These may include the home's proximity to emergency services such as a fire hydrant or fire station, type of construction, location and age. Insuring your home with the same company that insures your life or car may entitle you to a discount. Depending on the type, a fire or burglar alarm or sprinkler system installed in your home may generate a premium discount. Then weigh the cost of an approved system against the expected savings on the premium. Retirees age 55 or older may be eligible for this credit.
Companies realize that retirees tend to stay close to home.
As a result, homes are better maintained, and a potential loss, due to fire or burglary, could possibly be averted by a quick response. In the end, it only inflates the premium. The Better Business Bureau suggests that you determine how much your home and possessions are worth. Start by itemizing your possessions then have an agent help you estimate the cost to rebuild your home. Also, don't make the mistake of insuring the land.