Content courtesy from the Economical Insurance website.
There are lots of ways to save on home insurance, from making some improvements around your home to opting for a higher deductible. But if you’re wondering how you could further reduce the cost of your home insurance, be sure to ask your broker about these 10 discounts.
- Claims-free discount. For homeowners and renters who have been claims-free for a specific number of years set out by their insurer. Depending on the number of years you remain claims-free, this discount could even increase over time.
- Group discount. For homeowners and renters who are part of an eligible group (e.g., a union, alumni group, or professional association) that has arranged for its members to receive reduced rates with a specific home insurance company.
- Mature homeowners’ discount. For homeowners who have reached a certain age. The age of maturity varies by insurance company.
- Monitored fire alarm discount. For homes with approved monitored fire alarms.
- Mortgage-free discount. For homeowners who have paid off their mortgage.
- Multi-policy discount. For homeowners and renters who carry their home and car insurance policies with the same insurance company.
- New home discount. For newer homes that are built based on modern standards and bylaws. The percentage of savings may decrease as the home gets older.
- Renewal discount. For homeowners who keep their property insurance policy with the same company for a set number of years.
- Security system discount. For homes with active security systems. Some insurance companies may offer this discount for monitored or unmonitored security systems, while others will only offer it for monitored systems. Locations with 24-hour security attendants may also qualify. Depending on the insurance company, this may be combined with the monitored fire alarm discount.
- Water damage prevention discount. For homes with leak prevention and shut off systems (a working sump pump or backflow valve, for example).
While these are 10 of the most common home insurance discounts available in Canada, specific discounts may vary by province and by insurance provider. Reach out to your licensed home insurance broker to find out which discounts could be applied to your own policy.