Are you looking for discounts on your home insurance? As insurance costs rise, you may be looking for discounts on your home insurance. Getting discounts on your home insurance is possible if you know what to look for.
Here we will discuss some of the best tips for getting discounts on your home insurance and ways to help manage the cost of rising premiums.
Spend some time shopping to get discounts on your home insurance and start early
Contrary to what many people believe, it does pay to shop around for insurance. And to get the best discounts on your home insurance, start shopping around early – before renewal time. Some insurance companies give a special discount for early shoppers.
It pays to shop around because different companies like different types of homes. For example, one insurance company may have the best rates and discounts for new construction homes larger than 3,000 square feet. Meanwhile, another insurance company may have the best prices and discounts on smaller houses in mature neighborhoods.
So, if you want to get the best discounts on your home insurance, it pays to shop around.
Take advantage of multi-policy discounts
Purchasing different types of insurance from the same company can earn you discounts on your home insurance. Insurance companies may refer to this is a multi-policy discount or a bundling discount. The discount is applied when you purchase more than one line of coverage from the same insurance company.
For example, let’s say you have your auto and home insurance with the same company. The combination earns a discount on your home insurance policy. The discount can be substantial – up to several hundred dollars per year.
If you aren’t sure if you’re getting a multi-policy discount on your home insurance, contact your insurance professional.
Ask your insurance company about discounts on your home insurance
The best way to make sure you are getting all the appropriate discounts on your home insurance is to talk to your insurance company. Companies offer a variety of discounts for any number of affiliations. Some companies offer discounts if you work for a particular employer, are a senior citizen, served in the military or even for driving a specific vehicle.
Affiliation or special discounts on your home insurance can vary from company to company so make sure you discuss them with your insurance representative.
Common discounts on your home insurance for safety
When you are searching for discounts on your home insurance, an excellent area to consider is safety and security. Many home insurance companies give discounts for special safety features on your home. While they differ from company to company, most carriers will offer discounts on your home insurance for the following:
Alarm systems:
Most carriers will apply discounts on your home insurance if you have an alarm system. Make sure that the alarm company monitors it. Ask your company for an alarm certificate to supply to your home insurance company.
Smoke and carbon monoxide detectors:
Not only are smoke and carbon monoxide detectors critical to the health and safety of your family, but they can also earn you discounts on your home insurance. Be sure to check them regularly to make sure they are working correctly.
Make updates for discounts on your home insurance
As our homes age, the cost to insure them may increase. Old and outdated systems cause the increase. Plumbing and electrical systems age and as they do, they are more likely to have problems. An excellent way to earn discounts on your home insurance is with updating major systems.
For example, if you have an older home, you may wish to hire an electrician to complete an update on the wiring of your home. Similarly, updates to the plumbing system can earn you discounts on your home insurance.
Disaster-proof your home for the best discounts on your home insurance
No matter where in the country you reside, there are natural disasters. Earthquakes, ice storms, windstorms, tornadoes, and blizzards spell trouble for homeowners. Still, installing features on your home to help mitigate damage from natural disasters can earn you discounts on your home insurance.
For example, Florida has a considerable windstorm risk. Contractors offer special construction features that can be added to your home to protect it from windstorm damage. These features can earn you discounts on your home insurance. Examples include:
- Impact resistant windows
- Hurricane resistant doors, including garage doors
- A particular type of roof construction
- Hurricane shutters
Most home insurance companies require you to have a wind mitigation inspection completed. You can then submit the inspection to your insurance company, and they will apply the discounts on your home insurance. For more information on mitigation features, speak to your insurance professional.
Complete an annual insurance review
Throughout a year, life changes and your insurance needs may also change. An annual insurance review is a good practice to make sure you are still adequately insured. The review is also a good time to check for additional discounts on your home insurance.
Ask your insurance carrier for an annual review to discuss:
- Limits
- Deductibles
- Coverages
- Premiums
- Discounts
Keep a good credit score for discounts on your home insurance
More states are using credit report information when developing rates for policyholders. While having a good credit score may not earn you actual discounts on your home insurance, it can save you from incurring a surcharge that an insurance company may slap on a policyholder with poor credit.
Maintaining good credit will save you money on everything from utility services to cell phones. And yes, your home insurance as well. Additionally, if an insurance company assigns you a higher rate from something adverse in your credit history, they are required to notify you.
Getting discounts on your home insurance
The best way to make sure you get the proper discounts on your insurance is to conduct a review with your insurance carrier. Be sure to ask about discounts for safety features, construction, age, and affiliations.
