 30% of your base homeowners insurance premium. The amount of course varies depending on your carrier and the specific device or measure.
The following list is by no means all-inclusive. But it should get you thinking. Do you already have some of these devices or features in your home? Are there some that you might be interested in learning more about?
- Home Security: surveillance systems, burglar alarms, living in a gated community
- Fire Safety: installation of smokes detectors and carbon monoxide detectors, sprinkler system, fire extinguishers throughout the house, fire escapes
- Home Maintenance: new wiring, new pipes, handrails alongside staircases, gated perimeter fencing, impact resistance roofing
- High-Tech Sensors: water leak detection with automatic shut-off, gas leak detection
- Electrical Back-Up: home generators – portable and hard wired
Measures That May Reduce Your Auto Premium
When you buy a car you’re often given options – do you want the standard features or any upgrades? Many of the vehicle safety features available can significantly protect you and your passengers in case of an accident. Having safety devices and measures such as those below could also help reduce your auto insurance by 5 to 20% of your comprehensive premium. The amount of credit will vary based on your carrier and the specific device.
- Vehicle Safety Features:
- Anti-theft or alarm system
- Anti-lock brakes
- Passive restraints – manufacturer-installed airbags, automatic seatbelts
- Daytime running lights
- Blind spot detection
- Lane departure warning systems
- Adaptive cruise control
- Vehicle recover system such as OnStar®
- Rearview cameras
- Tire-pressure monitoring systems
- Fuel cut-off switches
- Hood locks
- Steering locks
- Ignition cut-off switches
- Safe Driving:
- Participating in safe or defensive driving courses
- Having no moving violations for a certain period of time
Your insurance carrier is there to help when disaster strikes, but they also want to help prevent claims from happening. The use of safety devices and loss prevention measures in your home and vehicle not only help prevent losses, but they also can significantly reduce your premiums. The devices and measures eligible for discounts vary from one carrier to another. But the benefits to your home and vehicle, as well as the potential discounts, make them worthwhile to consider and discuss with your advisor.