Home insurance is not legally required in Canada, but it is mandatory if you have a mortgage through a lender. However, whether you rent or own, have a mortgage or not, home insurance protects your investment and personal property against natural disasters and unexpected events such as theft, vandalism, water damage or fire. Insurance premiums generally increase every year, especially after a claim. But did you know that there are many ways to pay less for your home insurance? That’s what we explain in this article.

Grouping your car and home insurance with the same insurance company gives you a discount. Depending on your insurer, this trick can reduce your premiums by 10-20%. For example, with our partner YouSet, you can save up to an additional 15% when you combine your car and home insurance.

In the event of a claim, the deductible is the amount you agree to pay out of your own pocket. For example, if a $4,000 loss occurs and your deductible is $500, your insurer will pay $3,500. By increasing your deductible, your insurance premium will be reduced. Of course, your deductible will be higher in the event of a claim. But if you take good care of your home, the likelihood of a claim is reduced. Contact your insurer to find out about your deductible options.

When your home is well maintained, you’ll generally pay less for home insurance. Of course, some events are beyond your control. But regular maintenance and home improvements can reduce your insurance costs.

Here are some examples of improvements that affect your home insurance premium:

• Roof: The condition and age of your roof directly affect your insurance premium, as the risk of water damage is higher. Depending on the condition, repair or replace your roof and contact your insurer to notify them.
• Plumbing: Replacing old lead, terracotta or galvanized steel pipes, which are more likely to leak or break (compared to PVC or copper pipes), will reduce your insurance premium. What’s more, installing a non-return valve or water leak detector reduces the risk of water damage.
• Electricity: Replacing an old electrical system reduces the risk of fire, and thus your insurance premium.
• Alarm system: A centrally controlled alarm and anti-theft system means lower insurance premiums, because the risk of damage is lower.

Although these improvements cost money, you’ll save money in the long run. You’ll have to deal with less damage, and the likelihood of insurance claims will be reduced. Contact your current insurer to find out about priority maintenance and upgrades to reduce your insurance premium.

Don’t renew your home insurance policy without obtaining and comparing several quotes. In fact, you can use our online comparator to compare home insurance quotes based on your specific needs. That said, insurance is a complicated business. So don’t hesitate to talk to a professional.

Prepaying your home insurance premium for the year is one of the easiest ways to reduce your insurance premium. In fact, some insurance companies offer a discount if you pay your premium once a year rather than once a month. Check with your insurer.

To help you with your research and quote requests, you can contact a damage insurance brokerage firm like YouSet. Insurance brokers have access to several insurance companies and can present you with the best offer. Compared to an insurance agent, who only has access to the products of the insurer in question. What’s more, insurance brokers often have access to exclusive discounts.

Did you know that your credit rating affects your insurance premium? In fact, a good credit rating confirms to the insurer that you should pay your premium on time. What’s more, you’ll seem less likely to file a claim. In short, if you have a good credit rating, authorize your insurer to carry out a credit check. That way, you can pay less for your home insurance. However, if you want to improve your credit rating, follow the advice given in our guides.