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Home insurance is not required by law in Canada, but it is required 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’ll explain in this article.
bundling 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 ClicAssure, you can save up to an additional 15% when you combine your home and auto 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 insurance 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:
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 property and casualty insurance broker like ClicAssure. 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. Plus, 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. In addition, you’ll seem less likely to file a claim. In short, if you have a good credit rating, authorize your insurer to perform 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.
Insurance deductibles generally range from $500 to $1,000. If a minor incident occurs, refrain from filing a claim. Claims remain on your file for six years, increasing your premium each year. Plus, you’ll lose all the discounts you’ve earned for avoiding claims.
For example, if you have a $500 deductible and a $1,000 claim, you’ll have to pay $500 toward the deductible. Secondly, your home insurance premium will increase over the next few years. For such a small claim, is it really worth it?
In short, paying less for your home insurance is generally a good idea. But be careful not to reduce your insurance coverage or increase your deductible beyond your budget. This could pose a problem in the event of a claim. Do your research, and don’t hesitate to talk to your insurer. Finally, try our home insurance comparator to start comparing home insurance quotes today.
Savings this way:
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