Where you choose to live is a very personal decision, but it can ultimately save you money on your homeowners insurance if you live in a gated community. Living in a gated community is seen as a safe option by insurance carriers, and many are willing to offer discounts on premiums because of this. Knowing where to shop for homeowners insurance when you live in a gated community or plan on moving to a gated community is crucial. This can keep you on track with your budget and allow you to save up a substantial amount of money over time.
Why living in a gated community is safer
Many people see the appeal of living in gated communities because of the privacy that is offered. Since there is a need for a code or key of some sort to enter the neighborhood, it is less likely you will experience loitering or visitors that are unwanted and not also living in the community. This does give you a sense of peace, but it can also be very beneficial for your safety and the safety of your home.
There are several gated communities that are known for having lower crime rates than other public communities. Some even have patrolled officers that drive around to ensure the safety of the neighborhood. This can help with losses related to theft or vandalism, two perils that people often have to file homeowners insurance claims for.
Insurance companies that offer a gated community discount
If you live in a gated community and want to start saving money on your homeowners insurance, shopping for a policy with the right carrier is a must. While many carriers offer a discount, not all of them are going to be equal. You can browse through these carriers to find the best one in your area that provides a gated community discount.
These are a few notable carriers that offer the gated community discount. You should specify whether or not you live in an area that has a homeowners association and if there is a patrol car that watches the property on a regular basis. These two factors can also earn you a discount in some cases, even if the community is not fully gated. Since they are also factors that impact the safety of the neighborhood, many insurance carriers see them as positive factors that mean the homes in the area are more likely to be protected from danger.
Frequently asked questions
What are the different types of gated communities and their security features?
There are four types of gated communities based on their security features:
• 24-hour manned security gates: These communities have a security officer controlling who can pass through the gates 24 hours a day. This is considered to be one of the most secure features, as it deters criminals from entering the neighborhood.
• 24-hour security patrol: In this community, security guards patrol throughout the neighborhood 24 hours a day, keeping an eye out for suspicious activity. This is also considered to be one of the best features, as it adds a new layer of protection.
• Passkey gates: This neighborhood uses automatic gates that open to residents holding a key or buzzer. The gate may consist of an arm that raises and lowers, or of gate doors that swing open. Because these are unmanned, they are considered less secure. However, they may be more cost-effective.
• Single entry community: Even without these other security features, simply living in a community with a single entrance can also lead to an insurance discount. This is because it forces all individuals to enter and exit through a single entrance, and minimizes the chance for strangers to gain access easily.
Which type of gated community is preferred by insurers and why?
Insurers prefer gated communities with both 24-hour manned security gates and 24-hour security patrols, as they offer the highest level of security and lower the risk of burglaries and other threats. Homes in these communities may enjoy the biggest discounts on their home insurance premiums, up to 20 percent. Homes in communities with automatic gates may enjoy a smaller discount, while those in single-entry communities may see the smallest reward. Homes in neighborhoods with zero security features are not likely to get a discount.
How do I know my type of gated community and what discount can I expect?
You can find out which type of gated community you live in by taking a look around your neighborhood and noticing which type of gate is used, manned or automatic. You can also ask your neighbors, homeowners association (HOA), or gate attendants if there is a security patrol roving around.
How can I apply for a gated community home insurance discount?
To apply for a gated community home insurance discount, you need to contact your insurance provider and provide proof of your residence in a gated community. This may include a copy of your HOA fees, a letter from your HOA confirming your membership or a photo of your gate pass key or buzzer. Your insurer will then verify your information and determine your eligibility and discount amount.
How to save money when moving to a gated community
Once you move to a gated community, you will want to purchase a policy for your home. As you are working with an agent or going through the quote on your own, make sure you specify that the area is a gated community. This is all you need to do to qualify for a home insurance discount if the given carrier is offering one. It is always worthwhile to check because you never know how much money you might save.