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Discounts

Homeowners Insurance Discounts

Home Insurance can be regarded as coverage for your properties. It is a type of insurance that covers homes, residential plots and buildings against irrevocable loss. The insurance is meant to provide protection against both natural and unnatural losses such as floods, fire, theft and more. Discounts on home insurance are meant to save you money on your insurance.

 

What discounts are available in the USA?

Home Insurance companies in the United States of America offer attractive, affordable and best discounts on insurance schemes for homeowners. The motto of Homeowners Insurance is “to give strong protection to all American families for protecting their dream and life-time investment.” Such cheap home insurance plans are tailored and customized keeping customers’ priorities and needs in mind.

Various forms of home insurance discounts available in America:

  • Customer Longevity discount– this insurance discount is given if you have an association of five years or more with the company.
  • Home Purchase Discount – Given when you have purchased your home within the past three years. The age of the home is not taken into consideration.
  • Fire Protection & Home Security Discount – As the name indicates, this discount is given when your home is outfitted with several protective devices such as alarms, automatic sprinkler systems and deadbolts.
  • Claims-free Discounts – Save on your home insurance by using excellent discounts if you haven’t had any claims for at least five years or more.
  • New Home Discount: Receive cheap Homeowners insurance discounts when you have purchased a home recently. Under this, the age of the home will be considered.

Other types of cheap home insurance discounts you benefit from are Early Shopper Discount, Insured to value discount, Multiple line discounts, Impact-Resistant Hail Roofing Discount and Renovated Home Discount.

 

Case Study

A case appeared where Mrs Doe claimed money when the main pipe of her kitchen burst and caused extensive damage to Kitchen units. Her insurer accepted the claim but offered her only 60% of the cost restoring kitchen units. Mr Doe found it unfair as the amount was not enough to replace the kitchen items.

Note: It was not ‘Indemnity Policy’ but ‘new for old’ policy. The insurer said that the terms of the policy in its good judgment recommends repairing of kitchen units rather than replacement in certain circumstances.

Comparisons

While some Home Insurance companies in America offer appealing discounts on purchasing a new home, there are some who offer discount on substantial renovation such as Liberty Mutual. In such a case, if you are planning to quickly renovate your house, insuring is the best option. Some companies offer you discount when you insure up to 100% of the cost to replace your home. This rate is different from market price or selling price.

Home Purchase Discount ranges between 2-5% if you have bought it within last three years, while the Home Security and Fire Protection Discount ranges from 3-20 per cent. The Customer Longevity Discount ranges between 5-15% while the New Home Discount is 4-32%, which decreases with each passing year. You can utilize the Claims Free Discount between 3-13%.

 

What are the percentages of cost Reductions?

  • Companies provide you cost reductions by 5-15% if you buy multiple policies from them such as home, liability and auto coverage from the same insurer.
  • Raising your deductible is a convenient option as it can lower down the cost by 25% depending upon the deductible you have chosen.
  • Improving your home security can give you a cost reduction of 5%.

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Or speak directly with an agent at Insurance Medics, call now at 1 (866) 396-9140. Our customer enrollment center is open Monday through Friday from 9:00AM to 6:00PM EST and Saturday from 10:00AM to 2:00PM. We look forward to answering all your questions and having you as a customer.