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Property Insurance Discounts That Could Lower Your Premium

                                                                                                  Property Insurance Discounts That Could Lower Your Premium

 

Here’s a list of discounts to discuss with your broker:

Alarm Discounts – for homes with centrally monitored fire or security alarm systems

Claims-free Discount – for homeowners and renters who have been claims-free for a specific number of years, (usually 3 ), set out by their insurer

First-time Homeowner Discount – for homeowners who have never owned their own home before; applies to the first year’s premium only

Mature Discount – for homeowners and renters over a certain age, which qualifies them for a lower rate; age of maturity varies by insurer

Multi-policy Discount – for homeowners and renters who carry their home and car insurance with the same company

Mortgage-free Discount- for homeowners who have paid off their mortgage

New Home Discount – for homeowners who build or purchase a new home; the percentage of savings may decrease as the home gets older until it no longer qualifies as newer

Outside Combination Furnace Discount - for homeowners to qualify, the unit must remove the need for an interior forced air heating system as backup; use of a certified woodstove as supplemental is still permitted

Non-smokers Discount – for homeowners or renters where the entire household is non-smoking

Renewal Discount – for homeowners and renters who keep their property insurance with the same company for a set number of years

Standby Generator Discount – for homeowners who have a generator that can easily be connected to applicable electrical systems, (ie: hard wired); the generator must always remain on premises