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Home Features that May Lower Your Insurance Premium
There are certain features on homes that may lead to a reduction in your homeowner’s insurance premium. Below are some of the more common features that may lead to savings on your insurance. Keep in mind, it is important to speak with a licensed agent to see what credits may be available to you on your insurance.
There are many different roof types or styles on a home, but the two most common are Hip and Gable roofs. Homes built with Hip roofs are a lower risk for wind damage.
Wind mitigation is the process of reducing the likelihood of your home suffering damage during windstorms. To help withstand high winds, homeowners and builders may add features to the home, some of which may qualify for a discount or credit on the insurance policy. Below is an example of a Wind Mitigation assessment form as well as some of the most common features that may result in savings.
Wind Mitigation Assessment FormHERE is an example of a Wind Mitigation assessment form used by one of our companies, PURE. The form includes some additional wind mitigation items not outlined below.
This is the protection of windows and glass doors from flying debris. You may qualify for a credit on your insurance if the openings on your home are fully protected by impact resistant coverings such as storm shutters, storm windows (impact resistant glass), and storm doors.
Secondary Water Resistance Barrier
Commonly called the ‘water guard’, this is an additional layer of protection between the shingles and the plywood roof deck that prevents water intrusion in the event the shingles are blown off or damaged.
Commonly called ‘hurricane straps’ or ‘clips’, roof to wall connections attach the load bearing walls to the roof structure and are used to resist the upward force that strong winds may exert on the roof.
Central Station Alarm System
To be considered ‘centrally monitored’, the fire and/or burglar alarm system must be monitored off-site. Because such systems make your home more secure and potentially reduce your loss exposure, insurance companies will often provide a discount on your premium after providing proof of the system.
Water Leak Detection Device
These systems monitor areas containing plumbing devices or outlets, and in the event of a leak, the system will close the master plumbing valve.
Why do I need homeowners insurance in South Carolina?
Homeowners insurance provides financial protection against disasters. A standard policy insures the home itself and the things you keep in it.
Homeowners insurance is a package policy. This means that it covers both damage to your property and your liability or legal responsibility for any injuries and property damage you or members of your family cause to other people. This includes damage caused by household pets.
Damage caused by most disasters is covered but there are exceptions. The most significant are damage caused by hurricanes, floods, earthquakes and poor maintenance. You must buy two separate policies for flood and earthquake coverage. Maintenance-related problems are the homeowners' responsibility.
Why do you need homeowners insurance?
It is really all about protecting yourself financially if something unexpected happens to your home or possessions. That's important because chances are your home is likely one of your largest investments.
- If your home was destroyed by fire or damaged by a natural disaster, you'd need money to repair or replace it.
- If a guest in your home is injured, liability protection and medical coverage help pay expenses.
- If you are a victim of theft and vandalism, it can reimburse you for your loss or pay for repairs.
- If you are still paying for your home, your lender will require insurance.
It is important to know that homeowners insurance is meant to cover unexpected damage, not routine maintenance. Ask your agent to talk about what is covered and be sure to read your policy so you know exactly what's included and what is not.
Things to consider and questions to ask your C.T. Lowndes & Company agent
Here are few things to discuss with your C.T. Lowndes & Company agent that will influence your decisions.
- How much will it cost to rebuild my house and replace my belongings if they are damaged or destroyed? (Ask your agent to talk you through your home's features and the things you own so you can make an informed decision about coverage.)
- Does the insurance company have a good reputation for customer service? Is it known for paying claims fairly and promptly?
- What discounts are available? (Ask about multiple policy, security system and fire resistance discounts.)
- What's the process for filing and settling a claim? (Ask who to call and what happens after you file a claim.)
For questions frequently asked following a disaster Click Here
We provide Homeowners Insurance in Charleston, Mt. Pleasant, Summerville, Daniel Island, James Island, John's Island, West Ashley, Goose Creek, Moncks Corner, Walterboro, North Charleston, Isle of Palms, Edisto, Myrtle Beach, Bluffton, Beaufort, Savannah, Hilton Head and the surrounding area in South Carolina.