No one likes how your home insurance premium increases after yet another year of claims-free coverage with your current carrier.
The average homeowner’s insurance premium increased by 3.1% from 2018 to 2019 without broadening the scope of coverage.
Regardless of claims or changes in underlying exposures, increasing premiums are often unavoidable.
However, there are many small things you can do to be eligible for discounts that may dramatically decrease your premium. One such discount offered by most home insurance carriers is the smart home discount. Also known as a “protective device discount,” the smart home discount will typically reduce your premium by 5%-20%.
The range of qualifying systems will vary from carrier to carrier. Below is a list of the most common smart devices carriers will ask for when determining eligibility for a smart home discount.
What Else Can I Do to save?
Unfortunately, with ever increasing construction costs, general inflation, and other actuarial factors, insurance premiums aren’t going to stop increasing anytime soon. That is why taking a holistic look at all possible discounts is so important.
When combining all available smart home discounts, some carriers claim to discount as much as 30% off the initial premium!
If you already have these smart devices, or aren’t in a position to install them, there may still be other ways to save. Make sure to ask your agent to find you a carrier that can offer the most discounts for your specific circumstance. Some common discounts to ask your agent for include: multipolicy, longtime policy holder, mortgage free, senior citizen, and first-time home buyer discounts. Lastly, if you have exhausted all possible discounts the two best ways to lower your premium may be to increase your deductible(s) or re-shop with a new insurance carrier.