Insurance Information Institute says that an average of $1,034 is being payed by homeowners annually for insurance alone.
While you can get 20% discount for bundling policies - your home and vehicle for example, insurance companies also offer a wide variety of ways to lower your annual premium even more.
Here are some of the ways listed by Realtor on how to tone down your annual insurance premium:
Protect your home
Insurance companies like it when you are aware on how to take care of your home especially using preventive devices such as smoke detectors and water sprinklers. It does not only prevent you from losing your home, it also helps them lessen the cost of claims on damages. This is why American Family and Liberty Mutual offer homeowner policyholders a free Google Nest device that connects thru WiFi. Just by having this, they offer 5% off the fire insurance portion of a premium.
Be Eco-Friendly
Being an eco-friendly person will most likely win you a 5% discount from Travel Insurance as long as your home is LEED-certified. Also a Green Home upgrade will pay up to 10% of your repair, replace or rebuild with eco-friendly materials after a loss.
Use autopay option
Just switching from manual payment to autopay option will most likely gain you a 5% discount off your annual premium payment. This gives the insurance companies a security of receiving monthly or annual payments on time.
Say yes to further or separate inspections
Insurers just want measures to be taken up to make sure that they are not threatened by the safety of the property. If they tell you to have another inspection before finalizing the home policy, the most preferable choice is to agree.
While other insurers may require their independent inspection within 30 to 60 days of the date the policy takes effect, CSE Insurance Group gives homeowners a 10% discount for (yet) another set of inspection to take place at your home.
It is everyone's thing to reduce the monthly or annual expenses to be able to either save or spend on other things. Make sure that you have explored all of your options before making any deal.
Have you tried getting discounts on home insurance premium? What are the things that insurers asked from you?
