Have you chosen to take out home insurance? This is a great initiative to protect your possessions and your home! But, while you want to be protected, you probably don't want to pay full price for your coverage.
Did you know that there are several ways to save on your home insurance without sacrificing your level of protection? We will share some of them with you today.
1. Adjust your coverage to your needs
The first thing to do to ensure that you don't pay too much for your home insurance is simply to check that the coverage included in your contract is really relevant to your situation.
For example, a secondary or seasonal residence does not require the same coverage as a primary residence. Similarly, if you live on the top floor of a building, you probably won't need sewer back-up coverage.
Also assess your coverage amount: is it appropriate for the actual value of your possessions? Overestimating your needs does not benefit you and results in you paying more for your insurance. The best way to determine the ideal amount of protection is to make an inventory of your possessions. Plus, it will make your claim process easier!
In addition to this, avoid factoring your land into the price of rebuilding your home. Home insurance does not cover the land in the event of a claim. Including the value of your land will not result in a larger reimbursement, but may increase costs unnecessarily.
2. Increase your deductible amount
Another simple way to pay less for your insurance is to increase the amount of your deductible. This is the amount you agree to pay in the event of a claim.
By increasing your deductible, you'll pay more on a claim, but save on your insurance premium. Obviously, you will need to have the means to provide this amount should an incident occur.
3. Choose a new home
Planning to move soon? If you are torn between buying a new home and an older one, it may be worthwhile to opt for the former. In fact, new builds usually represent less risk than those dating back several years. Your insurer may reward you by lowering the amount of your insurance.
4. Maintain your home over time
It is well known that a well-maintained house is less likely to develop problems. By doing repair and improvement work, you decrease your chances of having to make a claim. In return, your insurer may adjust the amount of your premium.
Some renovations are also very advantageous when it comes to lowering your premium. For example:
- Replacement of the roof;
- Replacement of an outdated electrical system in exchange for a newer one;
- Installation of a water leak detector or check valve;
- Abandoning the use of a wood stove for a more efficient and safe heating system;
- Etc.
Feel free to contact your insurer to let them know about the positive changes that you have made in your home.
5. Install a security system
In the same vein as the previous point, it might be worthwhile to install an alarm system in your home. By making your home safer, you reduce many potential risks, including theft.
If the security system is connected to a central station, this could be even more advantageous, as it guarantees a quicker response, for example in case of fire.
6. Repay your mortgage
This is obviously easier said than done. However, in addition to being relieved of your debt, finishing repaying your mortgage can also allow you to lower the price of your home insurance. Some insurance products take this aspect into account when establishing the amount to be paid. Find out more!
7. Avoid unnecessary claims
An accident can happen quickly. But is it necessarily worth making a claim? In some cases, it may be disadvantageous to report this to your insurer.
Keep in mind that customers who have no claims on file for a few years sometimes receive a discount on their premium. So, stay on track and avoid any unnecessary claims. But don't stop yourself from contacting your insurer in the event of major damage!
8. Combine your insurance coverage
In addition to your home, do you have a cottage, car or motorcycle? You might decide to combine all of your insurance in one place! This is one option that insurance companies appreciate. Most of them offer discounts to their customers when they transfer all of their contracts to a single insurer.
9. Compare multiple quotes
In insurance, as in many other areas, one of the best ways to make sure you pay the best price is to shop around with multiple companies. This is especially true since there are many competing insurers in Quebec, which is an advantage for the consumer.
Ask for at least three quotes before making your choice. Also be sure to compare quotes for similar products so that you can weigh up the pros and cons of each.
10. Work with an insurance broker
Insurance can be complex. To make your life easier, why not hire an insurance broker?
As an intermediary between clients and various insurance companies, insurance brokers should be your ally of choice when it comes to comparing different contracts and finding the one that best suits your needs. Since they know all the tricks of the trade, they are also the ideal person to advise you and give you tips to reduce the amount of your premium.
Are you looking for a home insurance policy?
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