Just discussed this with a client building a new home. We also have many clients revamping their current home. Here are some things that can reduce your home insurance.
There is a discount for having alarms for fire and burglary. There are a lot of technologies out there. Burglar and fire alarms that are monitored by a 3rd party give the bigger discount. But even the alarms that alert your phone with video/data sharing provide a discount.
3 other items that I would consider. With some carriers these will discount your home policy. More importantly these could prevent or minimize a claim. Avoiding a deductible, the mess, and the hassle has big value.
1. Roofing material that has a UL 4 rating. This can avoid most hail events and will also last much longer. The newer the roof the better the discount. The better and newer the roof is an even better discount.
2. Backup sump pump system – municipal water or battery backup. If done during construction it is minimal cost. I would do the municipal water backup. No electricity=no sump pump. When do you need a sump pump? During a storm. When does power go out? During a storm. This is why the backups are huge. Plus some are a 2nd pump so even if you have power it may be the difference maker.
3. There are some new water detection devices out there that will alert you or turn off the water when a water leak is detected. Washing machine, dishwasher, & water line to fridge are your 3 leakers and cause massive damage.
If you have done any of the above please call us at 515-232-9271. Or if you are interested in the municipal water backup we do work with some great local plumbers.
Have you ever looked at your homeowners, condo, or renters policy and saw that your property, belongings, and/or roof is listed as being insured for Replacement Cost Value (RCV) or Actual Cost Value (ACV)? Have you ever wondered what that means?
Replacement Cost (RCV) is the value to replace an item at today's cost.
Actual Cash Value (ACV) is the value for a similar item at today's cost minus depreciation (replacement cost minus depreciation).
What does this mean? Let's use an example most people have in their house - a couch. Four years ago when you moved into your house, you purchased a new sectional for $2500. Last month, your sectional couch was damaged in a covered claim.
RCV and ACV also affects how your roof is insured too. Some companies only offer RCV coverage for roofs if they were installed within the last 15 years, otherwise the roof is covered for ACV.
Here are some important things you can do:
Everyone likes to save money where it makes sense. One place you may be able to save money is by making sure that you are getting the discount that your insurance company offers. Some of the most common insurance discounts are listed below: