Since many renters find it easier to quote and buy a policy online, rather than calling to speak with one of our friendly renters insurance experts, we often get phone calls to ask about the difference between fire alarm types and other building safety features. Do you know the difference?
Do you know if the difference matters for what you pay for your renters insurance? Is there more of a discount on Denver renters insurance than in other parts of the country based on building safety features or incidences of fires? What if you’re not sure which one you have because you haven’t moved in yet? Fear not, your renters insurance experts from Effective Coverage are here with the answers.
What Is The Difference Between Local And Central Fire Alarms For Renters Insurance?
The short answer is, not much. Here’s why, let’s say your renters insurance discounts the premium by 1% for having a certain type of fire alarm. Premium charges with most companies are rounded to the dollar. For that very reason, any premium change less than a dollar generally won’t be seen in the final cost. That makes it unlikely that the small discount would impact your cost. Further, many renters insurance companies have what’s called a “minimum premium,” a price below which they will not issue a policy. It amounts to the real dollar cost of selling and servicing a policy with no losses over the policy period, which is generally one year. If you’re at that minimum premium, it won’t go any lower no matter how many discounts you get.
But that doesn’t actually tell us what the difference is between the two. In reality, the difference between local and central fire alarms for renters insurance is based on who they alert. A local fire alarm sends a signal, usually a rather obvious noise that alerts residents of the apartment or building in question. In the alternative, a central alarm system sends a signal directly to a central station that’s actively monitoring multiple locations. That station is either the fire department or contacts the fire department when the alarm is tripped, and is often able to diagnose problems with the alarm remotely as well. Several minutes can be eliminated from the response time when the fire department is automatically notified. This can save lives, so it’s a positive thing. But, the price difference for renters insurance is minimal.
So What Is The Difference Between Local And Central Fire Alarms For Renters Insurance, Really?
You’re slightly safer with a central fire alarm. However, it’s not likely to make any difference in the cost of your renters insurance. On a practical level, safety is the only real difference. For a free review of your renters insurance policy to see if you’re getting all the discounts you qualify for, contact Effective Coverage at (800)892-4308 or click above for instant renters insurance quotes!