8 Home Insurance Discounts You Didn’t Know About
8 Home Insurance Discounts You Didn’t Know About
Homeowners insurance may not be mandatory, but it is a necessary investment to protect
your home and its contents from unforeseen events such as theft, fire, natural disaster and
other damages. Homeowners insurance also generally protects your personal liability
exposures as well.
These important coverages may add to your costs of insurance, so you may want to know
that several discounts are available to help you save money on your home insurance
premiums. Here are eight home insurance discounts to know about:
1. Multi-Policy Discount:
1. Multi-Policy Discount:
You may get a discount if you bundle your home
insurance policy with the auto insurance policy from the same provider. It can help
you save money on both policies.
2. Water Damage Prevention Discount:
2. Water Damage Prevention Discount:
Water damage can be costly and
devastating. To encourage you to take preventive measures, some insurance companies may offer a discount if you install a water leak detection system,
backflow valve or sump pump.
3. Alarm Discount:
3. Alarm Discount:
Insurance companies may offer a discount if you install smoke
detectors, fire alarms or other security systems in your home. These devices can
prevent loss from fire, theft and other hazards, resulting in fewer claims and lower
premiums.
4. New Home Discount:
4. New Home Discount:
If you have recently built or purchased a new home, you
may be eligible for a discount on your home insurance policy. It is because newer
homes are less likely to have issues or damages.
5. Claims-Free Discount:
5. Claims-Free Discount:
If you have a good history of avoiding claims on your
policy, you may be eligible for a claims-free discount. This discount rewards you
for being responsible and avoiding the need to file claims.
6. Mortgage-free discount:
6. Mortgage-free discount:
Have you paid off your mortgage? Then, you may
qualify for a mortgage-free discount. It recognizes that you have more financial
stability and less risk.
7. Loyalty Discount:
7. Loyalty Discount:
Insurance companies thank you by offering a loyalty discount
when you remain their customer for multiple years. In some cases, a loyalty
discount can gradually rise, up to a certain point, if you continue to stay with the
same insurer.
8. Mature Homeowner Discount:
8. Mature Homeowner Discount:
Some insurance companies offer a discount to
senior homeowners. The age requirement to qualify for the discount may vary
among insurance companies. Speak to your insurance broker to check your
eligibility.
Do you think you may qualify for any of these home insurance discounts? Reach out to a
PrimeService broker, and they can help you check your eligibility and apply them to your
policy
