August 26, 2022
With adult life comes independence, family projects, and finally, the financial capital to buy or rent the home of your dreams! However, the costs associated with buying a home can increase quickly: mortgage payments, property taxes, maintenance fees, etc. You could easily reduce your financial stress by starting with an attempt to lower your home insurance bill. Here are a few tips* that could have a positive impact:
Consider energy efficiency during your renovations
Are you planning to renovate soon? Consider renovations aimed at improving the energy efficiency or durability of a home, as this could have a positive impact on your insurance rates. The installation of a heating system using solar panels, a heat pump, smart thermostats, or any more energy-efficient electrical system can be considered. If you replace the windows and improve the basement insulation, that could also count! Check with your broker to learn about the impacts of your upcoming renovations.
Do not overlook prevention
Anything that can help prevent fires and theft in your home can influence the cost of your home insurance. Install a good alarm system—ideally connected to a monitoring station and including a motion detector. Do not overlook smoke detectors and fire extinguishers, and ensure you have an electrical system that meets safety standards.
Protect against water damage
All actions taken to prevent water damage could also have a positive impact on your insurance premium, in addition to avoiding damage claims, particularly the installation of a recent water heater—generally, a water heater should be replaced every ten years. Furthermore, the presence of a catch basin and a safety valve will prevent damage in the event of a leak. Install backwater valves on all the home’s plumbing lines. You could also equip yourself with a water leak detector. Replacing the roof with more resistant materials is also a good idea to prevent water infiltration.
Properly assess your needs
Taking an inventory of your belongings and reflecting on your actual needs will allow you to take out coverage that is truly adapted to your situation and perhaps even save on the premium. Make the most accurate estimate possible of the value of your possessions, using their actual replacement cost as a benchmark. Also, declare the value of any major renovations: they will change the amount required for reconstruction in the event of a loss. If you have the means, increase the deductible amount; this will decrease your premium amount. Your broker will be able to guide you to ensure you have coverage tailored to your needs; discuss it with them.
Maintain your credit score
What is the link between credit score and home insurance? It is quite simple: studies show that citizens with good credit are also those who maintain their homes better. For low-cost home insurance, your good financial behavior can therefore be a key element.
Bundle your insurance
It is always advantageous to bundle your auto and home insurance with the same insurer. Multi-policy discounts, such as Intact Insurance’s Synchro Insurance, guarantee you up to 15% off, in addition to allowing you to benefit from many other advantages.
Do not let any discounts slip away
If you belong to a professional order, a student association, a union, or another group, inform your broker. You could be entitled to an additional discount on your home insurance. It would be a shame to miss out on such an easy-to-obtain reduction!
By following all these tips and tricks, you could save several hundred dollars per year. Discuss them with your broker to find out the actual impact on your home insurance premium.
*This site provides general information only. Please refer to your broker to find out the actual impact on your premium before making any changes.
Please refer to your insurance policy; the latter prevails at all times.
