If you own a home policy, it is important to get any discounts to lower your insurance premium. The best way to do this is to shop around for a cheaper rate and then ask about any savings you might be eligible for.
There are many different home insurance discounts, so it's important to know the ones that are available in your state and what they entail. Some are very common and some can be hard to get, so it's best to do your research before committing to any 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. These are the most common:
1. Bundling auto and homeowners insurance together
Bundling home and car insurance is a good way to reduce your costs. Most insurance carriers offer a discount for bundled policies. If you bundle your auto and home insurance with the same company, you could see up to 20% off your premium.
2. Paying your insurance upfront rather than 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. You can save between 5% and 10%. However, it is best to confirm with your insurance provider to make sure you are getting the most savings.
3. Maintaining a clean history
Most insurance companies are happy to offer loyalty discounts to long-term 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 offer discounts to customers who make improvements to their home that will prevent damage. Even installing fire sprinklers and security systems can result in a discount. Some companies also offer discounts when you purchase a smoke alarm or a thermostat with a program.
5. Home 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. You should let your insurers know about these upgrades so they can include them in your quote.
6. First-time or newly constructed homeowners discounts
These are a few easy ways to score a homeowners insurance discount. Most home insurance providers offer a discount for first-time buyers or people who purchase a brand new house. The frequency of this discount varies from company to company. However, it is usually available between one and ten years.
7. Purchase of a new house
Most people are unaware that buying a brand new house is a great way to get a discount on home insurance. It's especially important if you switch from a rented home to a homeowners' insurance policy.