Explore potential discounts
Discuss with your insurance representative if you qualify for additional discounts. These could be:
As a retiree, you may be eligible for discounts of 10 to 25 percent off your home insurance premiums. To qualify, your home must be your permanent residence and you or your spouse must be aged 55 or over. Retirees often spend more time at home than working people, so they are more likely to spot potential hazards like electrical fires, gas leaks or burst pipes before they cause serious damage.
Different insurance companies offer different loyalty discounts, but generally speaking, you may be eligible for a discount after being with the same company for a few years. To get the loyalty discount, you usually need to have been in good standing with your insurance company (no major claims). Some companies offer a 5 percent discount after three years, and others may offer up to 10 percent after five years.
Gated community credit
Many home insurers reward a 5 to 20 percent discount for a secure location. If your home is in a gated community, the additional security will repel the chances of vandalism and theft.
Claims free discount
If you have a clean record and no homeowners claims for 10 years, you could receive up to a 10 percent discount on your home insurance.
Mortgage free discount
The benefits of being mortgage-free might just extend to your insurance. Tell your provider if you manage to pay off your mortgage, especially if it’s much earlier than expected.