4. Absence Of Claims

Credit: 20 percent

If a person does not claim home insurance, then he might be relieved to some extent on the insurance premium. The math is pretty simple: absence of claims means more money in the insurance pocket which could then be returned to the homeowner in the form of claim free credit.

"That's a fairly new discount, but almost every year we're seeing more companies add it," says Flannagan. "People who have been claims-free for 10 years can get like a 20 percent discount. I think a lot of companies are trying to reward longevity."

5. Neighborhood Matters

Credit: 5-10 percent

‘A man is known by the company he keeps’. Insurance companies seem to have taken this phrase very seriously and as strange as it may seem the insurers may give you credit for being a part of homeowners association or HOA.

"I've heard that it's because of the security aspects of HOA communities, with things like community watch," says Flannagan. "Plus, people may have to maintain their home in a certain way in order to meet the requirements of a homeowners association's restrictions and covenants."

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