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HomeViral News40+ Home Insurance Savings Tips

40+ Home Insurance Savings Tips

Your housing is often your most precious asset that you need to protect. We have put together a list of all the savings opportunities associated with home insurance. This list is the most complete perspective on home insurance savings tips. Several insurance brokers contributed to this list. Come on, let’s get started!

  1. Change Your Content Coverage: Renting a Condo? You can often lower your content coverage. If you only have a laptop and some IKEA furniture you don’t need to insure your stuff for up to $250,000!
  2. Renovation: Renovating your home can lower home insurance premiums, as home insurance premiums are usually higher for older, poorly maintained homes. Additionally, renovating only certain parts of your dwelling (such as the roof) can lead to insurance savings.
  3. Pool: Adding a swimming pool to your home is likely to increase your insurance rates as your liability (the risk of someone drowning, for example) and the value of your home increase.
  4. Pipes: Insurers prefer copper or plastic plumbing – it might be a good idea to upgrade your galvanized/lead pipe during your next renewal cycle.
  5. Shop Around: Find, compare and switch insurance companies. There are many insurance providers and their value propositions for similar policies can vary greatly, so use multiple online tools and talk to multiple brokers as each will cover a limited number of insurance companies.
  6. Wiring: Some wiring types are more expensive or cheaper than others to insure. Make sure you have approved wiring types, and by all means avoid aluminum wires which can be really expensive to insure. Not all insurers will cover homes with aluminum wiring, and those that require a complete electrical inspection of the home.
  7. Home Insurance Deductibles: Like auto insurance, you can also opt for higher home insurance deductibles to lower your insurance premium.
  8. Bundles: Do You Need Home & Auto Insurance? Most companies will give you a discount if you add them together.
  9. New Home: Check if the insurer has a new home discount, something insurers will have.
  10. Claim-Free Waiver: Some companies recognize the fact that you haven’t submitted a claim and reward it with a claim-free waiver.
  11. Mortgage-free home: When you pay off your home in full, some insurers will reward you with a lower premium.
  12. Professional Membership: Are you a member of a professional organization (such as Certified Management Accountants of Canada or The Air Canada Pilots Association)? Then some insurance companies offer you a discount.
  13. Seniors: Many companies offer special pricing to seniors.
  14. Annual vs Monthly Payments: Compared to monthly payments, annual payments save insurers’ administrative costs (such as billing) and so they reward you with lower premiums.
  15. Annual Review: Review your policies and coverage every year, as the new exemption may apply to your new life situation if it has changed.
  16. Alumni: Graduates from certain Canadian universities (eg University of Toronto, McGill University) may be eligible for discounts on certain insurance providers.
  17. Employees/Union Members: Some companies offer discounts to union members (such as IBM Canada or Research in Motion).

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  1. Mortgage Insurance: It is not always necessary to get mortgage insurance if you have adequate coverage in life insurance: Mortgage insurance is just another name for life/critical illness/disability insurance linked to your home but you can get additional coverage for the convenience of getting insurance. Pay directly while lending money. For example, a term life policy that is enough to pay off your house is usually cheaper.
  2. Reduced earthquake protection: In many areas, earthquakes are unlikely – you may decide not to take earthquake coverage which can lower your premium. For example, BC earthquake coverage may cover up to a third of the policy’s premium.
  3. Wood stove: Using wood stove means higher premium – insurance companies often decide to inspect homes with such installations before insuring them. The decision to get rid of it means less risk and thus lower insurance premium.
  4. Heating: Insurers such as forced-air gas furnaces or electric heating installations. If you have an oil-heated home, you may be paying more than your peers who have alternative heating sources.
  5. Bicycle: You are buying a new bicycle and looking to get extra protection in case it gets stolen when you leave it on the road. While doing your groceries? Your home insurance may already be covering it.
  6. Stop smoking: Some insurers increase their premiums for homes of smokers because of the increased risk of fire.
  7. Clean Claim History: Keep a Clean Claims Record Without Keeping Small Claims Sometimes it makes sense to repair a small damages instead of making a claim: You must consider both aspects: your deductible and Possible increase in premium.
  1. Reconstruction vs. Market Cost: When choosing insurance coverage, consider your reconstruction costs, not the market value of your home (market value can be much higher than the actual reconstruction cost).
  2. Welcome Discount: Some insurers offer so called welcome discount.
  3. Avoid living in dangerous places: Nature affects some places more than others: Avoid areas prone to floods or earthquakes when choosing a home.
  4. Neighborhood: Moving to a safer neighborhood with a lower criminal rate will often consider your insurance premium.
  5. Centrally Connected Alarms: Installing alarms connected to a central monitoring system will allow some insurers to recognize premiums.
  6. Monitoring: 24-hour surveillance of your residence/apartment/condo can mean an insurance discount. Like through a security guard.
  7. Hydrant and Fire Station: Proximity to a water hydrant and/or fire station can also reduce your premium.
  8. Loyalty: Long-term stay with one insurer can sometimes give a discount to a long-term policy holder.
  9. Water Damage: Avoid buying a home that has had water damage or a history of water damage; A check with the insurance company can help figure this out before buying a home.
  10. Decrease Liability Risk: Use meaningful methods to reduce your liability risk (for example by fencing the pool) and this may result in lowering your liability insurance premium.
  11. Direct Insurers: Have you always dealt with insurance brokers/agents? It can often (but not always) be cheaper to get a policy from a direct insurer (ie insurers working through a call-center or online) as they do not pay an agent/broker commission for every policy sold.
  12. Plumbing insulation: Insulating your pipes will prevent them from freezing in winter and reduce or avoid insurance claims.
  13. Dependent students: Dependent students residing in their own apartments can be covered by their parents’ home insurance policy at no extra charge.
  14. Retirees: Those who are retired can often get additional exemptions – as they spend more time at home than someone who works during the day and thus can make accidents like fire much easier.
  15. Leverage Inflation: Many insurers raise your housing limit every year by considering the inflation of the cost of home reconstruction. Make sure this adjustment is in line with reality and that you are not overpaying.
  16. Credit Score: Most of the companies use your credit score while calculating the home insurance premium. Having a good credit score can help you get lower insurance rates.
  17. Stability of Residence: Some insurers may offer a stability of residence exemption if you have lived in the same residence for a certain number of years.
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