When you buy a home, your lender will require you to pay a home insurance, so that your home is protected (and so is their investment). These home insurance plans can become pretty costly, especially if you don’t properly shop around for the best deals.
Luckily, there are lots of ways for Canadian homeowners to keep their costs down while still purchasing the protection they need for their most valuable asset.
Bundle your insurance plans
According to The Globe And Mail, one of the most simple ways to keep your home insurance cheap is to bundle as many services as possible.
You already need to pay for a home insurance, probably a car insurance (if you own a car) and life insurance. These 2 plans can be purchased from the same insurance company and in most cases they will give you a better deal, if you buy them together than if you got the separately.
Keep your home in excellent condition
Not only for your own enjoyment (it’s nicer to have a well maintained house), but for home insurance purposes as well.
Over 50% of home insurance claims are on water damage.
Some water damage like storms with heavy rains is unavoidable, but many water damage claims come from homeowners who could have eliminated the problem with proper maintenance.
It’s a good idea to check your home every season to make sure that everything is operating correctly.
Make sure all your appliances are in top condition, your wiring is not messed up, your roof doesn’t leak and so on. The more repairs you can do to your home, the less chances for damages you’ll get.
Pay your home insurance annually
Paying annually is a simple way to lower your home insurance premium.
Homeowners in Canada typically pay anywhere from $900-$1300 on average for home insurance. If your not sure what the average rate is for your specific home, compare home insurance quotes to figure out what the average premium for your home looks like.
If you can make this payment once, your insurance company will offer you a discounted rate.
Increase your deductible
Paying a higher deductible is automatically going to make your home insurance cheaper, but you want to make sure that number is realistic.
If your home is damaged in some way, are you able to pay the deductible easily? If you’ve been at the same deductible rate for awhile, it might be time to compare recent home insurance quotes to see if you can get a cheaper rate by comfortably increasing your deductible.
Think twice before making a claim
Always remember that insurance companies are in the business to make as much money as possible and not pay for your claims. This means that sometimes, after you made some home repairs, it makes better sense, financially speaking, to just cover the costs on your own and not file a claim.
You can get your repairs covered, but this will show in your future insurance payments, as your home insurance company won’t be willing to lose money.
Shop around for the best deals
Just like with everything in life, you can better deals if you do your due diligence.
The cost of your home insurance depends on a number of factors. Things like location, age of the home, renovations, and potential repairs costs all contribute to the final number that you pay for your home insurance.
The most important thing you can do before purchasing home insurance is research. Cheap home insurance is one thing, but you want to make sure that you get the best coverage possible for your home as well.
Luckily, comparing home insurance quotes has never been easier. Using an insurance databases like Insurancehotline.com allows you to compare competitive rates from top providers, and input your exact specifications so you can find cheap home insurance that includes everything you need to protect your home and your family.
