Home insurance can be a sizable investment for veterans. If you served or are serving in the Armed Forces, you may qualify for discounts on your home insurance. It is important to work closely with your agent and be sure he or she knows the service you provide. What are some of these options?
There may also be a few ways to reduce your overall costs based on your needs. So, don't put off asking your agent about whether you can receive discounted coverage.
Do You Need Home Insurance?
Veterans, like all homeowners, should maintain a home insurance policy. This policy protects your home from accidental and unavoidable risks. These risks can occur to homes of all types and values. No matter where you live, these risks are present. Things like theft, vandalism, storm damage, and liability threats, can be worrisome.
Some people do not maintain proper home insurance because they do not think they need it. If you have a VA loan, though, it is likely a requirement. Almost all mortgage lenders require comprehensive home insurance to remain in place for at least the duration of the loan.
How Can You Save Money?
To save money on home insurance as a vet, consider these tips. Be sure to speak to your agent about the options available to you.
- Ask your current home insurance provider for a discount. Nearly all insurance providers offer discounts to active duty and retired veterans.
- Choose a veteran-specific policy. Some agencies specialize in providing cost effective policies for veterans. These policies may be a lower cost to you.
- Consider other ways to reduce your costs. This might include bundling your home and auto insurance. You may save money by adding a home security system. Discuss all savings options with your insurer.
Be sure your home insurance policy reflects your real need. If you are a military family, you may move frequently. Talk to your agent about these needs. You may be able to stay with the same provider from one location to the next. However, it is important to verify the policy meets your goals in your current location. For example, if one home is worth less, you may not need as much coverage. You may need more protection in some areas due to other risks, however.
Home insurance for veterans is a must. The right policy matters. Discuss your needs based on where you live and the type of home you have. Find out what savings options your agent can offer to you.