Policy reviews can help reduce cost of homeowner insurance

As families move to Southern Nevada and buy homes, finding homeowner insurance becomes a priority.

Jan Sarachman of Orgill/Singer & Associates, Insurance & Investments, said people can save money on homeowner insurance through a variety of ways. An insurance company may offer discounts for various reasons, ranging from the proximity of the person's home to a fire station to the type of material used to build the home.

"Homeowner insurance is critical to have, and it's important for buyers to shop around and take every measure possible to save money," Sarachman said.

Sarachman offers the following tips to help save on homeowner insurance:

-- Increase your deductible. This is the amount of money you have to pay toward a loss before insurance money takes effect. If you can afford to pay slightly higher deductibles, you can save higher percentages on your premiums.

-- Purchase your home and auto policies from the same firm. Many companies will offer a discount if coverage for both is bought through them.

-- Insurance should be considered when buying a new home versus an older home. A newer home is likely to be in better condition, with newer electrical and plumbing installments. Because of this, companies may offer discounts.

-- Don't insure the land, only your home. It is not necessary to include the cost of your land when obtaining insurance. Only your home and its contents are at risk of fire, theft and other dangers.

-- Invest in security systems. Burglar and fire alarms can provide discounts due to the improved security measures.

-- If you smoke, quit. Reports show that more than 23,000 home fires are caused from smoking accidents annually. Some insurance firms may offer discounts to those who are nonsmokers.

-- If you're a senior, check for discounts. Because seniors tend to be home more, they have the time to notice and prevent potential mishaps, like fires, and also maintain their homes more.

-- Alumni or business association, or group coverage, may be available if you are an association member. Check with your group's director about any possible deals.

-- Some insurance companies will offer discounts if you have had your policies with them for several years.

-- Check your policy every year. If you have added expensive items or additions to your household, or gotten rid of them, this could affect coverage amounts.

Since its inception in 1986, Orgill/Singer & Associates, Insurance & Investments has expanded into one of the largest independent, full-line insurance brokerages in Nevada. The firm employs 60 staff members and is headquartered at 550 E. Charleston Blvd., Suite H, in Las Vegas.

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