Homeowners using discounts to combat increasing home insurance premiums according to HomeInsurance.com survey

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With rates increasing an average of 10.5%, policyholders seek ways to save

HomeInsurance.com

HomeInsurance.com

"Some consumers don't realize that there are a great number of home-safety discounts that can help them save on their homeowners insurance," said Carlos Lagomarsino, founder of HomeInsurance.com.

With home insurance premiums steadily increasing, consumers have turned to discounts to lower their rates, according to the latest HomeInsurance.com survey. The reason for the premium hikes: The Insurance Information Institute (III) reported a record $35.7 billion in claims payouts in 2011, most tied to severe weather.

According to the survey by HomeInsurance.com, about 51 percent of respondents report using the home/auto discount, up slightly from 2011. This discount of as much as 20 percent is offered when a homeowner buys home and auto insurance from the same carrier. Many insurers report that this is one of the most lucrative ways to reduce premiums. HomeInsurance.com reported earlier this year that average annual home insurance premiums had reached $853.27, up 10.5 percent from October 2011.

However, the home/auto discount is just one method of bringing costs down.

"Some consumers don't realize that there are a great number of home-safety discounts that can help them save on their homeowners insurance," said Carlos Lagomarsino, founder of HomeInsurance.com. "Some of them include discounts for burglar alarms, smoke alarms and deadbolts."

About 91 percent of respondents employ the smoke alarm discounts, while 75 percent save by using deadbolts and 36 percent take advantage of the break for burglar alarms. Taken together, those safety discounts can add up to 10-15 percent in savings on premiums.

Experts at HomeInsurance.com predict that as insurance premiums continue to rise, the number of homeowners who take advantage of the home/auto discount also will increase, since bundle offers like this typically provide the greatest savings on homeowners insurance premiums.

A pioneer in online comparative insurance shopping, HomeInsurance.com, LLC operates multiple home and auto insurance marketplaces and is rated A+ by the Better Business Bureau. HomeInsurance.com carrier partners include Travelers, Safeco Insurance, The Hartford, Liberty Mutual, Progressive, ASI/Ark Royal and Foremost.

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Carrie Van Brunt-Wiley
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