Home insurance savings and discounts

By: Yara Zakharia, Esq.

Whether you own or rent a house, condo, mobile, or other type of property, low cost home insurance is not a mirage. Home insurance savings are within reach, and depending on the type of dwelling you reside in and other criteria, you may qualify for an attractive home insurance rate. Home insurance savings can be reaped by way of available discounts where state laws and regulations permit and vary by state.

What follows is an overview of the various home insurance savings that consumers can benefit from:

1. Deductible: By increasing your home insurance deductible, you can acquire substantial home insurance savings. This is because the more you pay, the more you diminish the risk to the home insurance company.

2. Car/home insurance: Purchasing home insurance and auto insurance from the same company will yield a 'multiple policy' or package discount.

3. Home upgrade against natural disaster: If you take precautionary measures in your home, for instance, by making your property more wind-resistant or installing shatter-proof glass windows, chances are you will be eligible for cheap home insurance.

4. Home security systems: A security system (i.e. burglar alarms) or installed protective devices, especially the kind that directly respond to the fire department and local police, will decrease the insurance-risk of your home and reduce your home insurance rate.

5. Dead bolt locks: Another way that consumers can acquire home insurance savings is to get dead bolt locks on all of their doors.

6. Smoke detectors: Smoke alarms are another source of home insurance savings since claims due to fire are quite costly for insurance companies.

7. New/ Renovated Home: If you have modernized an older home, this may also qualify you for home insurance savings.

8. Good credit rating: A number of companies utilize the homeowner's credit rating to base the home insurance rate. Therefore, consumers should ensure that their credit is in good standing.

9. Loyalty to the home insurer: Staying with the same home insurer may earn you a discount on your home insurance rate.

10. "Tie-down discount": A mobile home that is anchored to the ground can yield considerable home insurance savings (ex: a 10% discount with Allstate).

11. Group home insurance coverage: Consumers who belong to a business or professional organization usually receive a better home insurance rate than if it they were purchasing as an individual.

Other home insurance savings come in the form of:

  • Discounts for non-smoking households
  • Discounts for affiliation with certain organizations, such as credit unions or sororities
  • Discounts for those living in a gated condo
  • Discounts for seniors

In conclusion, consumers should shop around and ask insurance agents about home insurance discounts. While there is no free lunch for consumers, home insurance savings help them save their pennies for a rainy day.

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