Home insurance discounts provide you an opportunity to save on your property coverage. Discounts vary by insurer, but each one can reduce your premiums and make your home insurance a little more affordable.
Insurers apply some discounts automatically, such as multi-policy discounts if you sign up for several types of coverage. In other cases, like installing new safety equipment, it’s up to you to let your insurance company know you’ve done something that qualifies for savings.
Here’s what you should know about common home insurance discount opportunities so you can understand the options on the table to reduce your premiums.
Some home insurance discounts are very common and offered by the majority of insurance companies.
Here are opportunities to save on your homeowners premium that you’re likely to encounter, no matter which licensed insurer you choose for your home or which state you live in.
You may also be able to find some unique discounts from specific insurers to go along with the discounts above.
Here are some examples of less common discounts you may still be able to take advantage of, depending on which insurance company you choose to buy from.
Gated community discounts: If your home is in a neighborhood secured by a gate, you could see premiums reduced by as much as 20%. But insurers usually reserve the greatest savings for areas with guard-gated communities and not just those with automatic gates.
Green home discounts: Green home discounts worth around 5% in premium savings are available for properties certified by the Leadership in Energy and Environmental Design (LEED) organization.
Affinity group discounts: Affinity group discounts may be available based on your employment or membership in a social or professional group. You may be able to save as much as 15% on your coverage with an affinity discount.2
Homeowners association (HOA) discounts: HOAs are associations that set neighborhood rules and maintain common amenities. If your home is in a neighborhood governed by an HOA, you could save up to 10% on home insurance premiums.3
Working from home discounts: If your job is remote and you’re home all day, insurers may reward you with lower premiums.
The availability of discounts varies from one insurance company to the next. When you’re making financial decisions and considering the costs of different policies, you should also know that discounts can vary by state.
Your ability to qualify for discounts may also be determined, in part, by the products you have in your home. Factors like whether you have security systems or an impact-resistant roof on your property are conditions that make a difference.
Check out this list of some of the top home insurance companies that offer a large number of discounts. You can see the ways to reduce your insurance policy premiums from different companies so you can take action to lower your prices.
If you want to qualify for home insurance discounts, here are some steps to take:
Upgrade security features. Installing new safety devices, such as dead bolts or a security system, can reduce your premiums since these devices reduce the chance of a claim.
Make home improvement and safety enhancements. If you add a new roof, put in fire sprinklers, or take other steps to make your home safer, this will reduce the chances of a homeowners insurance claim. This, in turn, reduces your home insurance premiums. This can be especially important for older homes that may have more expensive insurance policies because of the lack of modern safety devices, like smoke detectors.
Bundle policies. You probably need several insurance policies to insure your home, car, boat, or business, and it’s often to your benefit to buy those policies from a single insurer. The more policies you can group with one insurer, the more money you can save.
Maintain a claims-free record. Once you’ve made a claim on your homeowners insurance, companies believe you’re statistically more likely to make additional claims in the future. As a result, insurers are likely to charge you higher premiums for a number of years after your initial claim. But if you can maintain a claims-free record, you’ll avoid these higher charges and can even get a discount from some insurers.
Choose the right payment options. Signing up for electronic statements and choosing your insurer’s approved payment method, such as making one annual payment or signing up for auto pay, can usually result in savings.
Compare insurance companies. Different insurers have different standards for setting policies and applying discounts. Often, the best way for you to save is to shop around regularly and get quotes from several insurers to see which one is the cheapest given your current situation. This can change over time as insurance company policies change and as changes happen in your life and in your area.
You can get the best deal by gathering your information and using a price-comparison platform to compare quotes from several insurers at the same time. You can also consider working with an insurance agent to better understand your options and to identify any discounts that may not appear on a company’s website.
If you still want to learn more about how to make the most of home insurance discounts, here’s some additional information that you may find helpful.
Taking advantage of discounts can be the best way to lower premiums. Ask your insurer about savings opportunities for things like bundling coverage or installing an alarm.
Many different insurance companies offer discounts. Farmers and Chubb are two examples of home insurance companies that offer more than 10 different opportunities to help you save.
You can qualify for a multi-policy discount on your homeowners insurance by purchasing different kinds of insurance from the same company. This could include homeowners insurance and an auto, business, or boat policy, for example. The good news is that you’ll typically save on both policies.
Many types of homeowners insurance discounts are common, including multi-policy discounts, savings for safety devices, and discounts for not having made recent claims on your policy.
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