There’s a lot of responsibility that comes along with owning a home. You have to maintain it. You have to cut the grass so that HOA won’t send snide letters. You have to manage the bills. And you have to get home insurance. But that sounds expensive…so you’re probably trying to find out how to save money on home insurance. Well, have we got some good news for you – discounts are an easy way to save on your premiums.
And it just so happens that we’ve got a list of 15 common home insurance discounts that you could qualify for.
15 common home insurance discounts
Before we start, we have an important note:
Each home insurance company offers different discounts and different levels of savings. In order to find out how discounts could help you save, you need to find out what discounts your particular company offers.
That being said, below are 15 common home insurance discounts that you could qualify for.
Bundling is when you get multiple policies from the same company. If you get your home insurance and your auto insurance from the same carrier, you may be able to get a discount. In many cases, bundling is less expensive than getting each policy separately.
Pro tip: Make sure you get the coverages and limits you need on both your home and auto insurance.
2. Home security system.
There are many reasons why a home security system can help you qualify for a discount. Many carriers offer a discount if you have a monitored burglar alarm because alarm systems serve as deterrents for burglary and help the police respond more quickly to a break-in.
Some insurance companies will give you savings if you’ve gone a long time without a claim. Check and see if your carrier will lower your premiums for being claims-free and how many years you have to go without a claim.
There are a few potential discounts that depend on your roof. You could get a discount if you have a new roof or if you have an impact-resistant roof. Be sure to let your agent know if you get a new roof or if your roof is resistant to hail damage.
Some insurance companies will offer a discount to customers that have insured their homes with them for many years.
6. New home.
If you purchase a home and thus become a new customer to the insurance company, you could qualify for a “new customer” discount. Normally you must have purchased the house within the past 12 months to be eligible.
7. Home improvements.
Home improvements that make your home safer or stronger might help you get a discount. For example, new wiring, new plumbing, or a new roof could qualify you.
8. Home fire safety.
You could get a discount if you have home fire safety measures at your home, such as a monitored fire alarm system. The faster the fire department can respond to the fire, the less damage your home will sustain. And thus the discount.
Fire is definitely not something insurance companies like. Many house fires are started by smoking or smoking materials, so some insurance companies offer a non-smoker discount. (Just keep in mind that the percentage of savings will vary from company to company.)
10. Gated community.
If you’re in a gated community, there’s less risk of burglary. You’ve got some extra security. And since your home is more protected against theft, you might get a discount from your carrier.
11. Mature homeowner.
Those who are retired tend to be home during the day more often than someone who works. Most burglaries occur during daylight hours – contrary to popular belief that nighttime is a burglar’s prime time – for that very reason. But if you’re home during the day, your presence might deter a thief (most thieves look for the easiest target.) Plus, if you’re home you can head off a catastrophe like a burst pipe before it turns your kitchen into a swimming pool. You’ll also be able to raise the alarm if there’s a fire.
12. Selecting a higher deductible.
If you have a higher deductible, you may see lower premiums. But it’s important not to choose a deductible that’s so high that it would be a major problem if you ever had a claim and had to pay it.
Some carriers offer discounts for homeowners who are married or widowed. If that’s you, it could be worth looking into.
14. Water/Natural gas leak sensor.
Some homes are high-tech and have sensors that will alert you to a water leak – and the sooner you find out about a leak, the better. Some sensors even turn off the water if they detect a leak, reducing the potential damage even further. And some homes have detectors for natural gas leaks.
15. Paying in full.
Some home insurance companies offer a discount if you pay for the policy in one go rather than paying your bill monthly. The insurance company will be happy to have all their money.
If paying in full won’t work for you, that’s okay. You could also get a discount for setting up automatic payments.
So, those are some common home insurance discounts that you could be eligible for just by being you. Be sure to talk to your agent and ask them if there are any discounts you could be eligible for. And keep them informed of any significant changes to your home – for instance, getting a new roof or a home security system. And let them know about life changes, like getting married. Remember, they can’t give you a discount if they don’t know you qualify for it!
Looking to save money on home insurance? We would be happy to help. We can shop for the best coverage at the best rate so you get some peace of mind. All you have to do to get in touch with our team of insurance experts is fill out our online quote form or give us a call.