The Best (20) Insurance Savings Tips
Your home is often the most precious asset you need to protect. We create a list of all savings opportunities associated with home insurance. This list is the most complete perspective on saving tips for home insurance. Numerous insurance brokers contributed to this list. Then, let’s start!
1. Change the content of your savings coverage insurance: Rent a condo? You can often reduce your content coverage. You do not need to ensure your belongings up to $ 300,000 if you only have a laptop and some IKEA furniture!
2. Savings on renewal insurance: the renovation of your home may result in lower home insurance premiums since the old and poorly maintained home insurance premiums for homes are generally higher. In addition, the modernization of only parts of your home can lead to savings in insurance.
3. Savings on pool insurance: adding a pool to your home will probably lead to an increase in your insurance rates since your liability (for example, the risk of someone drowning) and the value of your home have increased.
4. Savings in pipe insurance: insurers prefer copper or plastic pipes; It may be a good idea to update your galvanized lead pipes during your next renovation cycle.
5. Look for insurance savings: search, compare and change insurance companies. There are many insurance providers and their price offers for the same policies can be very different, therefore, use multiple online tools and speak with several brokers, as each will cover a limited number of insurance companies.
6. Saving cabling insurance: some types of cabling are more expensive or cheaper than others to insure. Make sure you have approved the types of cabling and, of course, avoid aluminum wiring that can be really expensive to insure.
7. Home insurance deductibles: like car insurance, you can also choose higher home insurance deductibles to reduce your insurance premiums.
8. Package insurance savings: Do you need a home and car insurance? Most companies will offer you a discount if you put them together.
9. New home insurance savings: check if the insurer has a new home discount; Some insurers will have them.
10. Saving on discount insurance without claims: some companies recognize the fact that they have not filed any claim and reward it with a discount without claims.
11. Saving home insurance without a mortgage: when you finish paying off your entire home, some insurers will reward you with lower premiums.
12. Savings on Professional Membership Insurance: Are you a member of a professional organization
13. Elderly people: many companies offer special prices for seniors.
14. Insurance savings from annual payments verses monthly payments: unlike monthly payments, annual payments save administrative costs to insurers and, therefore, give lower premiums.
15. Annual review of insurance savings: review your policies and coverage each year, since the new discounts could apply to your new life situation if it has changed.
16. Saving Alumni Insurance: Graduates of certain Canadian universities may qualify for a discount on certain insurance providers.
17. Insurance savings for employees/members of unions: some companies offer discounts to union members (for example, IBM Canada or Research in Motion)
19. Saving in earthquake protection insurance: in many regions, earthquakes are not likely: you can choose not to receive earthquake coverage, which could reduce your premiums. For example, in BC, earthquake coverage can represent up to one-third of a policy premium.
20. Saving on the wood stove insurance: the choice of a wood stove means higher premiums. Insurance companies often decide to inspect houses with such facilities before insuring them. A decision to clean it means a lower probability and, therefore, lower insurance premiums.