The Ultimate Guide to Home Insurance Discounts

Written By Charlotte Insurance on July 2, 2019. It has 0 comments.

a home that qualifies for home insurance discounts

As a homeowner, you need home insurance, but that doesn’t mean you want to play anymore than you have to. Many owners want to know what kinds of discounts they can get. Here’s your ultimate guide to home insurance discounts to make sure you’re not paying too much for coverage.

Bundling Discount

The most common insurance discount occurs when you purchase more than one policy from the same insurer. Many insurance companies offer at least home, auto, and life insurance. Buying two or more policies could yield a five to 15 percent discount.

Home Renovations Discount

It’s a fact that older homes are prone to more problems. Old wiring, plumbing, and roofs are ripe for accidents and damage. When you upgrade your electrical, plumbing, and heating systems, you modernize your home and reduce your risk. Upgrading your roof and even adding storm shutters can also lead to discounts.

Home Security Discount

The more you do to prevent a major disaster before it begins, the more you can save on your home insurance premiums. Basic security like smoke detectors, burglar alarms, and even deadbolt locks may lead to a five percent discount.

Upgrade your options by adding a sophisticated sprinkler system or high-end security system that notifies police or fire, and your discount may be more significant. Before you make such a big investment, contact your insurer to make sure they provide a discount for the system you want to install.

Sensor Discount

Installing sensors in your home to catch water or natural gas leaks is great for keeping your family safe and your home undamaged. It may also lead to a discount for your home insurance policy. If your system has the ability to shut down the affected area, your discount could be even higher.

Senior Discount

It’s the 21st century and being in your fifties doesn’t make you a senior. But many home insurance companies offer up to 10 percent off your premiums if you’re 55 or older. So you’re definitely not old, but there’s nothing wrong with taking advantage of the savings.

Married or Widowed Discount

Single people tend to have more claims than those who are married. It may be as simple as having another set of eyes in your home to catch potential problems. Or it may be that married people live a more stable life. Either way, insurance companies offer discounts to customers who are married or widowed.

Loyalty Discount

Sometimes it pays to stick with the same company for the long haul. Many insurers provide a loyalty discount based on the time you’ve been with them. Depending on the company and the number of years you’ve had a policy, your discount could be five to ten percent.

Claims-Free Discount

Not filing claims means your insurance provider spends less money and you have less damage. It indicates that you keep your home in good condition, and that you’re safe. Your insurer may be willing to pass some of that savings onto you as a discount. The more time that passes without a claim, the more likely you are to qualify for a discount (if your insurance company offers it). It could be up to 20 percent off your premiums.

HOA/Gated Community Discount

When you live in a homeowners association or a gated community, your neighborhood is viewed as safer and more secure than other communities. You likely live in an area with extra security, a neighborhood watch, and rules that are designed to keep homes free of danger and damage. You could qualify for a discount of five to 10 percent.

Non Smoker Discount

Where there’s smoke, there’s fire. Which means that if you’re a smoker, you’re at higher risk of damage or injury from fire. Not smoking reduces the chance of a fire in your home. For this, your insurance provider may offer you a discount of five to 15 percent.

New Homeowner

While not available from every insurance provider, some offer a discount for being a new customer and a new homeowner. As long as you’ve purchased your home in the past 12 months, you may qualify.

Paying in Full Discount

Breaking down your insurance premiums into monthly payments is convenient, but if you want to pay as little as possible, it’s better to pay in full. You get a break off your entire premium by paying it all at once. You have one less monthly expense to think about, and no one has to worry if your insurance premiums have been paid on time.

If you think you qualify for any of these discounts, or you’re not sure what discounts you currently receive, talk to an independent insurance agency like ours. At Charlotte Insurance, we’re happy to connect you with an insurance provider that offers the most discounts so you don’t have to pay more than necessary.

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