If you own a home policy, it is important to get any discounts to lower your insurance premium. It is best to compare prices and ask about possible discounts.
There are many types of discounts available for home insurance. It is important to be aware of the ones offered in your area and their details. Some discounts are easy to find, but others can be more difficult. Research before choosing one.
Some discounts that are available vary by insurer, but they can all be quite helpful in lowering your homeowners insurance costs. Here are a few common ones:
1. Bundling your auto and home insurance together
Bundling home and car insurance is a good way to reduce your costs. Bundled insurance policies are usually discounted by the majority of insurance carriers. Bundling your home and auto insurance with the exact same company could result in a 20% discount on your premium.
2. Paying your insurance upfront rather than monthly
A paid-in-full offer is another common discount that most carriers provide. For you to be eligible, your policy must be paid in full for the entire year. This can help you save 5% to a maximum of 10%.
3. How to maintain a history free of claims
Insurance companies reward loyal customers with discounts. This means that they'll reduce your home insurance rate if you remain claim-free for a set number of years.
4. Installing safety and smart home technologies
Some insurance companies reward their customers for making upgrades to their homes that can prevent damage. You may be eligible for a discount if you install fire sprinklers, security systems, or both. Some insurance providers offer discounts for installing a programmable smoke detector or thermostat.
5. Home Improvements: How to make improvements
Some of the upgrades you can make to a home can help lower your insurance premium. For example, adding storm shutters, upgrading your roofing to impact resistant materials, or updating your heating, plumbing and electrical systems can all reduce your rates. Let your insurance company know if you choose to make these changes so they can factor them into your quote.
6. First-time buyers or newly constructed homeowners can get discounts
These are a few easy ways to score a homeowners insurance discount. Most home insurance companies give a discount to first time buyers or those who buy a brand new home. This discount is available from one to ten years, depending on the company.
7. Buying a home
Most people are unaware that buying a brand new house is a great way to get a discount on home insurance. This is especially the case if switching from renting a home to buying a homeowners policy.