If you own a home, insurance is a necessity and required if you have a mortgage.
But your coverage might be costing you more than it should.
You may qualify for a homeowners insurance discount or two.
Thankfully, there are ways to lower your monthly homeowners insurance premiums without sacrificing essential coverage.
Many insurance companies provide incentives and discounts that can help you save money and lower yourhomeowners insurance costs.
10 Discounts to Lower Your Homeowners Insurance Rate
Tired of overpaying for homeowners insurance?
We dont blame you.
Here are 10 ways to score a homeowners insurance discount and lower your monthly premium.
Our team has compiled alist of creative waysyou can fatten your bank account this week.
This is a long list, so dont get overwhelmed.
Go ahead and start now, but be sure to bookmark this post so you might easily return later.
Well keep it updated as offers changes or expire.
The exact discount will depend on the company, the devices you have and where you live.
Insurance companies offer discounts if you install these gadgets or devices because they make your home safer.
A safer home means less risk for the insurer.
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2.
You could save big by bundling your home and auto insurance!
Similarly, you might usually save money by insuring more than one home through a single insurance company.
Make Improvements to Your Home
Have you completed any home renovations recently?
You might have made yourself eligible for ahomeowners insurancediscount without even realizing it.
However, homeowners insurance loyalty discounts vary and not all companies offer them.
Most insurance companies award this discount if youve been claim-free for either three or five years.
Raise Your Deductible
Raising your home insurance deductible is an easy way to save money on your monthly premiums.
Thats because insurers realize youll probably file fewer claims if you have a higher deductible.
Find a Homeowner-Specific Discounts
Some insurers reward you with a homeowners insurance discount for simply being you.
Here are a few examples:
10.
Explore Other Home Insurance Discounts
Some lesser-known homeowners insurance discounts can also net you savings on your insurance policy.
Other discounts and ways to save include:
How Do Home Insurance Discounts Work?
Many home insurance discounts take place automatically, so you dont have to apply for them per se.
For example, an insurance company may limit your savings to 20% to 35% total.
How many discounts you’ve got the option to receive varies.
Check with your insurance company to see what discount amounts and limitations apply.
Compare Quotes From Other Insurers
It pays to shop around.
Its generally recommended tocomparison shop for home insuranceonce a year or so to ensure youre getting the best deal.
Its also important to understandhow much home insurance coverageyou actually need so you dont overpay for your policy.
Many companies provide easy-to-use home insurance quote tools on their websites.
you’re free to ask an independent insurance agent or broker to shop around for you.
Or, you’re free to use comparison tools likeEverQuote.
Rachel Christian is a Certified Educator in Personal Finance and a senior writer for The Penny Hoarder.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
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