Non-smokers are also winners with two companies who give them a discount for not having anyone in their home smoking as well as retirees who are age 55 or older who get a break from three companies. One insurance company starts its discount at the age of 50.
While all of these discounts can add up to hundreds of dollars each year, avoid getting caught up in the discounts alone and search for the company that best fits your needs and budget, said Ponder. The discounts vary from state to state, and while some insurance companies have pages dedicated to their discounts, others post them in the question and answer section, so emailing or calling your agent can be your best bet.
“Even if a company has a long list of discounts, it may not be the best deal for you,” she said. “It is important to shop around.”
Having a good credit score will help homeowners qualify for lower premiums, said Richard McGrath, CEO of McGrath Insurance Group of Sturbridge, Mass. In addition to having an alarm, other protection devices such as dead bolts and water leak detectors can lower your cost.
“You may decide to purchase the lowest price policy to save money, but be sure you understand all of the alternatives and get a recommendation specific to your property,” he said. “If you end up without coverage for a claim, it’s important that you understand why.”