Home Insurance: Our 4 Tips to Save Money

Home insurance protects not only your home but also your family, which makes it a necessary expense. However, that doesn’t mean it has to be expensive. In many cases, there are ways to cut costs without compromising your coverage. Discover our 4 tips to lower your home insurance premium and save money.

1.Bundle Your Policies

Most insurers offer discounts when you bundle multiple insurance policies. Maybe you’ve taken out your home insurance with one company and your car insurance with another? Consider combining these policies with the same insurer. In many cases, the savings are significant enough to make the switch worthwhile. Ask your broker to help you compare options with equal coverage and protection levels.

2.Consider Your Deductibles

The deductible is the portion of the claim you’ll need to pay. Deductibles are found with almost all types of insurance, and often, choosing a higher deductible is an effective way to lower premiums. However, this comes with a caution. If you need to make a claim, you’ll also have to pay more out of pocket. For many households, a high deductible could be a significant expense in the event of a claim. Consult your broker to determine a realistic deductible and ensure it’s an amount you can cover in case of an unexpected situation.

3.Take Security Features into Account

Your home may already have features that could qualify you for discounts on your premiums. This includes alarm systems for burglary and fire prevention. If the alarm is connected to a central station, the discounts could be even higher. These discounts might already be included in your policy, but there could be additional savings to explore! Also, consider water detectors or backflow preventers, which are increasingly being installed in condo buildings, for example. If you’re planning to install or have recently installed one of these systems, let your broker know—there could be extra savings to be made!

4.Consider Renovations

Painting the family room or replacing the carpet won’t earn you a discount, but did you know that you can often get a better rate by replacing your roof? Roofs don’t last forever, but they protect your home from the elements like wind, water, and hail. A new roof can qualify you for a discount, and some insurers also offer an additional discount for impact-resistant roofs. A recent water heater or a water shut-off device can also earn you a discount with certain insurers. After making renovations, be sure to notify your broker!

Consult an Expert

Looking to review your home insurance or get a personalized quote? Contact our team of specialized brokers to enjoy the best coverage at the best price from our wide range of partner insurers.