Saving money from your homeowner’s insurance can be one of the best deals that you can have. Like the discount that you get when you have your home and auto insurance under one insurance provider. Because why not try to do and have anything that can save you some bucks right? But what other homeowners don’t know is that there are other ways to get discounts. So, let me ask you, does your home have safety features like fire extinguishers? You need a fire extinguisher in case you have fires in your home. Because if you have, here are things that you should know that can affect the amount of your home insurance.
Homeowners’ insurance costs depend on many factors such as the location, the age of the house, your credit history, your coverage, your deductibles, and the safety features of your house. Although each state and insurance provider has different rules and rates, giving discounts is what they have in common.
Does Having Home Safety Features Really Lower My Homeowners Insurance Rates?
The answer is YES! Just like Auto Insurance, the more safety features a car has, the lower your auto insurance is. The same goes for your home insurance. If your house has an alarm system, it can prevent theft and any intruder to get into your home. Now, let say, you have a fire extinguisher, having that can prevent fire from happening. And we all know that fire can cause so much harm. If worse comes to worst it can even lead to your house getting totally destroyed from the ground.
The Advantage Of Having A Fire Extinguisher In Your House
Having a fire extinguisher can potentially save you a 5% to 10% discount on your premium. Yes, just buying this protective device will not only save your assets from getting burned but also can save you some money. Moreover, the National Fire Protection Association highly recommends that houses should have a fire extinguisher. This should be kept in an accessible area for adults like the kitchen and garage. Doing this can prevent fire more.
Imagine you’re grilling in your backyard with your family on a Sunday afternoon, then suddenly a fire broke out. Just think about how easily you can get rid of the fire using a fire extinguisher compared to not having it and just using water to kill the fire. Sounds exhausting not having it, right? Purchasing a fire extinguisher is like having extra coverage on your assets plus a discount. Now that seems like a win-win situation to me!
What Is The Right Fire Extinguisher To Be Used At Home?
If you are thinking of having a fire extinguisher at home or you already have one. How would you know if it is the right one? Generally, the best type is a multipurpose fire extinguisher. It is usually rated for class A, B, and C fires. This can put out small fires and can work on living areas. You can buy one at home depot or home improvement stores.
Here are the 5 types of fire extinguishers as per the Fire Equipment Manufacturers’ Association:
- First, Class A: It can keep out fires for paper, wood, cloth, and the like.
- Second, Class B: Fire caused by flammable liquids like gasoline and flammable gasses, such as propane.
- Third, Class C: Fires caused by energized electrical equipment, like motors and appliances.
- Fourth, Class D: Fire incombustible metal.
- Fifth, Class K: Fires in cooking greases and cooking oil, like vegetable fats and animals.
Tips: Just buy the right size that you can easily handle. Also, make sure that it has the seal of a known testing laboratory.
Before you use a fire extinguisher, you must know first how to use it properly. Upon buying it, ask a trained employee how to use it. If you have a family member or friend who knows how to use it, you can also ask them for help.
The National Fire Protection Association suggests that you follow the “P.A.S.S.” procedure when using your fire extinguisher. PASS stands for:
- Pull the pin
- Aim the nozzle at the fire
- Squeeze the lever
- Sweep the hose from left to right
How To Maintain A Fire Extinguisher?
When it comes to the maintenance of a fire extinguisher, following the manufacturer’s instructions is always the right choice. You cannot just buy it and leave it in a safe place in your house for years until you need to use it.
Some fire extinguishers require that you shake them monthly. While others need to have pressure testing. That is why you must read the instructions and follow them religiously. Also, be vigilant in checking for any rust in case it has been kept for too long.
Now, you already know that having safety features in your house like fire extinguishers can lower your insurance rate. But that’s not the only way that can help you save some bucks. There are options that you can do to save without sacrificing the coverage that you really need.
Having safety features can save your life, your family’s, your assets, and save you money as well. It is proven that adding this to your home will lower the risk of theft. It can also make the police get to your house easily if they can get notified early. Moreover, your premium can be reduced up to 20%. Here are the most useful safety features that you can add to your home:
- Carbon Monoxide and Smoke Detectors – The record states that 93% of homes have smoke and carbon monoxide detectors. This only proves that having these features in your house does work in preventing your house from fire and from keeping it smoke-free. However, most homeowners forget to update and maintain their detectors which is why many cases reported that theirs didn’t work at all after 5-10 years. So make sure to have them checked regularly.
- Deadbolt Locks – Burglars are trained to unlock different types of locks. Hence, it is best to use not just a regular lock in your house. Deadbolts are known to be one of the hardest locks to break. If the burglar spent too much time unlocking it, you will have more time to wait for the police to come. You can use a deadbolt in your front and back door, also in your garage and basement.
- Sprinkler System – You can find sprinkle systems in many houses and even commercial buildings. This is because having this can tremendously prevent any property from getting burned. It can also control smoke and heat. There are many types of sprinklers, some can already be connected to your theft and fire alarm. So when the alarm starts, the sprinkler will follow and prevent the incident to happen.
Remember how you shop for your house? Do you buy a house right off the bat? Most of the time you shop around first right? You look for options and weigh them thoroughly. You compare houses and their rates based on what you want, what you need, and what you can afford. The same goes when looking for your homeowners’ insurance.
Before you buy one, always compare quotes with other insurers. Be smart in choosing your coverage, and just get what you need. Most insurance companies give up to 25% off on premiums. So always ask for their discounts and credits before you buy one.
Bundle Your Home Insurance And Auto Insurance
Bundling your homeowners’ insurance and car insurance under one insurance company can get you a discount. Most insurance providers offer this option. By doing so, you can lower your monthly insurance bill plus there is a bigger chance that your insurer will keep you for being a loyal customer.
However, other insurance companies have some options now wherein you can still get the bundle discount even you have that two insurances from separate providers. They just need to verify that you really have an active insurance policy with another insurer.
Hence, if you are thinking of bundling your home and auto insurance, ask your insurance agent about the options that you have to know if you can opt for this kind of discount.
Discount For Not Having A Mortgage
Paying for your house upfront and not having any mortgage might also save you some money. Some insurance providers have this type of discount. It is because they think that homeowners who fully owned a house will take care of it more than someone who is just paying it little by little. Being mortgage-free can save you up to 20% on your premiums.
Discounts For Having A Clean Claim Record
This is also similar to your car insurance. If you have a clean record for filing claims, you have a bigger chance to have a lower insurance rate. You can save from 5% to 15% on your home insurance premiums if you haven’t filed any claims ever. So if you are the type to file a claim for every small damage to your house, you better stop and think about it first. Because doing so will make your pocket suffer once you renew your home insurance. And worst, that record will stay even if you change provider. So it is just wise to think thoroughly if you need a claim before you file one.
Home Owners Association Discount
Sine insurers offer HOA discounts due to many reasons. If you are living in a gated community with patrol guards, you will be able to prevent theft and vandalism. Moreover, houses are more well-maintained, therefore your home is not high-risk.
If you want to lower your homeowners’ insurance rate, always remember this. A low-risk house will have a bigger chance to have discounts. So better have safety features added to your house like fire extinguishers and alarms. Also, do the things that can make you qualify for having these discounts without sacrificing your coverages.
As the best independent insurance agency in Denver, Colorado, let Advantage Insurance Solutions start securing your assets! We can help you get the best value home insurance coverage that is just right for your family’s needs. Call us today at (855) 973-1202 or (855) 712-6584!