Everybody wants to save money on their insurance premiums. If you own a home, you have a number of options for getting discounts on your homeowners coverage.

There are a few obvious ways, such as installing fire-resistant siding and smoke detectors in your home, and you may be able to get discounts if you purchase your car insurance from the same company that insures your home. But many other discounts are available to reduce the costs of homeowners insurance that you may not be aware of.

Here are seven tips:

  1. Gated community discount: If you own a home within a gated community, you may be able to save 5%-20% on your premium, according to bankrate.com. This discount falls under loss mitigation, as the extra security of such a location makes your property a less attractive burglary target.
  2. New wiring discount: According to the National Fire Protection Association (NFPA), U.S. fire departments annually respond to an average of 44,880 home structure fires involving electrical failure or malfunction. These fires result in 440 civilian deaths, 1,250 civilian injuries, and $1.3 billion in direct property damage. If you own an older home, you may qualify for a 10% credit on your insurance premium if you replace the wiring.
  3. Impact resistant roofing discount: Roofs are damaged from rain, hail, and wind, which can lead to significant home insurance claims. As a result, many insurers offer homeowners a 5%-10% discount on premiums if they upgrade to an impact-resistant roofing material.
  4. Claims-free discount: If you haven’t filed a homeowners claim in the past 10 years, the insurer may be willing to knock as much as 20% off the annual cost of your coverage, according to bankrate.com. If you’ve been with the same company for years but have had a claim or two in the past, you may still qualify for a long-term customer discount.
  5. New home/home renovation discount: Buy a new home, and the insurer may reward you with a discount on your premium. You may be able to get the same discount if you renovate an older property. However, check with your agent for suggestions on maximizing credits before you begin.
  6. Non-smoker discount: In 2011, an estimated 17,600 smoking-material home structure fires caused 490 civilian deaths, 1,370 civilian injuries, and $516 million in direct property damage, according to the NFPA. While insurers generally raise their rates if there is a smoker in the household, many will also give you a 5%-15% discount if there is not one.
  7. Retiree discount: Retired homeowners tend to spend more time at home, and this means they are more likely to be able to prevent an emergency such as a gas leak or broken pipe from going from bad to worse. If your household includes an adult who is 55 years or older and retired, you may qualify for a discount of 10%-25%.

Homeowners insurance costs vary based on many factors, including your location and coverage. Contact your agent today to review your policy and learn if you qualify for any of these cost-reducing options.


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