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Home insurance is one of the most necessary home-related expenses for home owners. Even so, no one wishes to pay more than needed to acquire the coverage they need for what is likely one of their most significant assets. The good news is that there are numerous discounts offered by insurance companies for policyholders that can significantly reduce current rates. However, most insurance companies are not going to just apply these discounts unprompted; homeowners must be diligent about identifying which discounts they are eligible to receive and requesting them. The most significant opportunities for discounts are related to the age and condition of the home, its building materials, the inclusion security features, as well as the payment method and claim history of the homeowner. While each item may only offer less than a percentage off the premium, combined they can offer a substantial savings. Here are just some of the discounts available to eligible homeowners:

Paying in Full
If cash flows allows for it, it is worth it to pay an annual policy premium in full, rather than in monthly or quarterly installments. Doing so saves policyholders 1.21%, on average. This is probably the most significant discount option available.

Electrical Upgrade
An electrical upgrade—which reduces the risk of fire and fire damage in a home–comes in at a close second, with regard to significant premium discounts. The average savings is 0.94%.

A Clean Claim History
A homeowner who has not filed an insurance claim with the past 10 years can expect, on average, to see a 0.34% rate reduction. Those with five years free of claims should inquire about this discount, as well.

Smoke Detector
Fire detection tools aren’t only smart and safe choices for homeowners, they are money-saving as well. Homeowners can expect an average savings of 0.54% on premium costs when they install smoke detectors.

Water Leak Detection System
A system that includes an alarm as well as the ability for automatic shut-off of the water source offers more than just peace of mind—on average, homeowners with these systems can expect a 0.4% premium savings.

Upgraded Heating System
This feature, which can help prevent fire damage, typically offers homeowners 0.47% off their premium costs.