Can Having an Eco Friendly Home Reduce Your Homeowners Insurance?
Your homeowners insurance premiums can be reduced with eco-friendly changes to your home environment. Any way to reduce monthly costs is valuable, and it is worth considering whether making changes could help you save. Some of the incentives offered by several insurance providers include:
LEED certification for a home: LEED, or “Leadership in Energy in and Environmental Design,” is a green building rating, which most people consider is for commercial, industrial, or educational facilities. However, implementing these standards when building or remodeling a home can help reduce energy costs significantly, and may allow you to enjoy discounts on your homeowners insurance policy. If you are looking for a home insurance company that offers these discounts, speak to one of our local agents.
Eco-friendly material replacements: When a home requires work, replacing existing materials with sustainable materials and products may allow for endorsements on your homeowners’ insurance policy. Installing Energy Star appliances can benefit homeowners by reducing energy costs, and gain an energy saving rating issued by the EPA and Department of Energy.
Solar and geothermal energy: Homeowners who have invested in solar or geothermal energy sources, or deliver surplus energy to the grid, not only enjoy dramatically reduced energy bills, but may cover the cost of utility inspections and reconnection costs.
Paperless discounts: If you choose to go “paperless,” you can expect many home insurance providers to offer a discount. All bills and policy information are submitted to you electronically, no paper involved.
Smart home technology: When a home is equipped with “smart” technology, including home monitoring systems, a homeowner may be eligible for a discount on home insurance policies.
How to secure homeowners’ insurance discounts?
To gain the benefits of lower monthly premiums, you must provide the homeowners insurance company with documentation, such as the LEED certification document. If you have installed Energy Star appliances in your home, you still need to achieve LEED certification, which may require some added changes to the home. Once the standards for LEED certification are met, a discount of 5% is available from several homeowners insurance providers.
Green home discounts
Some insurance companies offer a “green home” discount. If your home is damaged by fire, for example, the homeowners insurance policy pays to replace damaged appliances with Energy Star appliances, VOC-free material replacements and pay towards the cost of recycling debris.
Homeowners can also enjoy discounts for owning several types of policies through one provider, for never filing a claim, first-time home buyer discounts, or when building a home, using contractors a specific insurance company has approved, or an “accredited builder discount.” Other discounts can be offered for installing home protection devices, such as smoke detectors, sprinkler systems, or home security systems to make a home safer, and less likely to suffer a loss. Installing impact-resistant glass can allow a discount. Some types of roof installations that are better suited to withstand serious weather events can allow for a discount on premiums.
Choosing the right homeowners insurance company
As a homeowner, you deserve to gain every possible discount or improved coverage available. If you are considering a more affordable homeowners insurance policy with better coverage, we invite you to speak with one of our local agents about the programs now available on the market. Every year, new options are offered, including discounts for eco-friendly homes.
September is Life Insurance Awareness Month.
It’s the perfect time to remind ourselves to plan ahead for the ones we love.