For some people, homeowners insurance tends to be a “set it and forget it” type of task. You might be too caught up in your day-to-day life to sit down and think about how to save money on your policy, but the reality is there are many discounts you could potentially take home – and your insurance company won’t know you’re eligible unless you tell them. Here are some tips for maximizing your discounts.
Take the Time to Shop Around
With all the things you have on your plate, it’s not ideal to spend hours researching different insurance companies and requesting quotes. However, it’s a must if you want to find a cost-effective policy, especially one where you’re getting every discount you deserve.
You might start by getting a handful of quotes from well-reviewed companies, or using an online price-comparison tool. Once you have a few reasonable estimates, it’ll be well worth it to get in touch with an agent and request that they do a discount review that applies to your circumstances. Or better yet – come prepared with a list of every discount you think you could apply for and ask about them directly to ensure the insurance agent doesn’t miss it. When it comes to insurance shopping, being your own advocate is key.
Ask About Policy, Personal and Home-Related Discounts
You’d be surprised how many discounts are out there for homeowners insurance, whether they’re related to a recent renovation, policy bundling or even your age at times. Here are some common ones:
Policy Discounts
- Multi-policy discount. Don’t forget about the power of bundling! Although it doesn’t save everyone money, it’s worth getting a few quotes to potentially bundle your homeowners with car insurance or life insurance, for example.
- Payment-method discount. Many insurers will offer discounts for going paperless or for paying the premium in full, rather than monthly.
- Advance quote discount. Good things come to those who wait, and some insurers will offer a discount for customers who request their quote several days before activating their policy.
- No-claim discount. Thinking of sticking with the same homeowners insurance company you’ve been with for a while? It’s worth asking if you can get a discount for having zero claims on your record so far.
- Loyalty discount. If a no-claim discount isn’t in the cards, perhaps a discount for your being a long-time customer is.
Personal or Professional Discounts
- Senior or retiree discount. If you’re recently retired or you work part-time as a senior, make sure your insurer knows, as you may be eligible for a discount.
- Military discount. If you’re a current military member, a veteran or closely related to one of the two, it’s worth inquiring about a discount.
- Professional or organizational discounts. Your insurer may provide discounts for people of certain professions, such as teachers, or if you belong to a union or professional association.
Home-Related Discounts
- New or renovated home discount. You may qualify for a discount if your home is newly built or renovated because things like updated electrical and plumbing work are less likely to fail, therefore you’re less likely to file an insurance claim.
- Safety and/or security discounts. You can potentially receive discounts on items you might have in your home as we speak, such as smoke detectors, fire extinguishers, fire alarms, home security systems and deadbolts on exterior doors.
- Close proximity to a fire hydrant or fire department. Because this would increase your chances of getting a fire under control quickly, you could be eligible for a discount.
- New roof discount. Older roofs are more likely to experience leaks and other issues, so you can get a significant discount if you get a brand-new roof – or even if your current roof was installed within the last several years. Read more below on the types of shingles that are more likely to get you the discount you deserve.
Getting a New Roof? Consider Polymer Modified Shingles
When it comes to new-roof discounts on homeowners insurance, not all roof materials are created equal. Your insurance company will only be motivated to give you the best discount if you’re using high-quality materials that are made to last and prevent damage.
There are two main types of shingles used on a roof: oxidized asphalt shingles and polymer modified shingles. Asphalt shingles are the most common shingle used as they’ve been around since 1903. At Indy Roof & Restoration, we recommend that, if choosing asphalt shingles, you make sure your contractor is using dimensional shingles instead of the older style 3-tab shingles. Asphalt dimensional shingles are typically wind rated from 110 to 130 miles per hour and last for 30 to 50 years depending on climate and thickness. Older style 3-tab shingles are typically 20 to 25-year shingles and only wind rated to about 60 miles per hour. The price difference between the two is very minimal, so anyone trying to install 3-tab shingles is more than likely a low-quality installer who cuts corners to save a few bucks.
Polymer modified shingles are another type of roofing material you may want to consider. Although they look exactly like the asphalt shingles, they’re made from a rubber compound on the interior of the shingle, making them more flexible and typically rated as impact-resistant shingles to protect against things such as hail and falling debris – this will be music to your insurer’s ears.
Most insurance carriers offer an additional discount of up to 20% on your homeowners insurance for installing these shingles. Ask your contractor for the impact ratings on the shingles you plan to install and then take that information to your insurance agent to ask them about what discounts they offer before you commit to any additional upgrades.
Trusted Indianapolis Roof Contractor
Looking to replace your roof in the Indianapolis area? Indy Roof & Restoration continues to lead the way in demonstrating exactly how roofing services should be performed. We place a huge emphasis on ensuring our customers are well educated and informed throughout every step of the process.
Although we can’t speak for insurance companies, we’re happy to walk you through which roof types are more likely to earn you a discount on your homeowners insurance. Call Indy Roof & Restoration today!
