10 Lesser Known Home Insurance Discounts
Everyone knows that auto-paying and bundling insurance can save money, but what other home insurance discounts are available?
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If you’re paying for your insurance monthly, you’re paying too much. If you pay your premiums in full, you can save yourself a total of 5 percent after taxes. Switching is easy. Most insurance companies let you make the switch online, or you can phone your agent to switch.
You don’t have to be retirement age to take advantage of age-related discounts. Many insurance companies offer discounts to homeowners aged 50 and older. If you purchased your home while you were in your early twenties, you may be eligible for a better rate after you turn 25.
Good Student Discount
Got a smart kid? Parents are eligible to receive discounts for their children who get good grades (this includes students attending college). The discount varies by insurance company, and most companies ask that kids maintain at least a B average.
Planning an update? If so, let your insurance company know. Your insurance company wants you to take good care of your home, and will reward you when you do.
Homeowners Association Membership Discount
Belonging to a homeowner’s association is advantageous because it can reduce your insurance costs. Insurance companies know that homeowner’s associations have rigid rules that require regular home maintenance and care. The result is fewer claims, which is why insurance companies offer discounts for your membership.
Multi-Policy Discount (More than Just Home and Car)
The more policies you bundle together, the greater the savings, and there’s more to bundle than you think: boats, RVs, off-road vehicles, health insurance, vacation homes etc.
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No Claims Discount
If you’ve never made a claim against your insurance, you’re entitled to additional savings. Realtor.com reports: “If you haven’t filed a home insurance claim in the last 10 years you may want to ask about a discount. Homeowners who haven’t made a claim can often get as much as a 20 percent reduction.”
High Credit Score Discount
If you have a low credit score, you may be overpaying for your homeowner’s insurance. The customers with the highest credit scores often receive the best rates, while those with low credit scores are subjected to higher rates. If your credit is less than perfect, it may be time to improve it. Then, contact your agent, and ask him to provide you with a better insurance rate – one that acknowledges your high credit score.
Buy Early and Save Discount
Don’t wait until your policy ends to get an insurance quote. Many insurance companies provide hefty discounts if you switch to a new policy before the first policy expires. If you pay your insurance in full, a portion of those funds (whatever you didn’t use) will be refunded to you.
Home Safety and Security Discounts
Everyone knows a security system can net them some additional savings, but did you also know smoke alarms, strong roofs, and other safety features can save you money? Your home’s safety features make it low-risk, which most insurance companies reward.
Don’t gamble with your financial future. Contact your insurance company, and ask them how you can apply these lesser-known discounts. If they refuse to provide you with additional savings, it may be time to switch to an insurance company that will.
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