Home insurance is a vital aspect of homeownership, providing financial protection against potential losses due to unforeseen events. However, the cost of premiums can be a significant expense. Here are ten strategies to help you save money on your home insurance without compromising on coverage.
1. Bundle Your Policies
Many insurers offer discounts if you bundle home insurance with other policies, such as auto insurance. This can lead to substantial savings.
2. Increase Your Deductible
Opting for a higher deductible can lower your premium costs. Just make sure you can afford the deductible in case of a claim.
3. Improve Home Security
Installing security systems, smoke detectors, and smart security can not only make your home safer but also qualify you for discounts on your insurance.
4. Maintain a Good Credit Score
Check with your broker if a credit discount has been applied. Credit scores can be used with your consent. It is a soft check that will not affect your score. A higher credit score can lead to lower rates.
5. Review Your Policy Annually
Your needs may change over time. Review your policy each year and adjust coverage accordingly to avoid overpaying.
6. Ask About Discounts
Don’t hesitate to ask your broker about any discounts you may be eligible for, such as being a non-smoker or a senior citizen.
7. Make Smart Home Improvements
Certain home improvements, like upgrading roof, plumbing or electrical systems, can reduce the risk of damage and lead to lower premiums.
8. Stay with the Same Insurer
Some companies offer loyalty discounts. If you’ve been with the same insurer for several years, you might be eligible for reduced rates.
9. Understand Your Policy
Knowing exactly what your policy covers can prevent you from paying for unnecessary extras. Tailor your coverage to your specific needs.
10. Purchase Your Insurance Early
Asking for an insurance quote ahead of time and purchasing the policy at least 8 days prior to the effective date may qualify you for a discount, depending on the insurance company.
By implementing these strategies, you can enjoy peace of mind knowing your home is protected while also keeping your finances in check.
If you are ever unsure about your insurance needs, our AI agent is available to answer any general questions, and our brokers are a phone call away.
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Your dwelling and most of its contents – such as your roof, laptop, and furniture – may
lose value over time due to factors such as age and wear and tear. This loss in value is
commonly known as depreciation.
Under most insurance policies, claim reimbursement begins with an initial payment for
the Actual Cash Value (ACV) of your damage, or the value of the damaged or
destroyed item(s) at the time of the loss.
If your home is uninhabitable and you have to temporarily relocate after a covered loss, your homeowners’ policy may reimburse you for any resulting increases in your normal day-to-day living expenses.
If your policy provides Loss of Use coverage, your policy will reimburse you for Additional Living Expenses (ALE) for the period of time reasonably required to make your home habitable again. This time period is commonly referred to as the “period of restoration.”
As climate change accelerates, Canada is witnessing a growing frequency of extreme weather events, including floods that have devastating impacts on communities and homes. Traditionally, standard home insurance policies in Canada cover a wide range of risks, such as fire, theft, and liability, but they typically do not include protection against overland flooding. This has made flood insurance an increasingly vital addition for homeowners across the country.
