Study shows average percentage decrease to home insurance rate for common discounts
May 29, 2019 (Foster City, CA) – Insurance.com, the leading online resource for auto, home, health and life insurance expertise, today reveals research showing the top five home insurance discounts that garner the most potential savings.
The Insurance.com analysis reveals that a new construction discount nets the most savings among the home insurance discounts surveyed, with an average rate decrease of 36 percent. That’s followed by buying your home coverage from your auto insurance company, known as “bundling,” and employing fire-resistive resistant construction materials.
Based on Insurance.com's rate analysis, here's how much the top five discounts can decrease your home insurance rates, on average:
Home insurance discount |
Avg. % rate decrease |
|
New construction |
36% |
|
Home and auto bundle |
19% |
|
Fire resistive construction |
12% |
|
Superior construction (built with noncombustible materials) |
11% |
|
Masonry construction |
6% |
|
Loyalty 10 years |
6% |
In addition to getting all the discounts for which you qualify when insuring your home, Michelle Megna, editorial director of Insurance.com, offers these tips for ensuring you are getting the best coverage at the most affordable price:
- Don’t skimp on liability insurance. Liability limits go from $100,000 up to $500,000, with $300,000 the recommended amount to ensure sufficient coverage. Buying more liability protection is generally affordable. For example, based on Insurance.com rate data, a policy with $100,000 in liability coverage and $200,000 in dwelling coverage, with a $1,000 deductible, costs an average of $1,228 per year. The same policy with $300,000 of liability protection costs just $16 more.
- Consider raising your deductible. Hiking your deductible can save you money without sacrificing coverage. You just need to be sure you can afford to pay the deductible’s out-of-pocket expense should you need to file a claim.
- Compare rates from at least three insurers at least upon policy renewal. Comparing rates from multiple insurers is one of the best ways to save on your home insurance because no two carriers charge the same for a policy.
“Insurance companies assess risk differently, so the price for a policy can differ by hundreds or even thousands of dollars,” explains Megna. “Insurance.com’s home rate research shows you can save about $500 to $2,500, on average, by comparing rates, depending on the coverage level you want. That’s why you shouldn’t ‘set-it-and-forget it’ when it comes to home insurance.”
See the full article and methodology here: “Best homeowners insurance discounts" https://www.insurance.com/homeowners-insurance-discounts.html
About Insurance.com:
Insurance.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers and businesses with the information and tools they need to research, find and select the products and brands that meet their needs. Insurance.com is member of the company’s expert research and publishing division.
Insurance.com is a trusted online resource dedicated to educating consumers on auto, home, health and life insurance, developing relationships directly with carriers to offer consumers comparison rates from multiple companies. Since 2001, Insurance.com’s industry-first online tools, data-based reporting and experienced experts have helped consumers make informed insurance-related decisions, so they can choose the right insurance for their individual needs.
Press contact:
Michelle Megna
mmegna@quinstreet.com
Or
Liberty Communications for QuinStreet
Rick Judge, 415-429-5652
QuinStreet@libertycomms.com