7 Ways to Save Money on Home Insurance
Home insurance is a necessary expenditure for homeowners. However, the amount you pay can be reduced if you meet the criteria for some of your insurer’s property insurance discounts. While reduction percentages may vary, most insurers offer similar types of discounts.
At SE Mutual, we have seven possible discounts for homeowners:
Our multi-line discount is 10% and is available to homeowners who have another type of insurance policy with us, such as automobile or commercial insurance. It can be applied at any point during the policy term.
SE Mutual policyholders are eligible for our claims-free discount of 10% on their renewal term following three years without a property claim. New policyholders are eligible if they have not had a claim in the three years prior to applying for insurance.
No Auxiliary Heat
To qualify for this 10% reduction, a home’s only heat source must be a furnace (natural gas, oil or wood), or electric heat. A secondary heat source, such as a wood, pellet, or propane stove or insert, will make the property ineligible. A mini-split heat pump is an exception and can be used as a secondary heat source without losing eligibility for the no auxiliary heat discount.
Policyholders who are 50 years of age or older qualify for this 10% discount. It is automatically applied on the renewal term after an insured’s 50th birthday.
New Home Discount
Homes that are five years old or newer are eligible for a 10% discount. Six to ten year old homes qualify for 5% savings.
Policyholders who do not have a mortgage on their home are eligible for a 5% discount. This reduction can be applied at any point during the policy period.
Monitored Alarm System Discount
This 5% discount is available on homes that have an actively monitored burglary and fire alarm system. It can also be applied at any point during the policy period.
To learn more about home insurance policies, check out these other articles:
This article is intended for informational purposes only. It is recommended that you speak with your Agent, Broker or Insurer for accurate information pertaining to your specific insurance policy and/or individual insurance needs.