Subject: Changes in Homeowners Coverage and Discounts
I recently received my homeowners policy renewal and decided to make some adjustments for the first time. I raised my wind deductible and removed the personal property replacement endorsement.
Tonight, I reviewed the declaration for my new policy changes. It’s great to see that the overall premium is lower, as expected, but I noticed that my premium discounts have decreased, and one discount has even been removed. Is this typical? The renewal statement showed $1,991 in discounts, while the revised policy reflects only $1,811.
Here’s a breakdown of the revised policy discounts (after raising the wind deductible and reducing personal property protection):
REVISED POLICY DISCOUNTS
– New Construction Discount: -$14.00
– Drive Home Discount: -$325.00
– Responsible Homeowners Discount: -$1,045.00
– Responsible Motorist Discount: -$138.00
– Welcome Home Discount: -$202.00
– Roof it Over Discount: -$87.00
Total Discounts: $1,811
ORIGINAL POLICY RENEWAL DISCOUNTS
– New Construction Discount: -$24.00
– Drive Home Discount: -$397.00
– Responsible Homeowners Discount: -$1,059.00
– Responsible Motorist Discount: -$144.00
– Welcome Home Discount: -$213.00
– Roof it Over Discount: -$128.00
– Package Discount: -$26.00
Total Discounts: $1,991
Has anyone else experienced this kind of shift in their policy discounts? I’d love to hear your thoughts!
It’s normal to see changes in your discounts when you modify your policy, especially when you adjust coverages like the wind deductible and personal property protection. Insurance companies often have specific guidelines for how discounts are applied, and these can vary based on the coverage options you choose.
In your case, raising the wind deductible might have affected your risk profile and could explain adjustments in specific discounts, like the Responsible Homeowners Discount. Lowering personal property protection may have also contributed to the discount changes, leading to the loss of the Package Discount that you had in your renewal.
To better understand these changes, I recommend reaching out to your insurance agent or company directly. They can give you a breakdown of how each change specifically impacted your discounts and what you can do if you’re aiming to maximize your savings. It’s also a good opportunity to review your overall coverage needs to ensure you’re adequately protected while managing costs.