You Can Get an Auto Discount for Being a Homeowner

Are you a homeowner? You might be able to get a car insurance discount for being one. Find out more about it here.
Couple with home and car

Do you own a home? Depending on your auto insurance provider, you may be able to get a nice discount just for being a homeowner. Insurance companies offer a wide range of discounts that you can potentially qualify for. These discounts typically slash your rates by a certain percentage. The exact amount depends on the discount and the insurer that you do business with.

To get a homeowner discount, you’ll have to qualify for it. This means you’ll have to prove to your insurer that you own a home. Once you do that, you’ll be able to get a potentially sizable discount. For example, Progressive customers save an average of 10% on their car insurance rates by getting a homeowner discount.

In this article, you’ll learn the ins and outs of the homeowner discount. This includes how to qualify for the discount. We’ll tell you which car insurance companies offer the discount and how they run their homeowner discount programs. We’ll also answer a few common questions that people have about the homeowner discount.

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How the Homeowner Discount Works

Car insurance discounts are a popular method to save money on your insurance. Insurance companies usually provide plenty of discounts that you might be eligible for. To qualify for a discount, you’ll need to meet your insurer’s requirements.

You can also combine many discounts, saving you a bunch of money in the long run. An example of this is getting both the multi-car and multi-policy discounts to maximize your savings. Note that the exact amount that you can save varies depending on your insurer.

The homeowner discount is available to drivers who own a home. In most cases, you don’t have to insure your home with the insurer to qualify. Keep in mind that not all homes count toward this discount. Mobile homes and recreational vehicles (RVs) generally don’t count as a home for this discount.

How to Qualify for the Homeowner Discount

Only homeowners will be able to get this discount. To get it, you’ll need to somehow prove to your insurer that you own a home. The types of homes that are generally acceptable for insurers are:

  • Townhomes
  • Homes
  • Condos

There are a few ways that you can do so. In general, these types of proof are the best ways to prove that you own a home:

  • Mortgage Payment Coupon. A mortgage payment coupon is one way to prove that you own a home. Mortgage coupon books exist to help you keep track of and make mortgage payments. A coupon would be able to help you prove you own a home.
  • Homeowners Insurance Declaration. This document would be able to display your homeownership. It lists all relevant information about your current homeowner’s insurance.
  • Property Tax Assessment. A tax assessment of your home will help you prove your ownership. Your local tax office will be able to produce this document for you.

Note that the documents above may or may not be enough to prove your homeownership. You should consult with your insurer to find out what they’ll need from you so that you can be eligible for the homeowner discount.

In general, your insurer will simply need some amount of official proof to refer to. If you insure your home with the same company as your auto policy, it may be easier for you. This is because they’ll already know that you own a home.

Who Offers the Homeowner Discount

Many companies offer the homeowner discount. But not all of them do. Though, not all of them run their programs in the same way. Here’s a list of major insurance companies that offer the homeowner discount, as well as how they run their programs:

Liberty Mutual

You can get a homeowner discount at Liberty Mutual. You don’t need to insure your home with them to get the discount. Liberty Mutual doesn’t disclose an exact amount of savings. This number will likely vary depending on the state and between each driver.

Progressive

Progressive offers a homeownership discount. Once you prove that you own a home, you’ll be eligible for this discount. You don’t need a homeowner’s policy with Progressive to receive this discount. On average, drivers save about 10% with this discount.

Liberty Mutual

Liberty Mutual doesn’t say exactly how much you save. But if you already own a home, why not take advantage of the their Homeowner discount?

Farmers Insurance

Another company that offers this discount is Farmers Insurance. They don’t tell customers how much they’ll save beforehand. But they make it very easy to qualify. Farmers doesn’t even need to be your home insurance provider. You’ll need to speak with your agent for more info on how much you can save with the homeowner discount.

Travelers Insurance

Owning a home or condo can get you a homeowners discount with Travelers. They don’t tell customers how much they’ll be able to save on their website. Your agent may have more details about your exact savings. Generally, this will depend on details about you and state laws.

Direct Auto

Direct Auto is a non-standard insurance company. They offer insurance to high-risk drivers. You’ll be able to get a homeowner discount with them. You can save up to 15% with their discount. To get it, you’ll need to own a home, townhouse, or condo.

State Farm

State Farm offer’s this discount only to Florida homeowners. These lucky folk can save a bit on their motorcycle or auto insurance just for owning a home.

Dairyland

If you’ve already insured a home, the Dairyland homeowners discount will immediately take a little off your premium. Depending on your state, even a renters insurance policy could qualify you. Definitely contact Dairyland direct or an ask agent about this discount.

Amica

To get these savings you just need to own a home and have it insured. Not only that, but you can qualify for the homeowners discount even if your home is insured by another company. To find out how much you’ll save and other details, call or email Amica.

Kemper

These savings apply if someone on your auto insurance has a homeowners policy. As long as the auto and homeowners addresses match, you could qualify for the Kemper homeowners discount.

Note: This is not a complete list of insurers offering a homeowner discount on car insurance. Compare quotes from multiple companies to find the best discount savings.

Bundling Can Also Help Homeowners Save Money

The homeowner discount is a great way to save money on your car insurance. But you can also get a discount by bundling your home and auto insurance with the same company. You may also see insurers call this the multi-policy discount. This is where you have your home and auto policies under the same insurer. You can expect to save anywhere from 4 to 28% on your auto insurance from bundling.

Keeping your home and auto policies under one roof can also make your life easier. You’ll have less to keep track of and only one payment to make. It also might make it easier to get the homeowner discount. Your insurer will already know that you own a house, so you may not need to provide further proof. Be sure to speak with your agent about this if you don’t have the homeowner discount yet but have bundled your policies.

Frequently Asked Questions

Q: Does my RV count as a home?

A: No, RVs don’t count as a home for this discount. You’ll generally need to own a house, townhouse, or condo to qualify for the homeowner discount. RVs and mobile homes normally don’t count. Be sure to speak with your insurer to find out what they accept as a home.

Q: How do I prove that I am a homeowner?

A: To prove that you’re a homeowner, you’ll need to provide official documentation that proves your ownership. This could be a tax form, insurance document, or mortgage coupon. You may need to ask your agent about what they count as an acceptable form of proof.

Q: Do I need homeowners insurance to get the homeowner discount?

A: You usually won’t need homeowners insurance with the same company as your auto policy to get this discount. But it might make it easier to prove that you own a home. You can also bundle your home and auto policies to save even more money.

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