Learn ways to save on your home insurance
These tips for How to Save on Home Insurance are curated explicitly for individuals and families who already live in a home.
Age is Beauty
It turns out insurance companies love mature homeowners. Generally speaking, more mature homeowners are more established financially, have quieter homes, and are settled in life. If you’re over 45, there is a good chance you will be awarded savings on your home insurance policy.
Install Security
Proactively mitigating the risk of experiencing a break-in at home can help you save on your insurance premium. The security system usually needs to be monitored by a third-party monitoring station to qualify for home insurance savings. Sometimes a self-monitored system works too. Consult with your dedicated insurance broker to gain insight into your specific situation.
Mortgage-free has benefits
Being mortgage-free is a big booster to monthly cash flow. Families who are mortgage-free and without a line of credit on their home can save even more on their home insurance.
Home purchase price does not equal home rebuild cost
Although the cost of rebuilding a home is increasing, in most parts of Ontario the home’s market price is still much higher than the rebuild cost. When insuring the value of your home, it is essential to insure the value to the rebuild cost, not the market value.
Think twice about major home upgrades
It is common for couples to choose to stay in their home and upgrade it over time. Extensive upgrades (think a swimming pool or basement home theatre system) can make your home more enjoyable while also leading to higher insurance costs. We love when families choose to make their home their paradise, but if you’re looking to reduce your home insurance premium, we invite you to consult with us first.
Bundle Your Insurable Assets Together
Insurance companies offer significant savings when you choose to insure your home and car with them. If you have toys like a boat or ATV, you could be saving by insuring everything together.
> Learn more about the benefits of Bundling Your Home & Auto Insurance
Increase your deductible
This makes pretty clear sense. The higher amount you’re willing to pay out of pocket for a claim, the lower your insurance premium will be. We generally recommend you proceed with a deductible level you would be comfortable paying in the event of a claim-triggering incident.
Stay claims-free
An insurance product is designed to cover the costs of an insured loss, but that doesn’t stop insurance companies from rewarding clients who have a claims-free history. For many, home insurance is purchased in the event the home suffers a significant loss. If a low-value incident happens, you may decide to repair the damage yourself to keep your claims-free standing. When considering your deductible (as in the point above), a question you can ask yourself is “what amount of a home loss would I be willing to cover out of pocket instead of reporting it as an insurance claim?”
Take proactive risk mitigation steps against damage
There are home improvements that you can do to help you save on your insurance premium. Installing a sump pump (for keeping water away from your home’s foundation) or a backwater valve (prevents sewage from flowing into your home if the sewer is backing up) can significantly reduce the chance and severity of a water-related claim. Installing these improvements can lead to home insurance savings.
It is our job to understand the insurance markets to ensure your insurance profile best matches your insurance carrier.
Additional questions?
Have additional questions about car insurance or want to find out how much we can save you? Give our office a call at 1-800-661-5196 or email us at connect@brysoninsurance.ca