If you are looking to save money on your home insurance, you should look for any possible discounts. Shop around to find a lower rate, and then inquire about any discounts you may be entitled to.
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.
Discounts vary depending on the insurer but can help reduce your homeowner's insurance costs. Here are a few common ones:
1. Bundling your auto and home insurance together
It is possible to save on your auto and home insurance by bundling them together. Bundled policies are often discounted by most insurance companies. 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
The majority of carriers also offer a discount if you pay your policy in full. To qualify, you must pay your policy up front for the year. 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. How to maintain a history free of claims
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 safety devices and smart home 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 providers offer discounts for installing a programmable smoke detector or thermostat.
5. Making 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. 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
There are several easy ways you can get a homeowners' insurance discount. First-time home buyers and people who buy a new house are usually eligible for a discount. How often this discount applies varies by company, but it's typically available within one to 10 years.
7. Purchase of a new house
People don't know that buying a house can help them get a better home insurance rate. This is especially true if you're moving from a rental home and switching to a homeowners insurance policy.