Business Insurance News & Views

Home Insurance Discounts

Would you like to save money on your home insurance premiums ?

Although there are some pricing/rating factors that may be out of your control (we discussed these in our earlier blog  Factors that determine your home insurance rate ) there are many discounts available to lower your home insurance rate.

The deductible is one of these options.  Most companies have a minimum $500 deductible but increasing the deductible can make a substantial difference.  Most home insurance companies offer $1000, $2500 and higher deductibles.

You can choose to insure both your home and auto policy with the same company and save money on both policies.  Insurance companies also reward loyalty.  If you have been with them for a certain amount of time you will qualify for a lower price.

Another way to save money is to have an alarm installed in your home.  Most companies will give a discount for a monitored burglary and/or fire alarm.  All that is needed to get this discount is an alarm certificate from the monitoring company.  Some Insurance companies like Wawanesa Insurance also give a discount for a local alarm.  This means an alarm will sound if an intruder gets into your home but the alarm is not connected to a central monitoring station.

Financial stability and credit can also generate discounts.  Many companies offer a discount if you are mortgage free as well as significant savings depending on your credit history. We’ll talk more in a subsequent blog about how maintaining a good credit rating can lower your home insurance ratings.

Sewer back up and water damage coverage’s  are a big portion of the home insurance premiums.  Some insurers like Intact Insurance  offer a series of sewer back up prevention discounts.  Installing a backwater valves which is attached to the main service line in your home or a sump pump could entitle you to a discount.  Lower rates are alo available if you have a tankless water heater.  This is a heating system that instantly heats water as it flows throughout your home but there is no hot water stored in your home except for what is in the heat exchanger.

Some discounts like the new home discount apply only for a period of time.  This discount decreases on an annual basis as your home ages. Once your home reaches a certain age the discount will no longer apply.

A good tip to remember is to always tell your broker about the discounts you think you should qualify for.  We look forward to hearing from you !