How to Save on Home Insurance

Conrad Blog

For many Canadians, owning a home means security, stability, and safety. Home insurance is your home’s safety net, protecting your most valuable asset. Yet, the cost of home insurance in Canada is rising significantly and Canadian homeowners are taking the hit. In today’s economy, owning a house can be pricey for Canadians. Numerous homeowners are struggling to keep up with the increasing financial strain of owning a home. More often than not, the rise in home insurance rate occurs suddenly and is out of the homeowner’s control. With no signs of decreasing, home insurance has become a financial burden for Canadians. The good news is that we’ve got some tips for you to help you take back control of your finances and save on home insurance costs. 

Group Your Auto and Home Insurance Policies

If your current auto insurance policy and home insurance policy are offered by two different insurers, you are missing out on an opportunity to save money. When you bundle your insurance policies under one insurance provider, your insurer can offer you a discount on your insurance premium. Are you interested in our group insurance policies? Contact us to bundle your insurance policies today! 

Ensure Your Home is Damage-Resistant 

If you have some extra time to spare this summer, take on a home improvement project and secure your property from the risk of water damage. Climate change has caused a severe rise in flooding in Canada, leading to an increase in water damage claims by homeowners. Protecting your home from water damage can reduce your home insurance rates and the risk of your property flooding. Home upgrades can include installing a sump pump or back-flow valve to reduce the risk of flooding. 

Increase Your Deductibles

Referred to as a deductible, insurers can request that a certain amount of money has to be paid for a claim to be filed. While the typical amount for most homeowners is approximately $500, if you choose to increase your deductible, your insurance premium decreases. Talk to your insurance provider about potentially increasing your deductible! 

Improve Your Home’s Security

Installing security features in your home not only helps to reduce the risk of theft, but can also lower your home insurance rate. General security upgrades can include dead-bolting your locks, installing an alarm system and adding sensors to your windows and outdoor lights. Speak to your insurance provider about which security features they recommend and which ones can lower your current insurance rates. Our team at Vachon can help you invest in the right security upgrades that won’t break the bank and can reduce your current premiums!

Keep Tabs on Your Credit Score

Keeping a tight lid on your finances and debt can be tough. However, maintaining a good credit score can help you invest in a house, car or cottage. Insurance companies appreciate a good credit score, so it can also help lower your insurance rate. In order to preserve or improve your credit score, make sure that you’re paying your bills on time, automating payments when you can, and staying below your credit limit on your credit card.

Invest in A Newer Home 

Newer homes are not just more modern and reliable, they are also less vulnerable to extensive damage and wear and tear. If you’re a home buyer currently shopping around in the real estate market, ask your real estate agent about the age of the house you are considering purchasing. Investing in a newer home may allow you to have a lower insurance premium.

How We Can Help

Our talented and dedicated team are always available to talk to you about your home insurance rates and policy options! If you’d like to inquire more about our policies, visit our services page or contact us! Looking for 24/7 access to your policies? Try downloading our app!