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How to Save Money on Your Ontario Home Insurance

Posted Oct 21st, 2022 in Did You Know?, General, Home Insurance, HOMEINSURANCE, In the News, Insurance Tips, Media, TENANTINSURANCE

How to Save Money on Your Ontario Home Insurance

Your home and its contents are one of your biggest financial investments, so having a valid home insurance policy with the right amount of coverage is an essential part of protecting the investment you have made in your home and its contents. You can insure your home and belongings are properly protected, while still saving money by taking advantage of some possible discounts you may be eligible for on your home insurance. Continue reading below to learn how to save money on your home insurance premium and about possible home insurance discounts you may qualify for.

To learn what factors impact your home insurance premium, read our blog, 15 Factors That Affect the Price of Home and Property Insurance.

Work With an Insurance Broker

When you work with an insurance broker, you get a partner and advisor that will work with you to compare options and plans with different insurance carriers to find you the best coverage, at the best rate. Insurance brokers are also a great resource for any questions you have and will be able to advise you on additional discounts you may be eligible for. Click here to learn how to choose an insurance broker to work with. 

Bundle Your Home and Auto Policies

Many insurance companies will often offer a discount if you bundle your home and auto insurance policies, often enabling homeowners to save up to 20%.

Additionally, if you own multiple properties and insure them with the same insurance provider, you may be eligible for a discount.

If you own a boat, an RV, or a motorcycle, you may also want to consider talking to your insurance broker about bundling those policies with your home insurance for possible savings.

Consider Increasing Your Deductible

A deductible refers to the amount of a covered claim you are responsible for paying for an insured loss. For example, If your policy has a $1,000 deductible and you have $5,000 worth of damage to your roof, or a home break-in with theft of $5,000 worth of your property, you will be responsible for paying the $1,000 deductible while your insurance company will pay the remaining balance of $4000, or up to the limit that is covered by your insurance policy.

Increasing your deductible will decrease the price of your premiums. This means you will be responsible for paying a larger amount when issuing a claim, but your premium fee will be reduced. Make sure to consider if you have the financial means to cover a higher deductible in the case of a claim before making this decision.   

Pay Your Insurance Premiums Annually

Paying your premiums monthly is quite common, but you have the option of paying these premiums annually. You can save money on home insurance if you pay your insurance premiums once a year.

Install a Monitored Home Security System

The location of your home and how prone that area is to theft are factors that are considered when determining your home insurance premium. Some insurance companies may offer a discount on your home insurance premium if you have a professionally monitored home security system. Make sure to speak with your Ontario insurance broker before purchasing a system, to make sure the system you choose will qualify for the discount.

Install a Monitored Fire Alarm System

As with a monitored security system, some insurance carriers may offer a discount if your home has a monitored fire alarm system.

Install a Sump Pump or Backwater Valve

Installing a sump pump or backwater valve can help to reduce your risk for flood and a subsequent water damage claim, and therefore may qualify you for a  discount on your home insurance, a win-win. You can also reduce your risk of water damage by replacing plastic plumbing hoses with braided steel hoses.

Do Routine and Proactive Home Maintenance

Some home insurance policies may not cover damage to hour home that results from neglect, routine maintenance issues, or general wear or tear. It is important to regularly check your home for the beginning signs of issues so you can proactively manage them before they become bigger issues that will be costly to fix and may lead to a home insurance claim.

Another reason to do routine home maintenance is to avoid accidents at your home or on your property that could lead to a liability claim.

Click here for more information on how proactive fall maintenance can help prevent a home insurance claim, and here for information on proactive spring home maintenance.  

Consider Replacing Your Roof

You may be eligible for a discount on your home insurance if you have a new roof installed. When calculating your home insurance premium, insurance companies base this on risk. If you have a newer roof, there is less risk for leaks, which in turn means less risk of damage to your home and a resulting home insurance claim.

The shape of your roof and the type of materials used for your roof are also factors that are considered by insurance companies, with flat roofs and gable roofs seen as higher risks, so make sure to speak with your Ontario insurance broker before making any upgrades or changes to your roof, to make sure you will qualify for the discount.

Consider a Group Home and Auto Insurance Program

Youngs Insurance Brokers offers home and auto insurance discounts to thousands of members of Ontario companies, unions, and associations through our Group Home & Auto Program. Eligible members can save up to 30%. To find out if you are eligible for the programs, contact your employer, or get in touch with a Youngs insurance broker today

Pay Off Your Mortgage As Quickly As You Can

If you have paid off your mortgage on your home, you should let your Ontario insurance broker know, as some insurance companies may offer a discount to homeowners who do not carry a mortgage.

Stay With the Same Insurance Carrier 

Many insurance companies will offer a discount if you are a loyal customer that has been with them for many years, so try and stay consistent.

Maintain a Strong Credit Rating

If you give your insurance broker permission to do so, they can do a credit check when you apply for your home insurance. Those with excellent credit scores may be eligible for a discount, as insurance companies see those with excellent credit scores to be responsible, and less likely to make a claim. Click here for more information on how your credit score can impact your home insurance rates. 

Be a Non-Smoker

As mentioned above, insurance companies consider various risk factors when calculating your home insurance premium. Being a smoker is seen as increasing the risk of a fire hazard. If you and the people who live in your home are all non-smokers, you may qualify for a discount.

Additional Discounts You May be Eligible For

As mentioned above, your Ontario insurance broker can be a great resource in informing you of possible discounts you may be eligible for on your home insurance. You may want to talk to your insurance broker about the possible following discounts.

-Claims-free discount

-Mature client discount- if you are 50 years or older, you may be eligible for a discount

-New home discount – if you have a home that has been newly built, you may qualify for a discount on your home insurance.

Youngs Insurance Brokers can work with you to find the best possible coverage for your home, at the best price possible. Contact your Ontario insurance broker today and let us help you discover which discounts you may be eligible for and additional ways you can save money on your home insurance policy!

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Disclaimer: The information provided on this blog is for educational purposes only and is not intended as professional insurance advice. The coverage, terms, and conditions of each insurance policy are unique and subject to individual circumstances. The information provided does not guarantee the availability or suitability of any insurance policy for your specific needs. You should not rely on the information in the blog as an alternative to professional advice from your insurance broker or insurance company. If you have any specific questions about any insurance matter, please consult a licensed insurance broker for personalized advice and guidance.

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