By: Ajay kumar Medagani October, 30, 2019
In Norfolk, Virginia, the average homeowner's insurance premium is $1030 per annum, which is moderately lower than the United States’ national average of $1,228. To further reduce their home insurance rates, Norfolk homeowners can consider the options recommended below.
Constructing homes with superior fire-resistant material can help Norfolk homeowners get a discount of up to 19% on their insurance premiums. Homeowners living in brick veneer constructions can get a discount of up to 4%, whereas those with masonry homes can get a discount of up to 14%.
Norfolk residents who have never filed an insurance claim can get a discount of $58 on their premiums. However, those who have filed one claim would have to pay an additional $65, and for 2 filed claims, this amount increases to $80.
Senior citizens of Norfolk are entitled to a discount of about $102 on their homeowner's insurance. AAA Home Insurance offers a discount of 13.5% for specific roof types. Allstate offers a multi-line discount of 30%, while Bunker Hill Insurance offers a 5% advanced issue discount.
Installing safety and security features on properties is another way for Norfolk homeowners to lower their home insurance rates. For instance, homes that have deadbolt locks are eligible for a $65 discount. Functioning fire extinguishers can ensure a discount of about $73, and smoke detectors can attract a discount of $124. An $87 discount can be availed for homes with sprinkler systems. Fire and burglar alarms can get a discount of $51, and $73, respectively, and a discount of $15 can be availed for a lightning protection system.
Bundling insurance policies can also generate big savings for homeowners in Norfolk. Bundling home and auto insurance can attract a discount of at least 12%. Bundling homeowners insurance with life insurance can help homeowners get a discount of about 13%. Bundling all three insurance policies—home, auto, and life—can earn Norfolk homeowners a discount of up to 23%.
Ajay Kumar works as a data analyst with Gavop. A (software) engineer by profession, he utilizes his well-established programming skills in big data, to derive insights from a wide variety of data sets. A engineering graduate from JNTU his passion involves analyzing raw data, infographics and other visual aids for research.