Arizona residents should do a self-audit before going to an insurance company to find the best rate on homeowners insurance. Here are some things insurance companies look for:
- Alarm System: Insurance companies like to cover homes that are well protected. Putting in an alarm system will not only help keep you and your family safe, but it may also get you a discount on your insurance. Talk to your insurance company and tell them that your home has a working alarm system.
- Know Your Coverage: Know that different policies have different risks. A policy that covers "all risks" will cost more than one that only covers "named perils." All risk will cover you for all risks except those that the policy specifically says aren't covered. With named peril, you will only be covered for the things that are listed on the policy. Because it covers more, all risk costs more than named peril.
- Group Plan: If you are a member of an organisation, like a business or an alumni group, you can save money on your insurance by buying it as a group.
- Stop smoking. Smoking is the main reason why people die in fires. Insurance companies charge less for homes where no one smokes.
- Smoke/Carbon Monoxide Detector: Showing your insurance company that you are doing everything you can to protect your home and avoid losses is a good way to get a discount on your premiums. Tell them that you have smoke detectors and/or carbon monoxide detectors that work.
- Make your home less likely to be robbed. Insurance companies offer services for loss control. Talk to them to find out what else you could do to make your home less likely to be broken into. For example, if you put in windows that are better at keeping out wind, you might get a discount.
Make sure you get quotes from more than one company after you've done the self-audit. Compare prices.
