Your living space is your most valuable asset that you need to protect. We have compiled a list of all savings opportunities related to home insurance. This list is a complete overview of home insurance saving tips. Many insurance brokers have contributed to this list. So, let’s get started!
1. Change your content: Renting a Condo? You often download your content. No need to guarantee your items up to $ 250,000 if you have a laptop and some IKEA furniture!
2. Repairs: Repairing your home can lead to home insurance premiums, as home insurance premiums for older, less well-maintained homes are generally higher. Additionally, repairing only the parts of your living space (eg the roof) can lead to insurance savings.
3. Pool: Adding a swimming pool to your home can lead to an increase in your insurance rates since your debt (eg risk of drowning) and the value of your home have increased.
4. Pipes: Insurance providers prefer copper or plastic pipes – maybe it’s a good idea to upgrade your wiring / lead pipes during your next cycle of renewal.
5. Shop around: Search, Compare, and Change Insurance Companies There are many insurance providers and their pricing offers for the same policies can vary greatly, so use multiple online tools and talk to several brokers as each will cover a limited number of insurance companies.
6. Cording: Some types of cables are more expensive or cheaper than others to ensure. Be sure to authorize the types of wires, and by all means avoid aluminum cables that can be too expensive to secure. Not all insurers will cover homes with aluminum wires, and those will require a thorough home inspection.
7. Home insurance deductions: Like car insurance, you can also choose expensive deductions to reduce your insurance premiums.
8. Bulk: Do you need Home and Auto Insurance? Most companies will give you a discount if you put them together.
9. New home: Check if the insurance has a new discount at home, other insurance providers will have it.
10. Non-claim discount: Some companies recognize the fact that you have not submitted any claims and have been awarded a free discount.
11. Home mortgages: Once you have paid off your mortgage in full, some insurers will reward you with lower premiums.
12. Qualified Membership: Are you a member of a professional organization (e.g. Canadian Certified Management Accountants or Air Canada Pilots Association)? Then other insurance companies offer you a discount.
13. Seniors: Many companies offer special prices for seniors.
14. Annual and Monthly Payments: Compared to monthly payments, annual payments save insurers of administrative costs (eg sending off debts) and therefore reward you with lower premiums.
15. Annual Review: Review your policies and inclusion every year, as new discounts may apply to your new life situation if we change.
16. Alumni: Graduates of certain Canadian universities (e.g. University of Toronto, McGill University) may receive a rebate from certain insurance providers.
17. Workers / Trade Unions: Some companies offer discounts to union members (eg IBM Canada or Research in Motion)
18. Loan insurance: Obtaining property insurance when you have a fair amount of life insurance is not always necessary: mortgage insurance is another name for Life / Critical Illness / Disability insurance that is only associated with your home but pays more to get insurance directly when you borrow money. For example, a Term Life policy large enough to pay for your home is usually cheaper.
19. Earthquake protection pulls: In many regions, earthquakes are impossible – you can decide not to take earthquakes that can reduce your premiums. For example, in the BC earthquake broadcast can report one-third of the policy premium.
20. Wood Stove: Choosing to use a wood stove means very high premiums – Insurance companies often decide to inspect homes with such installations before confirming them. The decision to remove it means less risk and thus lower insurance costs.
21. Heating: Insurers prefer forced gas or electric heating. If you have a home that is heated by oil, you may pay more than your peers who have other sources of heating.
22. Bike: you buy a new bike and are thinking of getting extra protection in the event of a theft when you leave it on the road e.g. when you make your food? Your Home Insurance coverage may be covered.
23. Stop smoking: Some insurers increase their premiums in homes with smokers as there is a high risk of fire.
24. Clean Claim History: Keep a clean claim record without filing minor claims, sometimes it makes sense to simply repair less damage than you would like: you should consider both: your deductions and the amount you can increase in your premiums.
25. Reconstruction compared to market costs: Consider your rebuilding costs when choosing insurance, not the market price of your home (the market price may be much higher than the actual cost of rebuilding).
26. Admission discount: Some insurers offer a discount known as acceptance.
27. Avoid living in dangerous areas: Nature affects some areas more than others: avoid floods-, or areas at risk of earthquakes when choosing a house.
28. Neighbor: Moving to a safer place with lower crime rates will often be considered in your insurance premiums.
29. Mid-range alarm: Installing an alarm connected to the central monitoring system will be known by some insurers at premiums.
30. Caution: Renting to your living quarters / apartment / house can mean a discount for insurance. e.g. through a guard.
31. Hydrants and Fire Station: The proximity of a water pipe and / or fire station may reduce your premiums.