Home insurance is a must, but that doesn’t mean you can’t find ways to make it more affordable. Many homeowners are eligible for discounts, but they just don’t realize it! Below are 5 discounts that you can potentially add to your home policy to lower the premium.
- Bundling Discount – Combine your home and auto (or other specialty lines such as a boat or landlord policy) with the same provider for a multi-policy discount. Carriers can range anywhere from 5 – 10% in discounts on BOTH policies.
- Home Security Discount – Installing a security system, whether that be a burglar alarm or smoke alarms, can earn you savings by reducing risk. Those alarm systems that report directly to the police or fire stations can earn insureds a 2 – 5% discount.
- Water Leak Detection Discount – Installing a water leak detection system, such as a smart sensor near pipes, water heaters, or appliances, can help catch leaks early and prevent major damage. Many insurance companies offer a discount to homeowners who take this preventative step.
- No Loss/Claims Free Discount – Homeowners who haven’t filed any claims are often rewarded by insurers with reduced rates. The longer homeowners go without a loss, the bigger the savings.
- Customer Loyalty Credit – Many insurance carriers reward insureds for their loyalty. The longer you stay with a carrier, the bigger the discount. Although this discount comes with time, it is still something that can be useful long-term.