Every homeowner or business owner who owns real estate needs a HOI, homeowners insurance policy or risk insurance policy. It just depends on where you are in the country or who you are dealing with in terms of the terminology used. But it’s all the same.
You can’t buy a home, whether it’s a single-family home, townhouse, apartment, or even an office building, without purchasing risk insurance before going for settlement. Risk insurance gives both you, the property owner and the lender peace of mind in the event of a fire or other disaster, that property will be restored and everyone will be protected from financial ruin.
Now, depending on the size of your home or mortgage, risk insurance can range from hundreds of dollars to thousands of dollars per year. As I’m sure you know, insurance goes up almost every year and you forget about it once you’ve filed a claim. In some cases, hazard insurance can be just as expensive, if not more expensive, than the annual property tax bill.
Hang on, I know you thought Christmas was over, but here’s a belated Christmas present for you. There is a way to save 12-15% per year on your HOI/hazard insurance that 90% of homeowners and business owners don’t even know about. Probably their insurance agent doesn’t know about it or doesn’t think to ask.
I know you’re wondering, “How come I can save 12-15% on my annual risk insurance?”
The answer is through security systems. Security is not a need in this day and age, it’s a necessity. Insurance companies give discounts to their customers for having security equipment in their properties. These security systems can be as simple as monitored systems to having an easy to install surveillance and security camera system.
This is the question you want to ask your insurance agent when you apply for a new risk or homeowners insurance policy or renew your current policy. Whether you pick up the phone and call your insurance agent or go to their office. Ask them “Hey sir or madam agent, how much discount do I get for having security devices or systems on my property.” You will be pleasantly surprised when you hear the answer.
One more thing for those of you who have had security equipment such as motion detectors, security or surveillance cameras and/or monitored devices. If you have receipts or bills for your hidden cameras, security camera systems or surveillance; your insurance company should prorate your bill for that period as soon as you request it. So pick up the phone and save some money. This is for your safety and to save money.