Home insurance costs can vary depending on where you live. Getting a discount is one of the best ways to find affordable home insurance discounts and rates without sacrificing coverage regardless of your location.
Several ways to get a discount on your home insurance are improving your home and installing safety measures such as fire alarms and security systems. If you’re shopping around and comparing quotes for home insurance, you should know what discounts to ask for.
Before getting started, homeowners that are looking for quality insurance quotes should reach out to a Surex insurance advisor at their earliest convenience.
How do home insurance discounts work?
There are different types of home insurance discounts. While some work immediately, others take time to improve your home. When you sign up for an insurance policy before your current one is due to renew, you can get a discount for signing up early.
However, if you do not make any modifications or upgrades to your home, you will not qualify for a home improvement discount. Here are several ways to get a discount:
- Discount home insurance amounts can be capped:
Many homeowners insurance companies limit the amount you can save on your home insurance policy, even if some discounts can be stacked. For example, some insurance companies offer discounts varying from 40%, but you can usually qualify for no more than that.
If you have seen the word “up to” in an insurance advertisement, you are not entitled to the maximum discount. There are usually certain qualifications that you must meet to qualify for the highest discount. For example, a company may offer 5% off if a homeowner has been claims-free for three years, but only 10% if the homeowner has been claims-free for five years.
- Discounts vary:
It’s important to choose an insurance company based on where you live. Insurance companies’ amount and level of discounts vary from state to state, and not all provinces allow all discounts. Therefore, when you are shopping for home insurance, it is good to find out if there are any discounts available in your state.
- Comparison shop for best results:
Even though a company may offer many discounts, it does not necessarily offer the lowest price. Get quotes from multiple insurance companies for the same coverage if you want to find the best rate on home insurance. It is not crucial how many discounts you receive on your policy, but your final price.
How can I get home insurance discounts?
A homeowner’s insurance policy is based on several factors, including how likely you will file a claim under the policy. By taking certain measures around your home, you can often reduce your risk of filing a claim and receive a discounted rate from your insurance provider.
You can get a high-percentage discount on your home insurance when you bundle your insurance policies. When you bundle your home and your auto insurance policies, you are insured by the same company. Therefore, the insurance company should also be able to give you some discount for bundling your insurance policies, as it is easier for you to keep track of your insurance policies this way.
2. Security/safety measures
A home insurance discount can also be obtained through security and safety measures. You’ll make your home more secure by taking these steps, so you’re less likely to be burglarized. Additionally, they can alert you to dangers such as fires and gas leaks to prevent injury or death to your family. Safety measures usually include devices like the following:
- Gas leak detectors
- Deadbolts on exterior doors
- Fire extinguishers
- Smoke detectors
- Carbon monoxide detectors
- Water leak detectors
- Burglar and fire alarm systems
- Sprinkler system
Home insurance companies sometimes offer discounts to customers who use smart home devices. Other insurance companies partner with smart device companies and offer free devices as an additional incentive.
3. Home improvements
Another way to get an insurance discount is to update your home to make it more resistant to damage. By making your roof impact-resistant or installing with a Northern Kentucky roofing company or installing storm shutters to reduce storm damage, you may get cheaper home insurance. Additionally, some insurance companies offer discounts when you upgrade your older home’s electrical, heating, and plumbing systems.
4. Loyalty discounts
Some home insurance companies reward their customers for staying with them yearly. However, not all companies offer loyalty discounts.
This discount usually saves you more on your home insurance the longer you go without filing a claim. Most insurance companies will give you this discount if you have not had a claim for three or five years. The discount lasts until you claim your homeowners’ insurance.
6. New homebuyer
If you are shopping for home insurance quotes for the first time, don’t forget to mention that you are a first-time homebuyer. First-time buyers can leverage this discount. Still, many companies also extend the lower rate to homeowners who purchase newly constructed housing – even if they already own a home.
7. Early signing discount
If you sign up with a company before your current policy expires, you get a reduced rate on your home insurance. The renewal notices usually arrive 30 to 60 days before the renewal date. So by signing up for a new company before the renewal date, you may be eligible for this discount.
8. Increase Your Deductible
By increasing your deductibles, you may also have the opportunity to lower your premium. Deductibles are the amount of money you are responsible for paying in case of a claim. For example, your deductible can be adjusted for your dwelling coverage and personal property insurance.
Generally, a higher deductible results in lower premiums. As a result, you will likely save some money on your premiums despite paying a bit more toward a covered claim.
Having a good price may help you make your decision. Remember that a quality insurance company, excellent customer service, and appropriate coverage can become valuable if you have to file a claim. When purchasing homeowner’s insurance, it may be wise to shop around and speak to an agent about costs and coverages.