You want to use any discount you can receive to lower the premium on your home-insurance policy. To do this, shop around and compare rates. Then ask if you are eligible for any discounts.
There are many types of discounts available for home insurance. It is important to be aware of the ones offered in your area and their details. Some discounts can be easy to obtain while others may not be as common. You should do some research before committing.
Discounts vary depending on the insurer but can help reduce your homeowner's insurance costs. Here are a few of the more common discounts.
1. Bundling home and auto policies together
Bundling home and car insurance is a good way to reduce your costs. Bundled insurance policies are usually discounted by the majority of insurance carriers. You can get up to 20% off if you combine your auto and homeowners insurances with the same insurer.
2. Paying for your policy upfront instead of monthly
A paid-in-full offer is another common discount that most carriers provide. In order to qualify for this discount, you will need to pay the full amount of your policy upfront. This can save you between 5% and a 10% average. But it's best to double-check with your provider to be sure.
3. Maintaining a clean 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 insurance providers reward their customers when they make upgrades to their houses that prevent damage. Even installing fire sprinklers and security systems can result in a discount. Some insurance providers offer discounts for installing a programmable smoke detector or thermostat.
5. Home 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. Tell your insurer if you do any of these things so that they can take it into account when determining the quote.
6. Discounts for first-time homeowners or those who have just built a home
Here are a few simple ways to earn a homeowners insurance reduction. First-time home buyers and people who buy a new house are usually eligible for a discount. The frequency of this discount varies from company to company. However, it is usually available between one and ten 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.