Whether you’re buying a home for the first time, moving to a smaller space or have recently experienced an increase in the cost of your home insurance, we have the best advice to help you get the right insurance at the right price.
1 – Brand new and beautiful. If you’re looking for a home and have a choice between a new construction or an old house, keep in mind that many insurers offer discounts or low premiums on policies for new homes. It makes sense – the majority of new construction is under warranty and repairs are usually not necessary in the first few years. For an insurer, this means fewer claims. In fact, the age of the building is only one of seven things that can affect your insurance.
2 – Avoid the bank (if it’s possible for you). If you’ve set aside a large enough amount of money for a down payment, consider buying a cheaper, mortgage-free home. You might even get a discount from your insurer and save money.
3 – Remember that sometimes too much is like not enough. We understand… when you’re happy with the purchase of your home and everything in it, you want to make sure everything is protected. However, it’s important to avoid over-insuiring your home and possessions. Consider carefully what types of coverage you need and choose accordingly. For expert advice on the perfect amount of insurance to meet your needs, contact a qualified insurance broker.
4 – Opt for a higher deductible. One of the best ways to reduce your premium is to agree to pay a higher deductible in the event of a claim. It’s a bit like a tilt game – the higher your deductible, the lower your premium will be. But make sure you are able to pay your chosen deductible amount in the event of a claim.
5 – Keep claims to a minimum. You certainly want your home insurance to cover you when you really need it, but keep in mind that many insurers offer a discount to customers who have been claims-free for a number of years. It can be cost-effective to see whether a small claim is worthwhile or whether it’s better to pay for it out of your own pocket and continue to have no claims on your file.
6 – Combine your home and auto insurance policies. Most insurers offer incentives to loyal customers. Take advantage of these incentives by taking out your home and auto insurance with the same insurer.
7 – Accept your age. Insurance companies like older homeowners – and why not? You’re generally more financially comfortable and have a more stable lifestyle. If you’re over 45, you’ll probably benefit from a reduction in your home insurance premium.
8 – Secure the perimeter. Install at least one remote surveillance or closed-circuit security system to reduce the risk of break-ins. This will help reduce the risk of damage and theft. Insurance companies will thank you with a discount.
9 – Make your home more strong and resistant to damage. Certain types of renovations can even reduce your home insurance premium. For example, install a bilge pump or a non-return valve (or both!) to reduce the risk of water damage and, therefore, your home insurance premium. Find out about five other types of renovations that could reduce your insurance premium.
10 – Shop with the help of a broker. Why pay more? A broker will listen to your needs and find insurance options at various prices. He or she can also point you to other discounts and savings you might not have thought of – all without any upfront cost for these consultations. Talk to a broker today.