If you own a home policy, it is important to get any discounts to lower your insurance premium. Shop around to find a lower rate, and then inquire about any discounts you may be entitled to.
There are several different types of home insurance discounts. You should know which are available to you and what each one entails. There are many different home insurance discounts, some of which can be difficult to get. Do your research first before committing.
The discounts offered by each insurer may vary, but all can help you save money on your homeowners' insurance. Here are some common discounts:
1. Bundling home and auto policies together
This is an excellent way to save both on home and auto insurance. Bundled policies are often discounted by most insurance companies. If you bundle your auto and home insurance with the same company, you could see up to 20% off your premium.
2. Payment of your insurance policy in advance instead of monthly
Another common discount offered by most carriers is a paid-in-full discount. You must pay for your entire policy in advance to qualify. This can help you save 5% to a maximum of 10%.
3. Maintaining a claim-free history
Insurance companies reward loyal customers with discounts. 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 safety devices in your home and using smart technology
Some companies reward customers who upgrade their homes in a way that reduces the risk of damage. Some insurance companies offer discounts for installing fire sprinklers or security systems. Some insurance companies also offer a discount if you opt for a programmable thermostat or a smoke detector.
5. Make improvements to your home
A lot of the upgrades that you can do to your home, such as adding storm shutters, impact-resistant roofing or updating electrical, plumbing and heating systems, can help to lower your home insurance premium. 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
There are several easy ways you can get a homeowners' insurance discount. Most insurance providers will offer a discount to new homeowners or first-time homebuyers. This discount is available from one to ten years, depending on the company.
7. The purchase of a brand new home
Many people do not realize that purchasing a new home can earn you a discount on your homeowners insurance. This is especially the case if switching from renting a home to buying a homeowners policy.