How to Get Homeowners Insurance Discounts

If you want to save a few bucks on your home-related expenses, your homeowners insurance is a good place to begin. The average cost of a homeowners insurance policy is $1,854 per year for $300,000 of dwelling coverage. Nevertheless, there are different ways that you can find cheaper home insurance policies, and one of the highly recommended ways is through homeowners insurance discounts.

How to Get Homeowners Insurance Discounts

How Do Homeowners Insurance Discounts Work?

Similar to other discount types, home insurance discounts can help you decrease your coverage costs. What’s more, policyholders can get a discount when they purchase a policy for the first time, or when they qualify for discounts, it will be added later.

For example, you are likely to get a discount if you have the best auto insurance and home insurance from the same insurance company. Or if you do not bundle policies initially but later, you can have a discount included in your policy.

This is why it is advisable, if you would like to maximize your discounts, to contact your insurance provider. In addition to this, insurance companies usually cap discounts. Therefore, you may not benefit from the discounts you are qualified for, even though caps and discounts differ by company.

How to Get Homeowners Insurance Discounts

One of the most common and easiest ways to obtain homeowners insurance discounts is to ask your insurance provider to conduct a discount review. This is because your insurance agent may not be aware of the changes made recently that make you eligible for savings.

Another way to do this is by comparing quotes from other home insurance providers. Nevertheless, here are some of the best ways to get discounts on your policy, if you are interested.

Policy-Related Discounts

Here are some policy-related discounts that you might be eligible for. They include:

  • Loyalty discount: Some insurance companies give customers discounts as rewards if they have been prominent customers for years.
  • Umbrella package discount: If you purchase an umbrella insurance policy, you may get a special discount.
  • Advanced quote discount: If you receive your price quote in advance, like 4 days or more, you will get a discount. Companies like Progressive subsidiary American Strategic Insurance offer such discounts.
  • Insurance payment discounts: When you go paperless or pay your bills or premium in full, you get a small discount.
  • Multi-policy discount: This involves purchasing more than one insurance type from the same provider. A multi-policy discount is one of the best discounts you can obtain.
  • Claim-free discounts: If you do not make any claims for a specific period of time, you typically get a small discount.
  • Multi-home discount: Insuring more than one house from the same insurance company earns you a discount.

Discounts Associated with Your Area and Home

Your home may have some features that can help you save money on home insurance:

  • Roof age discount: Undoubtedly, roof repair costs can be difficult to cover. Thus, insurance companies like USAA give discounts based on your roof’s age.
  • New or renovated home discount: Renovated or new homes are usually qualified for discounts due to up-to-date systems like plumbing and wiring.
  • Safety and security discounts: Safety and security discounts are usually associated with devices like burglar alarms, smoke detectors, deadbolts, fire extinguishers, sprinklers, and fire alarms.
  • Disaster preparedness discount: if you reside in an area that is prone to severe weather, your insurance company might offer a discount if you try to avoid damage. For instance, shatterproof glass, storm shutters, and more.
  • Proximity to a fire hydrant or fire department: Your insurance provider is likely to offer a discount if you live near a fire-damage control resource.

Homeowner Profile Discounts

Here are some examples of other home insurance discounts, depending on your homeowner profile:

  • Seniors or retirees: Some home insurance providers give a price break if you are a senior working part-time or are a retiree.
  • Military discounts: You may qualify for a discount if you are a veteran, a military member, or the child or spouse of a military member.
  • Employment, organization, and association discounts: Educators and certain occupations can get discounts from insurers if you are a member of a professional association, union, or organization.

Other Ways to Save on Home Insurance

Apart from discounts, there are other ways that you can save on insurance. Here are some helpful strategies to reduce the cost of your home insurance premium:

  • Maintain a good credit score.
  • Shop around.
  • Choose a higher deductible.
  • Go through your coverage annually.
  • Consider bundling.
  • Do not make small claims.
  • Avoid smoking.
  • Get rid of high-risk items.
  • Add a security system.

Not only do you get to save on your home insurance policy with discounts, but it also involves speaking to your insurance agent, making sure your home is updated and secured, and managing your insurance documents and finances.

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