Comprehensive List of Home Insurance Discounts (2024)

Home insurance discounts provide you an opportunity to save on your property coverage. Discounts vary by insurer, but each one can reduce your premiums and make your home insurance a little more affordable.

Insurers apply some discounts automatically, such as multi-policy discounts if you sign up for several types of coverage. In other cases, like installing new safety equipment, it’s up to you to let your insurance company know you’ve done something that qualifies for savings.

Here’s what you should know about common home insurance discount opportunities so you can understand the options on the table to reduce your premiums.

Most common home insurance discounts

Some home insurance discounts are very common and offered by the majority of insurance companies.

Here are opportunities to save on your homeowners premium that you’re likely to encounter, no matter which licensed insurer you choose for your home or which state you live in.

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  Multi-policy/bundling discounts

  You’ll qualify for a multi-policy discount if you purchase different types of coverage from the same insurer. Buying home and auto coverage together generally saves you up to 25%.^[1]

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  Security system discounts

  Security systems, such as a fully monitored alarm system in your home, can typically save you up to 15% on coverage.

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  Fire alarm and smoke detector discounts

  You can save as much as 5% on homeowners insurance premiums if you install fire alarms and smoke detectors to alert you immediately when flames break out.

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  Loyal customer discounts

  Staying with the same insurer for years can earn you a discount of around 5% after three to five years and 10% if you remain a customer for six or more years.

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  Claims-free discounts

  Going claim-free for a set time, such as five years, can result in savings of up to 15%.

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  New homebuyer discounts

  Homes that are newer than 10 years old can be insured for much less, with discounts worth as much as 25%.

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  Senior citizen discounts

  Discounts for seniors can result in savings of around 15%, although some insurers may apply this savings only to retirees.

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  Payment method discounts

  Payment methods such as auto pay or paying in full can typically save you around 5% on coverage.

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Lesser-known homeowners insurance discounts

You may also be able to find some unique discounts from specific insurers to go along with the discounts above.

Here are some examples of less common discounts you may still be able to take advantage of, depending on which insurance company you choose to buy from.

• Gated community discounts: If your home is in a neighborhood secured by a gate, you could see premiums reduced by as much as 20%. But insurers usually reserve the greatest savings for areas with guard-gated communities and not just those with automatic gates.

• Green home discounts: Green home discounts worth around 5% in premium savings are available for properties certified by the Leadership in Energy and Environmental Design (LEED) organization.

• Affinity group discounts: Affinity group discounts may be available based on your employment or membership in a social or professional group. You may be able to save as much as 15% on your coverage with an affinity discount.^[2]

• Homeowners association (HOA) discounts: HOAs are associations that set neighborhood rules and maintain common amenities. If your home is in a neighborhood governed by an HOA, you could save up to 10% on home insurance premiums.^[3]

• Working from home discounts: If your job is remote and you’re home all day, insurers may reward you with lower premiums.

Companies with the most home insurance discounts

The availability of discounts varies from one insurance company to the next. When you’re making financial decisions and considering the costs of different policies, you should also know that discounts can vary by state.

Your ability to qualify for discounts may also be determined, in part, by the products you have in your home. Factors like whether you have security systems or an impact-resistant roof on your property are conditions that make a difference.

Check out this list of some of the top home insurance companies that offer a large number of discounts. You can see the ways to reduce your insurance policy premiums from different companies so you can take action to lower your prices.

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How to qualify for home insurance discounts

If you want to qualify for home insurance discounts, here are some steps to take:

• Upgrade security features. Installing new safety devices, such as dead bolts or a security system, can reduce your premiums since these devices reduce the chance of a claim.

• Make home improvement and safety enhancements. If you add a new roof, put in fire sprinklers, or take other steps to make your home safer, this will reduce the chances of a homeowners insurance claim. This, in turn, reduces your home insurance premiums. This can be especially important for older homes that may have more expensive insurance policies because of the lack of modern safety devices, like smoke detectors.

• Bundle policies. You probably need several insurance policies to insure your home, car, boat, or business, and it’s often to your benefit to buy those policies from a single insurer. The more policies you can group with one insurer, the more money you can save.

• Maintain a claims-free record. Once you’ve made a claim on your homeowners insurance, companies believe you’re statistically more likely to make additional claims in the future. As a result, insurers are likely to charge you higher premiums for a number of years after your initial claim. But if you can maintain a claims-free record, you’ll avoid these higher charges and can even get a discount from some insurers.

• Choose the right payment options. Signing up for electronic statements and choosing your insurer’s approved payment method, such as making one annual payment or signing up for auto pay, can usually result in savings.

• Compare insurance companies. Different insurers have different standards for setting policies and applying discounts. Often, the best way for you to save is to shop around regularly and get quotes from several insurers to see which one is the cheapest given your current situation. This can change over time as insurance company policies change and as changes happen in your life and in your area.

You can get the best deal by gathering your information and using a price-comparison platform to compare quotes from several insurers at the same time. You can also consider working with an insurance agent to better understand your options and to identify any discounts that may not appear on a company’s website.

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