Cut Costs with These Homeowner Insurance Discounts

Strapped for cash? Here’s your resolution for 2010: stop throwing money away. Start by reviewing your homeowners insurance policy to see if you’re overlooking some big money-saving discounts.  A recent survey by Trusted Choice and the Independent Insurance Agents & Brokers of America revealed that more than 34 percent of respondents representing 53 million U.S. households admitted they are “probably not taking advantage of all homeowners’ insurance discounts.” Here are some well-known and not-so-well-known homeowners’ insurance discounts that can help you stretch your budget in the coming year.

• Gated community discounts. The added security of a gated community could help you to save on your homeowner’s insurance policy.

• Good credit discounts. Some insurance carriers use the credit of the first person named on the applications. If you’re married or in a domestic partnership, list the most credit-worthy partner first when applying for homeowners’ insurance.

• Better electrical wiring discounts. Have you rewired your home recently? It could qualify for a discount.

• Better roofing discounts. Some insurers give discounts for Class 4 hail-resistant roofs.

• Claim-free discounts. Have you gone 10 years or longer without filing a homeowners’ claim? You could save up to 20% on your homeowner policy.

• Security discounts. Do whatever you can to make your home less of a target for thieves. Simple solutions like deadbolts could net 5% savings, while a state-of-the-art alarm system could earn discounts of up to 20%.

• Safety discounts. Fire alarms, smoke detectors, carbon monoxide alarms and automatic interior sprinkler systems are all good for discounts on your homeowners insurance.

• Multi-policy discount. Insure your home and your cars with the same carrier.

• Non-smoker discounts. Stop smoking. Let your insurer know. Save money on cigarettes and insurance.

• Group and affiliation discounts. If you belong to a union, credit union, professional association, club or service organization, you may be eligible for low-cost group insurance.

• Mature homeowner discounts. Are you 55 or older and retired? You could qualify for up to 10% in discounts on your homeowner insurance policy.

• Loyalty discounts. Stick with one insurer and you may see incrementally bigger discounts over the years.

• Paperless discounts. Sign up for electronic billing and automatic payment options.

• Insure your home not the land. With very few exceptions, your land can’t be destroyed so don’t include its value when determining how much coverage you need.