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Shopping for homeowners insurance can seem confusing, but it’s really a matter of choosing from a menu of options to find the amount of coverage you need. The price you pay for an insurance policy depends, in part, on the options you choose. To help you prepare, we’re covering some of the basics of buying homeowners insurance.
Homeowners need insurance. Mortgage lenders require it, and frankly, having insurance is the smart financial move. Another smart financial move is to refuse to pay more than necessary for great coverage. To help policyholders get the best price, home insurance providers offer homeowners all kinds of discounts, including the following.
When a person moves into a brand new house, insurers assume that everything will be in decent condition. They worry less about the ceiling coming off or water seeping into the family room. They also assume the home has up-to-date security features. Anyone who has just bought a new home can insure it for up to 35% less than an existing home.
Insurers make some assumptions when it comes to homeowners over 55. For one thing, they assume that an older owner has more time for maintenance and repairs. Whether the assumption is correct or not, many insurers offer special homeowners insurance discounts for people over 55.
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When a person buys their home, auto, and (possibly) life insurance from the same insurance company, it’s called bundling. Companies love to bundle and offer discounts to those customers who benefit from purchasing single policies.
What an insurance company likes more than anything else is a customer who pays their premiums without making any claims. If a homeowner hasn’t made a claim in several years, it’s worth checking if you qualify for the home insurance no-claims discount.
Because insurance is a business, insurers appreciate customers who stay. If an owner stays with the same company for a certain period of time, they are usually entitled to a loyalty discount. A home insurance provider may require those long-term customers to be claim-free for a specific number of years.
Before a homeowner has a new roof installed, it’s worth finding out if an insurance provider offers homeowners insurance discounts for impact-resistant roofs. Although impact-resistant shingles can cost twice as much as standard shingles, they can pay off big for homeowners in areas prone to wind and hail. Simply put, they withstand adverse weather conditions better and ultimately require less repair.
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Because security systems can reduce the chance of break-ins and monitored systems allow police to respond quickly, insurers offer homeowners insurance discounts to people who use monitored security to protect their property.
While Americans have a love/hate relationship with home owner associations (HOAs), insurers love them. That’s because HOAs tend to set high home maintenance standards, a fact that helps protect the value of homes in the community. Because they have a vested interest in the condition of the properties they protect, insurers often offer a discount to homeowners who live in HOA neighborhoods.
Anything a homeowner can add to their property that provides an extra layer of protection is good in the eyes of insurance companies. Sprinkler systems, fire extinguishers on each floor, smoke detectors, carbon monoxide detectors and fire alarms with central monitoring can lead to a security discount.
From 2012-2016, smoking was the leading cause of deaths from home fires. For good reason, insurers hate fires. Homeowners who do not smoke may qualify for homeowners insurance discounts.
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Everyone should have an insurance check-up at least once a year. This means making sure they always have the coverage they need and at the best possible price. If a homeowner switches insurers, they can get a discount for doing so.
Insurers offer homeowners insurance discounts to specific professions, such as active military, educators, police officers and other emergency responders.
It may be 2023, but some insurers feel that anyone who is married should be more “settled” than a single person. This is why they will discount home insurance quotes for married couples. Yes, it’s an old-fashioned idea, but it’s a discount worth exploring if you have a spouse.
The average cost of home insurance in the United States varies greatly by state. For example, the average annual cost of homeowners insurance in New Hampshire is $813. In Nebraska, it’s a whopping $4,398. Nationwide, the average is $1,787, or $149 per month. Of course, owners with larger than average properties can expect to pay more. If you’re interested in getting discounts on homeowners insurance, here are some of the best tips for saving on home insurance:
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The company with the best homeowners insurance discounts depends on the type of discount involved. To come up with a list, we first looked at J.D.’s rankings. Power to find out which insurers enjoy high customer satisfaction ratings. After all, homeowners insurance discounts don’t mean much if a homeowner can’t count on their insurer when needed. Of the highly rated J.D. Power, here are four that offer attractive discounts.
Amica is not only one of the top-rated homeowner’s insurance providers in the country, it also offers one of the best loyalty discounts. The longer the owner stays with Amica, the bigger the discount.
As all AARP ads indicate, The Hartford addresses the unique needs of senior homeowners. For owners who work less than 24 hours a week, the retiree discount can be impressive.
Bundling policies with Allstate can save you up to 25%. There are a couple of advantages to bundling insurance products: the first is the convenience of managing multiple policies through the same customer service line, insurance agent or online portal. The second is the possibility of saving a quarter of the premium costs. For example, if a homeowner pays the national average home insurance rate of $1,787, bundling could offer a savings of $447.
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For people who choose to use hail-resistant shingles, State Farm offers one of the most exclusive homeowner’s insurance discounts. In addition to paying the replacement cost, State Farm does not require policyholders to pay a higher deductible for a roof loss (as some insurance providers do).
Exposure to the different types of homeowners insurance discounts illustrates how they vary by company. Still, a discount on your policy can make all the difference when the budget is tight. Fortunately, with so many strong insurers to choose from, homeowners have plenty of options.
Dana George holds a BA in Management and Organizational Development from Spring Arbor University. For more than 25 years, he has written and reported on business and finance, and he is still passionate about his work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And while he finds the color orange to be unflattering to most people, he thinks they’ll enjoy Champaign immensely.
Ashley Maready is a former history museum professional who made the leap to writing and editing digital content in 2021. She holds a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things to teach others, whether it’s information on salt mining, channel mules, or personal finance.
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We strongly believe in the Golden Rule, so editorial opinions are ours alone and have not been previously reviewed, approved or endorsed by the advertisers included. The Ascent does not cover all the offers on the market. The Ascent’s editorial content is separate from The Motley Fool’s editorial content and is created by a different team of analysts.
Dana George has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money affairs. Homeowners insurance (also known as home insurance) is not a luxury; it is a necessity. That’s not just because it protects your home and your belongings from damage or theft. Virtually all mortgage companies require borrowers to have insurance coverage for the full or reasonable value of a property (usually
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