Two Tips For Preventing Climate Change-Related Hikes In Your Insurance Premiums
As extreme weather continues to sucker punch cities all across the country, home owners are feeling the side effects of the attacks. In particular, premiums for homeowners' insurance are expected to rise as climate change wrecks untold havoc the world over. If you want to keep your insurance premiums as low as possible, here are two things you can do to avoid a rate hike.
Maximize Your Discounts
Any money-saving plan you implement should start with researching and maximizing discounts offered by your insurance provider. It's a fact many homeowners don't inquire about discounts beyond the obvious ones (e.g. multipolicy) and end up paying more than they really need to protect their homes.
For instance, some insurance companies give discounts for:
- Having a security system installed
- Getting an impact-resistant roof
- Residing in a gated community
- Being over retirement age
- Belonging to a special group (e.g. first-responder)
- Installing monitored sensors for fires and leaks
- Getting married
- Paying in full
- Not smoking
Additionally, more and more insurance companies are giving discounts to homeowners who make improvement to their homes that mitigate the effects of climate change. If you raise your home a few feet to avoid flooding, your insurance company may compensate you for your foresight with a discount, for example.
Take a moment to use the Internet to research the types of insurance discounts that are available, and then call your provider and ask for all the ones you qualify for.
Get Involved with the Community
Insurance providers typically raise premiums for homeowners who live in high-risk areas. For instance, people who live in the path of or near the California wildfires can expect to pay more for insurance than those who are located farther away. The good news is there are things communities can do to lessen the risk they will be negatively impacted by extreme weather, but they need to work together to make it happen.
For instance, trees can help lessen the risk of flooding because they absorb water and prevent soil erosion. Therefore, planting trees in troublesome areas can reduce the risk heavy rains and storms will wash out residents. Unfortunately, tree planting projects and similar environmental programs require residents to put pressure on local politicians and sometimes to even do the work themselves to get it done.
Thus, being involved in your community can help you stay abreast of what's happening to the local environment and take necessary steps to avoid disasters that could damage your home and raise your insurance premiums.
For more tips on keeping your homeowners insurance low or to get a quote, contact an insurance broker.