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Low cost home insurance can be realized by taking advantage of discounts.

Discounts can lower your home insurance cost by hundreds of dollars annually. That's why you really want to make sure you're getting all of the discounts that you're eligible for. The amount you can save may vary from one insurance company to the next, so it pays to review your policy every year and compare home insurance quotes.

Also, you have probably made changes to your home since you purchased it. Some of these changes, such as installing an alarm system, may qualify you for savings that you weren't eligible for when you took out your homeowners insurance policy. 

Here are some of the typical home insurance discounts:

Multiple Policy — This is a big one. If you get car and home insurance with the same company, you could qualify for a significant discount. Some insurers claim up to 20% off your premiums. Some companies may offer additional discounts when you purchase other insurance products, such as a term life policy or umbrella insurance. 

This has the added benefit of making it easier to manage your various insurance policies.

Protective Device — Install smoke detectors, central fire and burglar alarms, deadbolt locks on all exterior doors, and you'll enjoy peace-of-mind, a safer home, and a lower premium. Depending on the devices, and combinations of devices, these savings could lower your home insurance price quite a bit.

Construction — There are many discounts that can apply depending on the construction of your home. This is because home construction can be a big factor in the extent of a loss. For example, a home built with fire resistive materials such as brick and masonry may qualify for a discount. The type of roof materials can be equally as important. 

Also, you could be rewarded with savings depending on your home's age. For example, if your home is less than 10 years old or was completely renovated in the last 10 years by a licensed contractor, you could save quite a bit. 

If you are looking to buy a new home, seriously consider the construction and how it impacts your insurance costs as part of your buying decision.

Claim Free — If you maintain a claims-free history with your home insurance company for a certain number of years, they will often reward you with a discount.

Senior/Retiree — Senior homeowners may qualify for extra savings. The age at which this discount applies may vary from company to company. 

Personal Status — Married or widowed homeowners may sometimes receive a small discount on their premium.

Mobile Home Tie-down — Some companies offer savings for mobile homes that are bolted down to the ground or foundation.

Mobile Home Original Owner — Mobile homeowners who are the original owners may also receive a discount on mobile home insurance.

Association — Some associations may offer a group discount rate on home insurance purchased through the organization.

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