23 Home Insurance Savings Tips
23 Home Insurance Savings Tips, Your home is often the most precious asset that you need to protect. We have made a list of all the savings options associated with home insurance. This list is the most complete perspective on home insurance savings tips. Numerous insurance brokers contributed to this list. So let’s get started!
1. Change your content coverage: Do you rent a condominium? You can often lower your content coverage. No need to insure your belongings for up to $ 250,000 if you only have a laptop and some IKEA furniture! 23 Home Insurance Savings Tips.
2. Renovations: Renovating your home may result in lower home insurance premiums, as home insurance premiums for older, poorly maintained homes are usually higher. In addition, renovating only parts of your home (such as the roof) can lead to insurance savings.
3. Pool: Adding a swimming pool to your house is likely to lead to an increase in your insurance rates as your liability (e.g. the risk of someone drowning) and the value of your house have increased.
4. Pipes: Insurance companies prefer copper or plastic plumbing – it may be a good idea to upgrade your galvanized / lead pipes during your next renovation cycle. 23 Home Insurance Savings Tips.
5. Shop around: Search, compare and change insurance companies. There are many insurance providers and their quotes for the same policies can be very different, so use more online tools and numbers with multiple brokers, as each one covers a limited number of insurance companies.
6. Wiring: Some types of wiring are more expensive or cheaper than others to insure. Make sure you have approved wire types, and at least avoid aluminum wires, which can be really expensive to insure. Not all insurance companies will cover houses with aluminum wires, and those who would require a full electrical inspection of the house.
7. Deductible for home insurance: Like car insurance, you can also opt for a higher deductible for home insurance to reduce your insurance premiums. 23 Home Insurance Savings Tips.
8. Bundle: Do you need a home and car insurance? Most companies will offer you a discount if you put them together. 23 Home Insurance Savings Tips.
9. New home: Check if the insurance company has a new home discount, some insurance companies want them.
10. Damage-free discount: Some companies acknowledge that you have not submitted any claim and reward it with an injury-free discount.
11. Mortgage-free housing: Once you have completed the repayment of your house in full, some insurance companies will reward you with lower premiums. 23 Home Insurance Savings Tips.
12. Professional membership: Are you a member of a professional organization (eg Certified Management Accountants of Canada or The Air Canada Pilots Association)? Then some insurance companies give you a discount.
13. Seniors: Many companies offer special rates to seniors.
14. Annual vs. Monthly Payments: Compared to monthly payments, annual payments save the administrative costs of insurance companies (e.g. sending bills) and therefore they reward you with lower premiums.
15. Annual Review: Review your insurance policies and coverage each year, as new discounts may apply to your new life situation if it has changed.
16. Alumni: Graduates of certain Canadian universities (eg University of Toronto, McGill University) may be eligible for discounts from certain insurance providers.
17. Employee / Union members: Some companies offer discounts to union members (eg IBM Canada or Research in Motion)
18. Mortgage Insurance: Getting mortgage insurance when you have adequate coverage in Life Insurance is not always necessary: Mortgage Insurance is another name for a Life / Critical Illness / Disability Insurance that is only linked to your home but you pay extra for convenience to get insurance directly by lending the money.
23 Home Insurance Savings Tips, For example, a life insurance policy that is large enough to pay for your home is usually cheaper.
19. Drop earthquake protection: In many regions, earthquakes are unlikely – you may decide not to take earthquake coverage, which may lower your premiums. For example, earthquake coverage in BC can account for as much as a third of a policy’s premium.
20. Woodburning stove: Choosing to use a wood stove means higher premiums – Insurance companies often decide to inspect the houses with such installations before insuring them. A decision to get rid of it means a lower risk and thus lower insurance premiums.
21. Heating: Insurance companies like forced air gas heaters or electric heating installations. If you have an oil-heated home, you may be paying more than your peers who have alternative heat sources.
22. Bicycle: You buy a new bicycle and think about getting extra protection if it is stolen when you leave it on the street e.g. when you make your purchases? Your home insurance might already cover it. 23 Home Insurance Savings Tips.
23. Quit smoking: Some insurance companies increase their premiums for homes with smokers as there is an increased risk of fire.