5 Discounts to Lower Your Home Insurance Premium

You may have the right home insurance coverage, but are you taking advantage of every discount? Most insurers offer numerous discounts, so you can reduce your home insurance cost, in some cases for things that you already have done, such as reaching a certain age.

Here are five ways to save money by lowering your homeowners insurance premium with discounts.^*

1. Bundle your homeowners insurance and other policies

One of the easiest—and most common—ways to get a price break is to keep multiple insurance policies with one company. Not only is it convenient to have policies such as home and auto in one place, but most insurers reduce your cost for doing so. Discount rates vary by company, but you may save from 5 to 15 percent per policy, according to the Insurance Information Institute. Some states exceed those discounts and you can save even more, just be sure to check with your agent.

2. Make your home less of an insurance risk

There are some house improvements that can boost your home’s value and trigger lower premiums. A new roof that’s stronger than your old one can save you on your policy. Why? Roofs are where the majority of losses due to snow, wind, hail and rain occur—and a stronger roof can reduce your likelihood of damage. Also, consider making sure your electrical and plumbing systems are up to date to reduce the risk of electrical fires and water damage. Always contact your agent before you make upgrades to assess how they’ll affect your coverage and whether you’ll be eligible for a discount. And keep in mind that insurance doesn’t cover problems that occur as a result of lack of maintenance.

4. Find out whether your age matters

Age equals wisdom—and sometimes discounts on your annual premiums. With home insurance through AAA, for example, you can get a 50 Plus discount if you’re over 50.

5. Pay your entire home insurance premium up front

Monthly premium payments can sometimes include a small processing fee. Consider paying the total annual premium amount at one time. Depending on the amount of the processing fee, you could save up to $50 per year.