One of the biggest policies you can normally save on is your homeowners policy. Bundling your home and auto policy is probably the most common among homeowner’s insurance discounts. Even though that is the most common, its not the only discount you can receive. However, it is up to you to ask for the discount or ask your insurance agent what discounts your home may qualify for. If you are not sure what kind of discounts to ask about, keep on reading.
Top 10 discounts you may qualify for
- Bundling Home Insurance Policy and Car Insurance Policy
- Monitored Alarm System
- Upgraded roof – Some insurance companies will offer discounts only for preferred roofing material, contact your insurance company to find out.
- Age of home – 5 – 10 years or less
- Updated Electrical
- Updated HVAC
- Updated Plumbing
- New Home Construction
- Loyalty with your insurance company, usually 10 years or more.
- Type of Construction – Fireproof or Superior
There are many other discounts that you may qualify for. This list is just the most used and highest discounted. If you would like to view a more comprehensive list, insurance.com has a great list to view.
Do I get the discounts right away?
Not necessarily. While some discounts you can get right away such as auto and home bundling, monitored alarm system, and new home construction, some you can get over the time of the policy as you update your home. Some discounts you acquire as you update your home or with time such as upgraded roof, updated HVAC, updated Electrical, Updated Plumbing, as well as loyalty with your insurance company.
Can I get all the discounts?
Insurance companies have the right to cap the percentage of discounts you receive. While every company is different, most cap the amount at 30-40%. Unfortunately, if you qualify for 6-7 of the discounts, if you hit the insurance companies cap, you will not qualify for anymore. Keep in mind the wording you see when looking at carriers on their website too. Some discounts will state an “up to” a certain discount. You may not qualify for the full discount.
One thing to consider, even if you have all the discounts, it does not mean that is the cheapest provider. There may be another provider that is cheaper without all the discounts available to you. Discounts will be different among different carriers as well as in different states. A great way to ensure you are getting all the discounts you can is having an independent insurance agent shop around for you. They can make sure you are getting the maximum discounts for the carriers you want to consider.
Now I know how homeowner’s insurance discounts work, where do I start?
Best place to start is contacting an independent agent. An independent agent can shop multiple carriers that they service and make sure you are getting the best insurance policy for the best price. They can apply the discounts that you qualify for as well as make sure you are properly covered for the best price.
Still have some questions, you can contact us online, or by calling 770-720-1314.
