28 Feb How to Save on Home Insurance
Tips on How to Save on Home Insurance in Canada
One of the more common questions we get asked is how to save on home insurance.
You home is perhaps your biggest asset and as a homeowner, you need home insurance to protect your family, your home, and your home’s contents.
Whether you own a home or a unit in a condominium, home insurance will help you to recover the expenses in the event of damage to your property or theft. Insurance coverage is a big expense so learning how to save on home insurance can make a big difference.
Thankfully, there are a number of ways that you can save and keep more money in your pocket.
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5 Top Insurance Saving Tips
Here at Huronia Insurance Group in Barrie Ontario, our brokers have compiled their Top 5 Tips on how to save on home insurance:
1. Claim Less
Insurance is always there when you need it but a history of insurance claims with little or no merit will result in increased insurance premiums. The magnitude of a claim does not hinder your insurance record but frivolous claims do.
Assess the value of a claim before making it as in some cases, the claim may cost you more
than your deductible and could harm your insurance record.
To see how claims affect car insurance rates, see this Rate Hub article entitled, How Claims Affect Your Car Insurance Premiums.
2. Increase Your Deductible
A deductible is an amount of money you agree on with your insurance provider to pay out of pocket in the event of an insurance claim. Paying a higher deductible lowers your risk to an insurance provider and results in lower premiums.
Consider doubling your deductible and you may be able to reduce your premium.
3. Improve Home Security
Installing smoke detectors, carbon monoxide detectors and/or a monitored burglar alarm system can benefit in several ways:
- It can significantly reduce the potential for you to have to make an insurance claim .
- And it may help to cut the cost of your insurance premiums.
A smoke detector or carbon monoxide detector identifies the start of a fire or gas leak and notifies you of a small problem before it becomes an insurmountable problem.
Monitored burglar alarm systems keep burglars from breaking into your home and are a great way to safeguard your family and your valuables. In Canada, a break-in occurs every 90 seconds; a monitored burglar alarm system can help prevent you from becoming a victim of crime.
Installing smoke detectors, carbon monoxide detectors and/or monitored burglar alarm systems
will improve home security and can reduce your insurance premiums because
your home is recognized as being less of insurance risk.
4. Get Combined Home and Auto Insurance from the Same Company
This tip on how to save on home insurance is one that more Canadians need to be aware of.
Purchasing home insurance from the same company as your automobile insurance may grant you a reduced insurance rate or discount. Bundling your automobile and home insurance from the same company can cut your insurance rate by up to 15%!
Combined home and auto insurance will not only earn you a discount,
it can also simplify your life in the event of a claim
since you will only have to deal with one insurance company.
5. Ask an Insurance Broker for Advice
An insurance broker will listen and shop Canada wide for the most competitive insurance products, then offer you the most ideal option for your insurance needs.
Make an appointment
with a licensed Huronia Insurance Broker today.
About Huronia Insurance Group in Barrie ON
Huronia Insurance Group has been serving southern Ontario (including Barrie and the Greater Toronto area) for nearly three decades. Our insurance brokers are very knowledgeable and among other ways, can show you how to save on home insurance by combining your home insurance and auto insurance policies.
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