As a homeowner in Canada, it’s important to protect your property and belongings with a comprehensive home insurance policy. However, with the rising cost of living, finding ways to save on your home insurance premiums is always a good idea.
Fortunately, there are several home coverage discounts available that you can take advantage of.
If you’re looking to save on home insurance, check out this website to compare rates to find coverage that suits your budget.
Types of Home Insurance Discounts
Here are the different types of home coverage discounts.
Multi-Policy Discount
One of the most common ways to save on your home insurance premiums is by bundling your home insurance policy with other types, such as auto insurance. This is known as a multi-policy discount in home coverage, and it can save you up to 25% on your insurance premiums.
Home Security System Discount
Installing a home security system can not only help protect your home from theft and other hazards but can also save you money on your home insurance premiums. Some companies offer discounts of up to 20% for homeowners who have a home security system installed.
Claims-Free Discount
If you have been a homeowner for a while and have not made any claims on your home coverage policy, you may be eligible for a claims-free discount. This discount can range from 5% to 20% and can help you save money on your premiums.
Age of Home Discount
If your home is relatively new, you may be eligible for an age of home discount. Coverage companies may offer this discount to homeowners who have recently built or purchased a newly constructed home, as these homes are less likely to experience certain types of damage.
Loyalty Discount
If you have been a loyal customer of your home insurance provider for several years, you may be eligible for a loyalty discount. Some companies offer this discount to customers who have been with them for a certain number of years and can help you save money on your premiums.
Mortgage-Free Discount
If you own your home outright and do not have a mortgage, you may be eligible for a mortgage-free discount. Insurance companies may offer this discount to homeowners who have paid off their mortgage, as they are considered to be less of a financial risk.
Non-Smoker Discount
If you are a non-smoker, you may be eligible for a non-smoker discount on your home insurance premiums. Companies may offer this discount to homeowners who do not smoke, as smoking can increase the risk of fire and other hazards in the home.
New Homeowner Discount
If you have recently purchased your first home, you may be eligible for a new home insurance discount. Companies in this field may offer this discount to new homeowners as a way to help them get started with their home coverage.
Group Affiliation Discount
If you are a member of a certain group or organization, such as a professional association or alumni group, you may be eligible for a group affiliation discount on your home insurance premiums. Companies may offer this discount to members of certain groups as a way to attract new customers.
Green Home Discount
If you have made energy-efficient upgrades to your home, such as installing solar panels or upgrading your insulation, you may be eligible for a green home discount on your home insurance premiums. Companies may offer this discount to homeowners who have taken steps to reduce their carbon footprint and energy usage.
New Home Discount
Another discount that Canadian homeowners should be aware of is the new home discount. This type of discount is typically offered to homeowners who have recently purchased a new home, as new homes are generally in better condition and less likely to suffer damage or loss.
The exact amount of the new home discount can vary depending on the insurer, but it can be as much as 20% of the home insurance premium.
To qualify for this discount home insurance, your home must be less than a certain number of years old, usually between 1 and 5 years. Some insurers may also require that the home be newly built or recently renovated. If you are buying a new home, be sure to ask your insurer if there are any discounts, including for new homes.
How to Ask for Home Insurance Discounts
When you are shopping for home insurance or renewing your existing policy, it is important to ask your insurance provider about any available discounts. Here are some tips about home insurance discounts to ask for:
- Be prepared to provide information about your home, such as its age, location, and safety features.
- Ask about bundling your policy with other types of insurance.
- Ask about any specific discounts that may be available to you based on your personal circumstances, such as your age, homeownership status, or profession.
- Inquire about any loyalty discounts or discounts for long-term customers that may be available.
- Ask about any discounts for installing safety features in your home, such as a home security system or smoke detectors.
- Finally, be sure to compare quotes from multiple insurance providers to ensure that you are getting the best possible rate for your home coverage.
To Conclude
As a homeowner in Canada, it is important to be aware of the many property insurance discounts that are available to you. By taking advantage of these discounts, you can save money on your home coverage premiums while still protecting your home and belongings from unexpected events.
From multi-policy discounts to age of discounts, there are many ways to save on your home insurance premiums. When shopping for home insurance or renewing your policy, be sure to ask your insurance provider about any available discounts, and be prepared to provide information about your home and personal circumstances to help you qualify for these discounts.
By taking a proactive approach to your coverage and seeking out discounts where available, you can protect your home and save money at the same time.
