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How to Save Money on Home Insurance

How to Save Money on Home Insurance
Feb 12 2021 3 min read

Ah, paying for home insurance. Like learning math in high school, it’s something most of us put up with as a reluctant necessity with little expectation of actually using it in the future.

While there’s little doubt as to the high importance of having your home insured, have you ever really sat down to think about how much you’re paying for it and how you could be spending less?

“Now, ya’ll would guess that more often than not, the highest-paid player on an NFL team is the quarterback. And you’d be right. But what you probably don’t know is that more often than not, the second-highest-paid player is a left tackle. Because, as every housewife knows, the first check you write is for the mortgage, but the second is for the insurance. The left tackle’s job is to protect the quarterback from what he can’t see comin’.
– Leigh Anne Tuohy from The Blind Side

 

At Erie Mutual, we offer a variety of home insurance discount options that our members take advantage of to reduce their home insurance costs by up to 25% (or more)!

Your current insurance provider may provide some of the same options, but if not we’re happy to discuss what we can do for you.

  1. MONITORED ALARM DISCOUNT: 10%
    Is your home secured with a monitored alarm system? If so you can save 10% off your home insurance (principal residence only). All we need for you to receive this discount is a copy of your monitoring agreement.A monitored alarm system is a system that is actively monitored by a professional home security company so that when they detect a fire or break-in their security team (and sometimes first responders) can be notified.
  2. CLAIMS FREE DISCOUNT: 5-10%
    Once you are claims free for 3 consecutive years you save 5% off your home insurance cost. 5 consecutive years or more of being claims free bumps that discount up to 10%.Even new members are eligible for this discount too. We only require a letter of experience from your previous insurers to verify the No Claims History. Contact us to learn more.
  3. LOYALTY DISCOUNT: 5-15%
    We love to reward our members for choosing us long term. Once you’re with us for 3 consecutive years you get a 5% discount on your insurance.

    5 consecutive years? 10%.
    14 consecutive years? 15%.

    Each level of discount is applied in the subsequent year.

  4. NEW HOME DISCOUNT: up to 10%
    Newly built homes typically have less risk so we provide a reduced home insurance rate for any home that’s 10 years old or less. The newer your home the more you save. Learn more.
  5. MORTGAGE FREE DISCOUNT: 10%
    You’ve worked hard to pay off your mortgage and now it’s time to reap the rewards. Not only will you no longer have a huge mortgage payment to make each month but when you have your home insurance with Erie Mutual you’re also going to start paying less for home insurance. Learn more.
  6. MULTI-LINE DISCOUNT: 5%
    Bundle and save! Lower your insurance costs by 5% if you have both a home and auto policy with Erie Mutual. Note: Your auto insurance policy will also be reflective of a multi-line discount.
  7. MATURE DISCOUNT: 5%
    This applies to your principal residence when the person named on the policy is 50 years of age or older. See, getting older isn’t so bad!
  8. INCREASE YOUR POLICY DEDUCTIBLE: 10-15%
    Something some people choose to do to lower their home insurance premium payments is to raise their policy deductible.A typical deductible is $1,000 (claims frequency, risk factors and other consideration may result in varying deductibles and discounts for your coverage) however you may be able to increase the deductible to lower your premium payments.Increase to a $2,500 deductible = 10% Discount
    Increase to a $5,000 deductible = 15% Discount 

Our members enjoy the freedom of combining any of the above discounts to save up to 25%. If they become ineligible for one of the discounts (i.e. new home discount) they may be able to replace it with another (i.e. loyalty discount) to keep saving as much as possible.

Note: the 25% savings limit does not include the potential savings associated with increasing deductibles.

If you’re feeling like you’re spending too much on home insurance or just curious about any of the discounts above, please contact us anytime or get a home insurance quote and we’ll be happy to work with you!

Please contact us with any questions you may have about this or any other topic related to your insurance.

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