Duration: 01:10

Many insurers offer discounts for upgrades that reduce the risk of homeowners needing to file a claim. Homeowners insurance premiums are rising. They rose by 11.4% between 2017 and 2020, on average, according to the Insurance Information Institute (III). The average annual premium now is $1,398, the industry-backed institute estimates. If that sounds steep, you’ll be happy to hear about discounts that may help push rates down a bit. Many if not most insurers offer premium breaks when homeowners do certain home improvements that reduce the risk of them needing to file a claim. Discounts can vary, from 5% to 20%, according to the institute, which provided the estimated discounts for the following projects. One caution: Before launching into a project that you hope will win you a discount, check with your agent or insurer’s website. Find out which discounts you’re eligible for and what materials and standards are called for. You can compare a project’s cost with the discount to see how much money you stand to save. If you’ve already made some of these or other improvements, by all means, ask your insurance company — don’t wait for your policy to renew — if you can get a discount for the upgrades.