How to Obtain the Best Price on Your Home Insurance

It’s no secret: shopping around for home insurance to get the best price takes time. You have to compare, analyze, repeat… Luckily, an insurance broker does the work for you and offers you their best deal.

Comparing—whether on your own or with a broker—can lead to significant savings on your home insurance. Prices can vary greatly from one insurer to another, so taking the time to do this is definitely worth it!

In this article, our experts share their top tips to help you save! From bundling your insurance policies to improving your home security, discover smart moves that can benefit your wallet.

Tips and Tricks to Get the Best Price on Your Home Insurance

It’s time for your insurance renewal, and you’re looking to shop around for better terms? Know that it’s possible to get the best price, no matter your profile.

Before you dive in, take the time to review your current coverage. This first step will help you assess whether it still meets your needs. To make your calls easier, have a copy of your current policy on hand.

Are you looking to purchase new insurance for a new home? Make a list of the factors that impact home insurance pricing. The year your home was built, the type of heating system, and the type of coverage are just a few characteristics you’ll be asked about.

Now, it’s your turn! Take advantage of these pro tips to get the best home insurance price.

1. Bundle Your Home Insurance with Other Policies

You might not learn anything new in the following lines, but one of the best ways to save on your home insurance is by bundling your policies. The more complete your insurance portfolio is with one company (home, auto, recreational vehicles, etc.), the better the price per type of insurance.

In fact, most companies offer discounts when you bundle your insurance products. An experienced broker can help find the most favorable scenario for you—a beneficial option that saves you both time and money!

2. Take Advantage of Available Discounts

Different circumstances could make you eligible for discounts. Are you a member of an association, a professional order, or a union? Are you a university graduate? Have you had no claims for the past three years? These are just a few examples of statuses that insurers prioritize when offering discounts or preferential rates. Ask your broker if you qualify for any discounts

3. Increase Your Deductible

First, let’s remember that the deductible is the amount you pay in the event of a covered loss. This amount is adjustable when you shop for insurance: it’s up to you to choose. Deductibles are often amounts like $500, $1,000, or more. For example, if you’re a victim of a theft worth $4,000, you’ll need to pay the deductible specified in your contract. If you chose $1,000, you’ll pay that amount, and your insurer will cover the remaining balance.

The higher your deductible, the lower your home insurance premium will be. And while it’s very tempting to blindly choose a higher deductible, it’s important to be cautious. Will your budget allow you to pay it in the event of a claim? That’s something to think about!

Ask your broker what the most advantageous option would be for you. They’ll certainly be able to guide you!

4. Secure Your Property (Home or Condo)

“Prevention is better than cure,” as the saying goes. And this is especially true in the world of insurance. The more you secure your home, the more lenient your insurer will be with your home insurance price. You reduce the risk, and they reduce the price!

Specifically, insurance companies love it when your home features safety elements such as:

• Fire and theft alarm systems
  
• Water leak detection devices
  
• Backup power for submersible pumps
  

Preventing issues isn’t just a way to avoid unwanted claims. It’s also beneficial for the price of your home insurance

5. Review Your Policy Regularly

Are you sure you’re getting the best offer the market has to offer? Because right now, it’s truer than ever to say that premiums are changing rapidly. Our best advice: shop for home insurance prices every year. Even if your current insurer rewards your loyalty, another might offer you a much better price. The best part? Your broker takes care of the entire process for you. Discuss it today with one of our home insurance experts.

Notify Your Insurer Immediately of Any Changes to Your Home or Personal Information

Has your roof seen better days? Did you finally give in to the idea of a hot tub? Your insurer needs to know about any changes, and it’s your responsibility to inform them!

Failing to disclose or lying about this is never a good idea. And even though many see it as an opportunity to lower their premium, the difference is often minimal. No, this is really not a sound financial strategy. In fact, it could backfire when making a claim. You could receive a smaller payout if information was hidden from your insurer, or worse: no compensation at all. To avoid such issues, a broker will ask you the right questions during your insurance renewal. But if a change occurs during the year, remember to call or email them!

6. Compare the Coverage

When it comes to insurance in Quebec, you have the option to choose from dozens of different companies. And that’s to your advantage! At Fort Insurance, we have more than 50 trusted insurance partners. We handle the comparison process between different quotes: our promise is to find the best price on the market. No more calls and follow-ups between different insurance companies!

A broker takes the time to understand your needs and the specifics of your situation. Then, they leverage their contacts to find a solution that is 100% tailored to you. Discuss it with one of our home insurance brokers today.

Next Stop: The Best Home Insurance Price

Now that you’re better informed on how to find a good price for your home insurance, do you know how to assess the quality of your product?

While price is important, the coverage is just as crucial! Reach out to our experts to compare the elements optimally. With the largest network of partners in Quebec, we’ll guide you toward the most sensible options.

Find the Best Home Insurance