Here are some common homeowners insurance discounts, how to get them, and make sure you pay the lowest home insurance rates possible.
Claims Free Insurance Discount
Many homeowners insurance companies offer a substantial discount for not having any claims in the last 5 years. Avoiding claims is the best strategy to get and maintain low homeowners insurance rates.
Good Credit Insurance Discount
Your insurance credit score, determined by information from your credit report, is not a discount, but a major rating factor influencing the cost of your homeowners insurance premium with almost all insurance companies. The better your credit, the better your home insurance rate.
IMPORTANT: Some states, like Oregon, have a law allowing you once a year to ask your insurance company to re-determine your insurance score. If your credit has not changed, or if you think it may be worse now, you should still request the new insurance score each year, because your rate cannot go up from a worse score; your rate can only go down, or stay the same. If your state allows the use of credit to rate insurance policies, check with your State’s Department of Insurance Website to see if your state has similar laws.
As time goes by, your insurance score is always changing — your debt balance, the age of your accounts, etc., so don’t think it is not worth your time because you don’t think your credit has changed. Call your insurance company once a year and ask for a new insurance score for your auto & home insurance.
If you have bad credit, you may want to search for an insurance company not using credit to determine rates. This type of company may no longer exist. Contacting a local independent agent is your best bet of finding one.
If you have fair, good, or great credit, you will most likely save money by using an insurance company using credit to rate their homeowners insurance.
Home/Auto Insurance Discount or Multi Policy Insurance Discount
Another big home insurance discount is insuring your home and cars with the same insurance company. Likewise, if you own other properties, motorcycles, boats, etc. You usually get the best insurance rates by insuring them with the same company.
Some companies sell only auto insurance, like Geico insurance & Progressive insurance, but partner with other insurance companies to offer homeowners insurance.
It is usually best to have your car & homeowners insurance with the same insurance company. You will be a more important customer to the insurance company, and it will be easier to file a claim if there is a common cause of damage, like a severe storm or fire, which damages both your car and home.
Smoke Detectors/ Deadbolt locks / Fire extinguishers Insurance Discount
Everyone should get this common home insurance discount. Smoke detectors are required on all floors, deadbolt locks are required on all exterior doors (Sliding glass doors should have a bar lock), and keep a portable fire extinguisher in the kitchen.
Burglar / Fire Alarm Systems Insurance Discount
A monitored central alarm which alerts the fire or police department gets the largest insurance discount, but the cost of the monitoring service will cost more than you save with the home insurance discount.
Many insurance companies offer a discount for a burglar alarm wired to all doors and windows which sounds locally if triggered.
Some insurance companies offer an additional homeowners insurance discounts for natural gas sensors and water leak sensors.
Ask each home insurance company if they have any other discounts for other protective devices.
Having a dog to attack intruders is not a good thing from the insurance company’s standpoint, since they are concerned with dog-bite liability claims.
Insurance Discounts for your Occupation,Job, or Profession, or being 55 or older & Retired
Some insurance companies have home insurance discounts for various professions, such as teachers, or government employees. Many insurance companies offer an homeowners insurance discount for being retired and over a certain age. If you are now retired, or changed professions, call your insurance company and make sure you are getting these insurance discounts, if available.
Non-Smoking Insurance Discount
Few companies offer this homeowners insurance discount, though you would think all of them should.
If you or your spouse, or other family members, recently quit smoking, ask your insurance company about this insurance discount.
New Home or Renovation Insurance Discount
Some insurance companies offer an home insurance discount for a new roof, or an Underwriters Lab approved, impact resistant roof, re-wiring your electrical system, new plumbing, or a new heating system. The work will need to have been completed by a licensed contractor, and you must have a receipt to show the date and work done.
Most insurance companies offer home insurance discounts for newer homes (in the last 10 years). You should get this discount automatically, because your insurance company asks what year your home was constructed as part of the application and quoting process.
Both the new home and renovation insurance discounts usually are reduced, and eventually removed as the home or renovations get older.
Cash Back Insurance Discounts
Some insurance companies give you cash back for being claims free for a period of time, like a year, or 3 years.
Cash back is nice, but does it make sense to pay 10% more to possibly get 5% back next year if you don’t have claim? Ignore cash back bonuses on your insurance unless you are getting a good price, and the chance for cash back gets you the lowest price for your insurance coverage, and the service you need.
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