Your home is often your most precious asset that you need to protect. We create a list of all savings opportunities associated with home insurance. This list is the most complete perspective on home insurance savings tips. Numerous insurance brokers contributed to this list. Then, let’s start!
1. Change your content coverage: rent a condo? You can often reduce your content coverage. You do not need to insure your belongings up to $ 250,000 if you only have a laptop and some IKEA furniture!
2. Renovations: renovating your home can result in lower home insurance premiums, since home insurance premiums for older and poorly maintained homes tend to be higher. Also, renovating only parts of your home (for example, the roof) can generate savings in insurance.
3. Bottom line: Adding a pool to your home will likely generate an increase in your insurance rates since your liability (for example, the risk of someone drowning) and the value of your home have increased.
4. Pipes: Insurers prefer copper or plastic pipes. It may be a good idea to update your galvanized / lead pipes during your next renovation cycle.
5. Compare: search, compare and exchange insurance companies. There are many insurance providers and their price offers for the same policies can be very different, therefore, use multiple online tools and speak with several brokers, as each will cover a limited number of insurance companies.
6. Wiring: some types of wiring are more expensive or cheaper than others to ensure. Make sure you have the types of cabling approved, and avoid aluminum cables that can be really expensive to secure. Not all insurers will cover houses with aluminum cables, and those that do will require a complete electrical inspection of the house.
Home Insurance For Builders Risk
7. Home insurance deductibles: Just like car insurance, you can also choose higher home insurance deductibles to lower your insurance premiums.
8. Package: Do you need home and car insurance? Most companies will offer you a discount if you group them together.
9. New home: check if the insurer has a new discount at home, some insurers will have it.
10. Discount without claims: some companies recognize the fact that they have not presented any claim and reward it with a discount without complaint.
11. Home without a mortgage: When you complete the full payment of your home, some insurers will reward you with lower premiums.
12. Professional membership: Are you a member of a professional organization (for example, Certified Management Accountants of Canada or The Air Canada Pilots Association)? Then, some insurance companies offer you a discount.
13. Seniors: many companies offer special prices for seniors.
Home Insurance For Vacant House
14. Annual payments vs. monthly payments: compared to monthly payments, annual payments save insurers administrative costs (for example, sending invoices) and, therefore, reward you with lower premiums.
15. Annual review: review your policies and coverage each year, as new discounts may apply to your new life situation if it has changed.
16. Former students: Graduates from certain Canadian universities (for example, the University of Toronto, McGill University) may be eligible for a discount on certain insurance providers.
17. Employees / union members: some companies offer discounts to union members (for example, IBM Canada or Research in Motion)
Mortgage Home Insurance
18. Mortgage insurance: getting mortgage insurance when you have enough coverage in Life insurance is not always necessary: mortgage insurance is another name for Life / Critical Illness / Disability insurance associated with your home only, but pays more to have the convenience to obtain insurance directly when lending money. For example, a term life policy large enough to pay for your home is usually cheaper.
19. Protection against earthquakes: in many regions, earthquakes are not likely: you could choose not to take coverage against earthquakes, which could reduce your premiums. For example, in BC earthquake coverage can represent up to one third of the premium of a policy.
20. Wood stove: Choosing to use a wood stove means higher premiums: insurance companies often decide to inspect houses with such facilities before insuring them. The decision to get rid of it means less risk and, therefore, lower insurance premiums.
Geico Vacant Home Insurance
21. Heating: insurers such as forced air gas ovens or electric heat installations. If you have a home heated by oil, you may be paying more than your peers who have alternative heating sources.
22. Bicycle: you are buying a new bicycle and thinking about getting extra protection in case it is stolen when you leave it on the street, p. when do you do your shopping? Your Geico vacant home insurance may already be covering it.
23. Stop smoking: some insurers increase their premiums for households with smokers since there is a greater risk of fire.
24. Clear the claim history: keep a clean record of claims without filing minor claims, sometimes it makes sense to simply repair minor damage instead of claiming it: you should consider both aspects: your deductibles and the potential increase in premiums.
Home Insurance Savings Tips
25. Reconstruction vs. Market costs: Consider your reconstruction costs when choosing an insurance coverage, not the market price of your home (the market price can be significantly higher than the actual reconstruction costs).
26. Welcome discount: some insurers offer a so-called welcome discount.
27. Avoid living in dangerous places: nature affects some places more than others: avoid areas in danger of flood or earthquakes when choosing a house.
28. Neighborhood: moving to a safer neighborhood with a lower crime rate will often be considered in your insurance premiums.
29. Centrally connected alarm: the installation of an alarm connected to a central monitoring system will be recognized by some insurers in the premiums.
30. Monitoring: Having your residence / apartment / apartment monitored 24 hours a day can mean an insurance discount. eg through a security guard.
Cheaper Home Insurance Premium
31. Hydrants and fire station: proximity to a water intake and / or fire station can also lower your premiums.
32. Loyalty: staying with an insurer for longer may sometimes result in a discount for the long-term policyholder.
33. Water damage: avoid buying a house that may be damaged by water or have a history of water damage; A check with the insurance company can help you find out before you buy the house.
34. Decrease liability risk: Use meaningful ways to reduce your liability risk (for example, a group fence) and can cause your liability insurance premiums to decrease.
35. Direct insurers: Have you always dealt with brokers / insurance agents? Obtaining a policy from a direct insurer (that is, insurers who work through the call center or online) can often be cheaper (but not always) since they do not pay an agent / broker commission for each policy sold.
Discounts, Reduced Rates and Savings
36. Plumbing insulation: the insulation of your pipes will prevent them from freezing in winter and will reduce or even avoid insurance claims.
37. Dependent students: Dependent students living in their own apartment may be covered by their parents’ home insurance policy at no additional cost.
38. Retirees: those who are retired can often get an additional discount, since they spend more time at home than someone who works during the day and therefore can avoid accidents like a fire much easier.
39. Inflation Leverage: Many insurers increase their housing limit each year by considering the inflation of the costs of housing reconstruction. Make sure that this adjustment is in line with reality and that you are not overpaying.
40. Credit score: most companies use their credit score when calculating home insurance premiums. Having a good credit score can help you get lower insurance rates.
Home & Renters Insurance
41. Stability of residence: some insurers may offer a residence stability discount if they have lived in the same residence for a certain number of years.
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