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Homeowners insurance can be expensive, but you may be able to save money on your premium. From installing security systems to bundling policies, insurers offer a variety of ways to qualify for home insurance discounts. Those discounts can help you get the coverage you need at a more affordable price.
How do homeowners insurance discounts work?
Many home insurance providers offer discounts that lower the overall cost of your home insurance policy. For example, you might get a discount if you have a security system, as that reduces the likelihood your home will be burglarized. Another common home insurance discount is for bundling policies. If you already have car insurance with a company, you might qualify for a discount if you get your home insurance there, too.
The most common home insurance discounts
Home insurance discounts can be grouped into three buckets: customer-related discounts, policy-related discounts and home-related discounts. Read on to see which discounts you may be eligible for.
Be aware that not all insurers offer all of these discounts. In addition, some of these discounts may only be available to policyholders in certain states.
Retiree or senior citizen discount. Some insurance companies offer discounts to retirees and seniors who are over a certain age.
Discount for specific occupations. Some insurance companies offer discounts to people in certain professions, such as teachers or firefighters.
Military discount. If you're an active duty or retired member of the military, you might qualify for a home insurance discount.
Claims-free discount. If you haven't filed a home insurance claim in a set number of years, you might be eligible for a discount. Usually, you have to be claims-free for at least three to five years.
Loyalty discount. Some insurers provide policyholders with loyalty discounts if they’ve been with them for a certain number of years.
Payment method discount. Some insurers offer discounts if you set up automatic payments or pay the premium annually rather than monthly.
Paperless statements discount. You may qualify for a discount for choosing to receive paperless statements.
Discount for paying on time. Some insurers will give you a discount for paying your home insurance premium on time.
Discount for getting a quote in advance. Depending on the insurer, you might earn a home insurance discount for shopping ahead and getting a quote days before you purchase a policy.
Rent-to-own discount. If you have renters insurance with a company, then buy a house, some insurers will offer a discount if you choose them for your home insurance.
Security systems discount. If your home has security features like burglar alarms or a monitored security system, you might be eligible for a discount. These systems can help reduce the risk of theft and burglary, which makes your home less risky to insure.
Home safety features discount. Installing deadbolt locks, reinforced windows and sturdy roofing can help lower your insurance costs.
Smart-home discount. You can shave money off your premiums by installing smart-home devices like video doorbells, window sensors, smart locks and more.
Fire safety discount. Homes with fire-resistant materials, sprinklers and fire extinguishers could qualify for discounts because they reduce the risk of fire damage.
New or renovated home discount. Newer homes are generally considered less risky to insure because they have up-to-date construction. If your home is newly built or you've recently done significant renovations, you might qualify for a discount.
Green home discount. If you’ve made environmentally friendly upgrades to your home, you could qualify for a discount. This includes having a LEED-certified home and Energy Star-rated appliances.
Nonsmoker discount. Nonsmoking households have a lower risk of fire-related incidents, so insurers may offer discounts for not smoking inside your home. For some insurers, everyone in your house needs to be smoke-free for at least two years to qualify.
Location-based discount. Your home's location can also affect your insurance rates. Living in a safe neighborhood or gated community can lead to discounts.
How to get homeowners insurance discounts
If you already have an insurance policy, call your insurer and ask which discounts you qualify for. Tell them about any upgrades you’ve made to your home, like installing smart home devices or updating major systems.
Discounts vary by home insurance provider, so if you’re shopping for home insurance, make sure to include this in your research. Keep in mind that insurance providers that offer a lot of home insurance discounts may not offer the cheapest rate for you. That’s why we recommend getting comparable quotes from at least three insurers when buying home insurance.
Other ways to save on home insurance
Discounts aren’t the only way to save on home insurance. These options may also help lower your home insurance costs.
Choose a higher deductible
Your home insurance deductible is the amount you pay out of pocket before insurance will cover a claim. Choosing a higher deductible can lower your premiums. Just make sure you can comfortably afford the amount you’d have to pay if you file a claim.
Keep your credit in good shape
In most states, having good credit can help you get lower insurance rates. This includes paying your bills on time and managing your credit responsibly. It could help you qualify for lower premiums.
Avoid making small claims
While insurance is there to cover you in times of need, consider paying for smaller expenses yourself instead of filing claims. Frequent claims can lead to higher premiums over time.
Review your coverage every year
Review your policy regularly and make sure you're taking advantage of all the discounts you're eligible for. Consider bundling your home insurance with other policies like auto or life insurance to save even more.
As you shop around, don't settle for the first quote you receive. Insurance companies offer different discounts, so get at least three quotes.