Top discount for homeowners: Progressive
- Broad coverage
- Transparent pricing tools
- Accident forgiveness on small claims
- Stack a variety of discounts for multiple cars
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With the pride of homeownership comes discounts for bundling multiple insurance policies under one company. But as a homeowner, savings up to 20% could extend to your standalone car insurance, without combining policies.
Not all insurers advertise a homeowner discount, and your exact discount will depend on which state you live in. We’ve gathered a list of car insurance companies that offer savings just for homeownership.
Many major insurance companies offer a homeowner discount as much as 5% to 20% just for being a homeowner. For context, if your annual car insurance premium is $1,400, the average annual car insurance cost across the US, you’ll save $70 to $280 dollars on your annual car insurance premium.
If the deed to your home is in your name or if your name is on the mortgage you’re working to pay off, you’re considered a homeowner — and in many instances, your spouse can claim the same thing, even if their name isn’t on the paperwork.
While insurers tend to apply any discounts across all eligible policies in your household, adult children or other family members who live outside the home will not receive those benefits and savings.
To get a homeowner’s discount on your car insurance, you’ll likely need to prove that you’re a homeowner. Some examples of documents you can use to establish homeownership include:
If you weren’t a homeowner when you originally purchased your auto insurance plan, contact your auto insurance provider to update your ownership status.
Among the many factors that can affect your insurance rates, owning a house is one that can save you money. That’s because insurers choose to rely on risk studies that appear to prove generalizations that include:
Because most major car insurance companies offer discounts to homeowners, you’ll typically qualify for savings if you own your own home. To find out more about these discounts and eligibility, reach out to your insurer. To get the best rates you’re eligible for, compare car insurance companies and policies against your specific needs.
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