Insurance Terms

Homeowner’s insurance discounts

Many insurance companies will offer various discounts depending your situation.  Discounts can vary from provider to provider and may change with certain situations like the amounts of coverage you have on your other policy with the same company. Discounts are a way to help entice you as an insured to be a more favorable risk or have more of your insurance with the same company.

[expand title=”Multi Policy Discount”]

Most companies will offer a multi policy discount to your homeowner’s insurance, if you have another policy with the same insurance company. Often, insured’s will have their auto insurance with the same insurance company, or an umbrella policy to be eligible for a multi policy discount.[/expand]

[expand title=”Claim Free discount”]

The claim free discount may vary from insured to insured, but generally if you have not had any claims paid out on your behalf in the last 5 years, you will be eligible for a claim free discount.[/expand]

[expand title=”Advanced Quote Discount”]

Many insurance companies offer an advanced quote discount if you apply for your insurance far enough in advance (usually 8 days) before the policies effective date.[/expand]

[expand title=”Paid in Full discounts”]

You may be eligible for a paid in full discount if you are paying the cost of your insurance in full, rather than making installment payments on your policy. Depending on the insurance company, it may be a sizeable amount of money you could save.[/expand]

[expand title=”Mortgage Free Discount”]

A mortgage free discount may be applied to your policy if you no longer have a mortgage on your home. Again, this may depend on your insurance company and the amount of the discount can vary depending on your insurance provider, and other situations like claims history, policy type and other factors.[/expand]

[expand title=”Green Home discount”]

More frequently there are insurance companies that offer discounts to homeowner’s that have various green home features like a solar roof. The green home discounts are a way to entice more people to reduce waste as well as increase their insurability.[/expand]

[expand title=”Alarm Discount”]

If you have a burglar alarm, fire station alarm and other alarms that would help reduce risk, many insurance companies will reward you with a discount. Depending on the carrier and the type of alarm, you may see different results on the amount or percentage you could see adjusted on your policy premium.[/expand]

*discounts can vary from insurer to insurer, and others may exist beyond those listed*

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