The most common ways to save money on your homeowners insurance policy are to adjusting your deductible, shopping around and taking advantage of home insurance discounts. Typically if you use all of the mentioned methods, you can save anywhere between 20 – 40% on your homeowners insurance premium.
How do I qualify for homeowners insurance discounts
There are a few homeowners insurance discounts that may be applied when you purchase your home insurance policy. Say for example you buy a new home, there is a very good chance it will come with a new roof, new plumbing and ultimately need less repairs than an older home. Homeowners insurance is based mainly from risks. The less risk they take on the less they charge you in premium.
There are also home insurance discounts that are applied when you do upgrades to your home. It is very important that you understand the limits your homeowners insurance company puts on home insurance discounts. Every home insurance provider will calculate rates and discounts differently. Some homeowners insurance companies will also limit the discounts they offer.
Homeowners Insurance Discounts
There are a few different ways to save money on your home insurance. Below we go over some of the more common discounts available:
Bundle multiple policies
One of the best ways to save money on your home insurance is to bundle it with another type of insurance. If you have your auto insurance and homeowners insurance with the same insurance company, ask one of our agents about bundling them to save money on your premiums.
Homeowners insurance loyalty discount
If you stay with your homeowners insurance provider for a certain number of years, you may be inline for a discount on your premium. Typically you will need to be in good standing, & claims free and your homeowners insurance company will apply a discount to your policy.
Impact resistant roof home insurance discount
Falling objects can create severe damage to a roof. Which in turn will be very costly for a home insurance company to repair. Due to this, having a roof in place that will limit damage and ultimately limit risk, is a positive sign to an insurer. As mentioned earlier, home insurance companies love it when you limit their risk and will often offer discounts for doing so.
Please keep in mind the materials used for the impact resistant roofs can vary. They will need to be tested to see where they stand on the scale of protection they provide. They typically are rated on a scale from 1-4.
Smart smoke alarm homeowners insurance discount
If you find yourself forgetting to check you smoke alarms, you may want to consider a smart smoke alarm system. A smart smoke alarm will connect with your homeowners insurance company through WiFi and let them know that your alarm system is up and working. Home insurance companies usually will offer a discount on your home insurance rate if you install a smart smoke alarm system.
Install a sprinkler alarm system
Fire sprinkler alarm systems not only may get you a discount on your homeowners insurance, they may also help to save lives. If you purchased a home with one already installed make sure you let your home insurance company know you have one.
Burglar alarm home insurance discount
Having a burglar alarm system installed or even better a central alarm system that will notify you of a fire or break in may get you a discount on your home insurance. You should check with one of our wonderful home insurance agents to see if you qualify for these discounts.
How your home insurance deductible affects your premium
Adjusting your homeowners insurance deductible is an easy way to get a lower monthly amount on your insurance payment. If you decide to go with a higher deductible, you will be given a lower monthly payment on your home insurance. If you go with a lower homeowners insurance deductible, you can expect a higher monthly payment.
The best way to find an affordable homeowners insurance provider
The best way to get an affordable rate on home insurance is to go through a reputable broker such as Eugene C Yates Insurance Agency. Our agents have access to the top home insurance companies in the industry and firsthand knowledge of the best home insurance discounts available. This makes it easy for them to find you the best rate for the best coverage on the market.
If you would like a custom homeowners insurance quote, please give us a call today at 209-339-1130
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