Condo Insurance Discounts

When looking for the ideal condo insurance policy, price is an important factor to consider. What you might not realize is that there are ways you can get reduced or discounted prices on your policy. Taking a few simple steps now can save you hundreds of dollars per year in the long run, so it pays to shop around for a policy with the best rate and learn about discounts you may qualify for.

Luckily, an independent insurance agent can simplify this process for you by shopping and comparing condo insurance policies and quotes from several different carriers. They'll also search for any discounts available that you can earn on your policy. First, though, here's an overview of some common condo insurance discounts.

Top Condo Insurance Discounts

Many insurance companies offer several discounts on condo insurance to help lower the cost of your premiums. The discounts offered vary by insurance company, but here are just a few standard condo insurance discounts.

• Sprinklers discount: Many insurance companies reward you with a discount on condo insurance if your unit has a built-in sprinkler system to guard against fire damage. 
• Bundling discount: Many insurance companies offer discounts if you bundle your condo insurance with another policy, such as auto insurance. Bundling discounts can save you an average of 7% on your premiums with many carriers.
• Safety devices or alarm systems discount: Many insurance companies offer lower rates on condo insurance if your unit is equipped with a security device like a burglar alarm.
• Claims-free discount: Many insurance companies will reward you over time if you remain claims-free through condo insurance for a couple of years.
• Paid-in-full discount: Many insurance companies lower your overall premium if you pay for your entire year's coverage up-front rather than in monthly installments.
• New condo discount: Many insurance companies offer discounts if you buy a brand new condo or if you switch from a renters insurance policy to a condo insurance policy.
• Gated community discount: Many insurance companies offer condo insurance discounts if your home is located within a gated community thanks to the added security and reduced risk of crime, such as break-ins.
• Loyalty discount: Many insurance companies begin offering discounts to policyholders who stay with them for a few years or more.
• Paperless discount: Many insurance companies offer discounts to policyholders who enroll in paperless statements.
• Autopay discount: Many insurance companies offer discounts to policyholders who enroll in autopay. 

Your independent insurance agent can assist you in finding any discounts you qualify for on condo insurance, no matter where you're located.

How Much Can Condo Insurance Discounts Save You on Your Premiums?

The specific amount you can save on condo insurance by applying discounts can vary considerably depending on the insurance company. Condo insurance discounts can save you between 5% to 20% each or even more, depending on your insurer. Your independent insurance agent can help you find the best condo insurance discounts available. 

How Much Does Condo Insurance Cost?

The cost of condo insurance can vary considerably depending on many factors, including your location, the value of your condo, and your personal claims history. But this year, the average cost of condo insurance is about $38 monthly or $455 annually. Working with a local independent insurance agent is a great way to find affordable condo insurance near you.

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An Independent Insurance Agent Can Help You Find Condo Insurance Discounts

Because every condo insurance company is different, you can find a number of different perks, rewards, and even discounts by shopping around. This is where an independent insurance agent can be your greatest ally. They'll shop and compare condo insurance policies, including rates and discount options, from multiple carriers that offer coverage in your area. 

They'll only present you with quotes that offer the best blend of coverage and cost. And down the road, they'll be there for you to help file condo insurance claims or update your coverage as necessary. Your agent can also periodically check to ensure you're still receiving all the discounts you qualify for on coverage.