6 Ways to Save on Home Insurance
Article revised on 8 June 2017
Home insurance plays a vital role in absorbing costs when you suffer a loss (in the event of fire, theft, water damage, etc.). We would like to offer you a few tips on how to save on your Home Insurance without compromising your coverage!
1. Adjust the level of coverage based on your needs
Your Home Insurance policy should cover your residence and its contents, no more, no less. This way, you would avoid paying for unnecessary or insufficient coverage.
- Depending on your needs, you can choose between basic coverage (fire, wind damage, etc.) or all-perils coverage for your home and its contents.
- Maximum reimbursement amounts may apply to certain types of property, such as works of art, bottles of wine or jewellery. You should adjust this amount to ensure that it meets your requirements.
- If you are renting a top-floor apartment and don’t have any furniture stored in the basement: You can adjust your coverage for water damage to suit your needs.
- If you are a home owner with a fully finished basement: Adjust the insurance limits of the coverage for water damage to include an amount that would allow you to replace the damaged parts of the building and your property.
2. Increase the amount of your deductible.
The deductible is the amount you agree to pay in the event of a claim. A Home Insurance deductible usually varies between $300 and $1,000. Your premium will decrease immediately if you increase your deductible. Just remember that you will have to pay a higher amount in the event of a claim.
3. Bundle your insurance with the same insurer.
4. Make your home secure.
A secure home that’s equipped with an alarm system connected to a central monitoring station wards off thieves and is therefore less costly to insure. Consult your insurance representative, who can advise you on systems that, if purchased, can result in a premium reduction. Of course, you are also beefing up your home security, which is a good thing!
5. Opt for a two-year policy
Your premium will remain the same for the duration of the contract, even if you make a claim.
6. Join an association or group
Your membership in a group or association recognized by your insurer could save you money. Ask your insurer!
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