If you are looking to save money on your home insurance, you should look for any possible discounts. To do this, shop around and compare rates. Then ask if you are eligible for any discounts.
Home insurance discounts are numerous. It's important to understand which ones are offered in your state, and what they include. Some discounts are easy to find, but others can be more difficult. Research before choosing one.
There are many discounts available, and they vary from insurer to insurer. However, all of them can be very helpful in lowering the cost of your homeowners insurance. Here are a few of the more common discounts.
1. Bundling homeowners and auto insurance policies together
It is possible to save on your auto and home insurance by bundling them together. Most insurance companies offer discounts for bundling policies. Bundling your home and auto insurance with the exact same company could result in a 20% discount on your premium.
2. Paying for your policy upfront instead of monthly
One of the most common discounts offered by carriers is the paid-in full discount. In order to qualify for this discount, you will need to pay the full amount of your policy upfront. This can save you 5% to 10% on average, but it's always best to check with your carrier to ensure you're getting the maximum amount of savings possible.
3. Keep a clear history of no claims
Insurance companies often offer discounts for loyal customers. The insurance companies will offer you a lower rate for your home policy if they know that you won't make any claims in a given number of years.
4. Installing smart home technology and safety devices
Some insurance companies reward their customers for making upgrades to their homes that can prevent damage. Some insurance companies offer discounts for installing fire sprinklers or security systems. Some companies also offer discounts when you purchase a smoke alarm or a thermostat with a program.
5. Home Improvements: How to make improvements
You can reduce your insurance rates by making improvements to your home. These include adding storm shutters and impact-resistant roofing, or updating your plumbing, electrical, and heating system. Let your insurance company know if you choose to make these changes so they can factor them into your quote.
6. First-time homebuyer or newly constructed homeowner 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. How often this discount applies varies by company, but it's typically available within one to 10 years.
7. Buying a home
Some people do not know that buying new housing can qualify them for a home-insurance discount. This is especially the case if switching from renting a home to buying a homeowners policy.