Home insurance prices have steadily increased across the country over the years. In just the past decade alone home insurance premiums have risen 47 percent. According to ValuePenguin, the average yearly premium is around $1,500. In that case, does getting homeowners insurance discounts sound like a good deal?
Yes, you read that right! Just like bundling your auto and home, you can obtain homeowners insurance discounts to lower your rate. It’s important to know that insurers take into account several factors to determine your rates. That means you can get potential discounts on your existing homeowners insurance policy that you might not be aware of.
In this article we will go over 5 different homeowners insurance discounts that might apply to you!
5 Homeowners Insurance Discounts You Probably Weren’t Aware Of
The Fortress Discount
Companies like Travelers, Nationwide, State Farm, and Amica provide a fortress discount. Since severe weather conditions have become more common, insurers offer a deal to make upgrades that can protect your home. Hailstorms, hurricanes, fires, and tornadoes on the East Coast, Central US, and West Coast are causing insurance rates to go up.
Here’s a list of some safety precautions you can install in your home to possibly get a discount;
- Hurricane shutters
- Hail-resistant roof
- Hurricane or roof straps
- Fire sprinkler system
- Whole-house generator
- Smart smoke alarms
- Lightning protection system
- Water sensors to detect leaks
The Marriage Discount
This might sound bizarre to you, but your insurance company is as concerned about your marriage as your nosy relatives. This is because married couples file fewer claims compared to single people. As a married couple, you’re more likely to purchase other types of insurance together, such as auto and life. Getting married may translate into cost-effective discounts depending on the state you live in and your insurer.
Your insurance company may offer lower rates initially based on your marital status. Typically, you can get a discount of 5 percent on your home insurance policy.
If you’re a newlywed or you’ve been married for a long time, reach out to your provider and see if this discount applies to you.
The Mortgage-Free Discount
Did you that know paying off your mortgage can get you a discount on your home insurance policy?
When you become free of paying a mortgage, it shows your insurer that you’re a mature and responsible homeowner. This also indicates to the insurance company that you’ll be more likely to invest in your home and keep it maintained since you have extra money now.
The Retiree Discount
Retirement comes with many perks. This can include no more commuting to the office and affordable home insurance rates. Many insurance companies offer better discount rates to retired homeowners.
Typically, people above the age of 55 and retired can apply for this discount. The discount can be as much as 10% depending on the state you live in and your insurer.
The Good Credit Discount
How good your credit score is can determine whether or not you receive a discount on your homeowners insurance. Know that if you have a good score, you can get a discount of up to 20%.
In some states this isn’t allowed. Fortunately, 85% of insurance companies in the states that allow credit score to determine home insurance rates use this discount.
In a nutshell, a little in-depth research on a home insurance policy can help get you some great discounts. The given options, for instance, are the discounts you can obtain to lower the insurance premiums.
Talk with your provider and see if you apply for any of the listed discounts.