Saving Money: Homeowners Insurance Discounts
Homeowners have had to contend with an ever increasing insurance premium over the last few years. As this and many other expenses expand, homeowners find that their earnings contract and it is becoming increasingly hard to meet all their financial obligations. This has driven many to find a way to cut their insurance premiums. There are a number of homeowners insurance discounts available, and taking advantage of them can save you money. Here are some common ones, along with how you can qualify for them.
Multi-Policy Discount
This policy allows you to combine your homeowner’s and auto insurance policies by purchasing them from the same insurer. Some companies offer as much as a 30% discount to clients who purchase three or more policies from them. Ensure that you check with the company to ascertain which policies are eligible for this discount and purchase accordingly.
Claims-Free Discount
If you have never made a claim against your insurance policy then you would qualify for this discount. For example: drivers who have a clean driving history can benefit from their claims free discount. If you were involved in an accident for which you were not at fault your no claim discount (NCD) will not be affected. If you change policy providers you can seek to have your NCD carried over.
Home Renovation Discount
Have you done a complete renovation to any of the major utilities in your home? If yes, notify your insurance company of these changes. These systems include your plumbing, heating, electric, and cooling systems.
Personal Status Discounts
If you are married or a widow/widower then you can benefit from this discount. Those who are also registered domestic partners may qualify for personal status discounts.
Age of Construction Discount
This discount is offered for homes that were constructed within the past 0-75 years. If your home falls within that timeframe then you qualify for the discount.
Protective Device Discount
You qualify for this discount if you use protective devices to help keep your home safe. Insurers favor homes that are equipped with protective devices such as smoke detectors, home security systems, fire alarms, and residential fire sprinklers. Applying these devices to your home is a big step in making your home less expensive to insure.
Gated Community Discount
Insurers view homes in gated communities as being less of a risk to their investments and will therefore offer cheaper coverage to these homeowners. Where you live matters as the insurance company will take into consideration the neighborhood and the likelihood of you suffering from losses that would to you making a claim against your policy.
Age of Insured Discount
Individuals who are 60 years or older may be eligible to benefit from a homeowner’s insurance discount. If you are 60 years or older, check with your insurance provider to ascertain if you qualify for this discount.
Retention Credit
Some insurance companies offer discounts to policyholders who allow their policy to stay with them.
Home Purchase Discount
If you are about to purchase your home you can shop around for an insurance company who offers this discount and still get a good rate.
One thing you need to be aware of with these discounts is that your qualification for one may affect your qualification another. Be sure to check with your insurer to see which discounts you qualify for, and have them apply it to bring down the cost of your homeowners insurance.
Category: Car Insurance
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