Finding the most cost-effective rates on homeowners’ insurance starts with comparing quotes. Knowing what a variety of different carriers are offering as potential rates is important in making an informed decision for you and your family.
However, did you know that it also includes finding the right discounts? Here are three ways to find the best discounts on home insurance.
#1: Simply Ask
Sometimes the easiest way to find out if you qualify for a discount on your home insurance is to ask. Several carriers offer policy rate reductions to those who work in a particular industry, are employed by a certain company, or even property owners who have never had a claim. Some firms even offer special savings to current and former military service members. Each insurance company has their own set of guidelines for these types of discounts, so inquiring as to what different ones are available is the first step to finding out if they exist.
#2: Combine Your Insurance
The next way to lower your home insurance costs is to combine carriers. This means having the same auto insurance and property coverage with the same insurance company. It also includes having other policies with the same firm such as life insurance, boat insurance, recreational vehicle insurance, and others. Most firms offer a discount of up to twenty percent off your annual premium just for having other lines of business with them – which can mean big savings for you. In addition, the discount can also work to help lower your other insurance bills, making the situation great on both sides of the coverage coin.
#3: Know the Condition of Your Home and Property
Knowing the condition of your home is also essential to getting the best home insurance discounts. Having a roof that is only a few years old, installing an alarm system, and taking other security measures are all ways to lower your rates. Having a fire hydrant within a few hundred yards can also trigger a discount. If you are thinking about building a new home, there are also steps you can take that will lower your policy premium. Metal roofs and brick don’t burn, making them much less expensive to insure. By letting your insurance agent know these things, he or she can see if your carrier offers discounts for these things.
It is important to remember that many of these discounts apply to all types of property insurance even if you don’t own a home, including renters insurance and condominium insurance.