Homes are pretty expensive these days. If you own one, you want to make sure it’s protected. Just because you want good home insurance coverage doesn’t mean you have to pay an arm and a leg for it.
Here are 10 tips that can help you save hundreds of dollars on your home insurance in Canada every year:
Shop around and compare rates
The first step to saving cash is to get a policy from a provider that is already offering a low rate. To save time and ensure you get the best rates use our online comparison tool, which will match you with the best home insurance providers. That’s just a starting point, though. Save on your home insurance by following the rest of the tips.
Ask for a credit check
Insurance companies don’t require a credit check, but if you volunteer for one, they may give you a better rate based on your credit rating. The assumption is that a person with good credit will be less likely to file huge claims. If you know you have good credit, you could save on your home insurance in Canada.
Pay an annual rate
It’s typically a better deal to pay for a year of coverage all at once instead of getting a monthly bill. It cuts down on possible extra administrative charges from monthly payments. Make sure you put aside one-twelfth of your annual premium every month so you don’t need to scramble for the money when renewal time comes around.
Bundle with other policies
Many insurance companies offer 10% discounts if you have both home insurance and auto insurance policies with them.
Increase your deductible
One of the easiest ways to save money on your insurance rates is to take more risk on yourself
by increasing your deductible. If you feel secure in the fact that you won’t need to make many claims, it’s a great way to save some money on home insurance in Canada.
And how exactly do you make sure to avoid claims? Being a vigilant homeowner helps, but humans aren’t perfect. Invest in smart home technology to help keep your home in good condition.
Companies often reward you for not having any claims by offering deep discounts, so you can save a lot of money by combining this with raising your deductible – and not even have to worry about paying it because you won’t need to file a claim.
Be careful when renovating
If you increase the value of your home, you should change your home insurance coverage to match. Your insurance provider will need to be informed of the renovations before they begin. At this point, you will likely see an increase your home insurance premiums to cover the added risk of having construction on your home. Having a crew of renovators working in or around your home can bring added risk of injury, property damage, or even theft if you’re unlucky.
Some home improvement projects result in higher premiums simply because of added risk they bring to your property. Pools and secondary structures, such as a shed or pool house, also bring big increases to your home insurance costs. While these renovations may add a lot of value to the home as well as your own enjoyment of it, be prepared to pay more for insurance.
Add security features to your home
Alarm system, cameras, motion sensors, and other security tools make your home less of a risk for break-ins or thefts. This means the chances of your insurance company having to replace a bunch of your stolen or vandalized things is much lower than an unsecured property. That lower risk will be rewarded and you save on your home insurance.
Only pay for what you need
Home insurance, just like car insurance, comes with a few different coverage options. There are comprehensive policies as well as basic ones. The rule is: if you don’t need it, don’t pay for it. Choose just the right amount of coverage to protect your property and possessions.
Don’t let your policy lapse
There’s a small chance that your premiums may jump if you let your coverage run out and then try to start it up again. It’s just plain reckless to leave your home without a policy even for a
limited period of time.
With the right strategies, you can save on your home insurance in Canada.