Lesser-known home insurance discounts

Many of us are aware of some homeowner’s insurance discount options, like bundling coverage into a single package for more affordable rates.

But there are some lesser-known discounts you might want to take advantage of.

Age-related discounts

Many insurance companies offer discounts based on age for their homeowner’s insurance policy holders. The first discount is usually around age 25, though most homeowners are not young enough to take advantage of this one. The biggest discount tends to come after age 50.

Homeowners’ association discounts

Insurance companies like insuring properties that are part of a homeowners’ association because they enforce insurance company rules. These associations are strict about maintenance and care, which means it is less likely that the homeowner will need to file a claim. As a result, many companies offer insurance discounts to homeowners that offer proof of being part of an HOA.

High credit score discount

Low credit scores are dealt with in numerous ways, from making it harder to get a loan to increasing insurance premiums. If your credit score has improved since you first took out your homeowner’s insurance policy, you could be eligible for a discount.

Home safety and security discounts

Keeping your home secure lowers your chances of needing to file a claim with your insurance company, which leads most companies to offer home safety and security discounts. Some ways you can access these discounts are by installing a security system, smoke alarms, stair railings, carbon monoxide detectors and even replacing your current roof with one that has extra reinforcement.

Paid in full discount

When you pay on a monthly, bi-monthly, quarterly or semester basis, you pay more than you would if you paid the full cost of your premium once per year. The more often you pay, the more the cost, so paying per semester is better than paying per month. When you pay in full, you often have access to a special discount. It should be easy for you to change your payment method.

To learn more about potential discounts, contact your insurance broker.