NEW YORK (MainStreet) — Shopping for homeowner's insurance before your existing policy expires and buying a new home are some ways consumers can reap additional discounts, according to Bankrate.com.
Insurance companies are offering some surprising ways to save on homeowner's insurance with four out of the top ten insurers offering a discount for a home that was recently built or renovated. Bankrate’s analysis examined the discounts offered by the ten largest insurers operating nationwide on their websites.
“Insurance agents often do not volunteer information about discounts, so it’s up to the consumer to ask,” said Crissinda Ponder, Bankrate.com insurance analyst. “You can’t assume your insurer knows that you recently renovated your home or installed a new security system. A short phone call with your rep could potentially save you hundreds of dollars each year.”
Three of the top ten insurers reward customers who shop early by requesting a quote and switching to a new carrier before their existing policy expires.
“A lot of homeowners don’t know they should be asking about discounts,” she said. “Insurance companies don’t have to tell you. It’s up to you to find out the information. If you want the savings, you have to take the initiative.”
The most common homeowner’s insurance discounts include owning security systems and smoke alarms. All ten of the top insurers offer this discount for having protective devices such as sprinklers.
Eight of the top ten insurers offer a discount for a recently renovated or constructed home and for going a certain length of time without filing a claim. Being loyal and maintaining your policy with the same carrier for a number of years nets you a discount with two of the carriers.