Do Veterans Qualify for Home Insurance Discounts?

As a veteran, you know the value of being a good steward of your finances. One of the ways you can achieve this goal is by making sure to utilize all the discounts your military status may allow you to be eligible to receive. While some insurance companies offer veterans discounts, others may not. Looking at how to maximize the savings you can receive on home insurance helps you make the most of every opportunity to maintain affordable coverage.

Understand Why Veterans May Receive Discounts

You’ll find a couple of insurance companies that cater specifically to veterans. Yet most insurance companies choose to offer some level of a discount to honor your or your family member’s contribution to the country. Veterans sometimes live on fixed incomes due to disabilities, and a discount can make it easier for someone to afford one of the necessities that come with home ownership. While you might be able to opt out of paying for private mortgage insurance with a VA loan, most lenders still expect you to maintain basic home insurance to cover common types of damage.

Check the Eligibility Guidelines

One of the first things you’ll want to do to find out if a company offers a veterans discount is to ask. Most of the time, you may hear there’s a discount for veterans that can vary somewhat from one company to another. When you inquire about discounts, you’ll also want to ask about who is eligible. For instance, some companies offer discounts to spouses and widows of veterans. Others may extend the discount to include active service members and their children.

Understand Your Policy

Some insurance policies contain clauses that impact what’s covered under special circumstances. Military families who face deployment might need to check the vacancy clauses in their policies to avoid falling out of compliance. The same is also true regarding personal property coverage during times when you or your loved ones are in an active combat zone. Making sure you understand all of the nuances regarding your homeowners insurance helps you pick the best policy for your needs. This is especially important if you think you may rent out your home during times when you’re away. In these situations, you might need to update your policy to ensure you have proper coverage.

Explore Other Money-Saving Opportunities

Military discounts go a long way toward making insurance more affordable. Yet you may also have other ways to lower the cost of home insurance. For instance, making sure the structure stays in good condition can help. Replacing the roof as needed and updating the electrical system are two things that can lower the cost of insurance for older homes. Veterans can also add security features to their homes to reduce the chances of needing to file claims that could increase their rates. 

If you’re a veteran, following the tips above can help you save money on your insurance costs. For reliable, affordable homeowners insurance, San Diego homeowners know they can trust Altra Insurance Services. We also provide renters, commercial, motorcycle, and auto insurance Chula Vista. Request a free quote by calling one of our friendly agents today.