If you are looking to save money on your home insurance, you should look for any possible discounts. It is best to compare prices and ask about possible discounts.
Home insurance discounts are numerous. It's important to understand which ones are offered in your state, and what they include. It's important to research the different discounts available before you commit to one. Some can be very easy to obtain, while others are more difficult to acquire.
Some discounts that are available vary by insurer, but they can all be quite helpful in lowering your homeowners insurance costs. These are the most common:
1. Bundling home and auto policies together
This is a great way to save money on both your home and auto insurance. Most insurance providers offer a discount when you bundle 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
Another common discount offered by most carriers is a paid-in-full discount. 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
Many insurance companies offer loyalty discounts to their loyal clients. This means that they'll reduce your home insurance rate if you remain claim-free for a set number of years.
4. Installing safety devices in your home and using smart technology
Some insurance companies will reward their clients for upgrading their homes to prevent damage. They may even offer a discount for installing security systems or fire sprinklers. 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. Tell your insurer if you do any of these things so that they can take it into account when determining the quote.
6. First-time homebuyer or newly constructed homeowner discounts
Here are some easy ways to get a discount on homeowners insurance. Many home insurance companies offer discounts to first-time homeowners or those who purchase brand-new homes. This discount can be applied as often as every one to 10 year depending on your insurance provider.
7. Purchasing a new home
People don't know that buying a house can help them get a better home insurance rate. This is true, especially if you are switching from a renter's insurance policy to a homeowners policy.