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7 Easy Ways to Save Money On Your Home Insurance

There are a few ways to save money on home insurance policy, below are a few tips tp help you...



  • Bundle your insurances. Most insurance companies will give a discount if you use them for your vehicle, current home, vacation properties and any other rental properties you may have.
  • Raise your deductable. This is a no-brainer. The higher your deductable, the lower your insurance policies. Of course keep in mind on where you live. For example, there are a few places in Alberta that are more proned to flooding and other weather related issues.
  • Another reason to buy new. Insurace companies really like newer homes because it’s less likely something will go wrong with the electrical, heating and plumbing systems. In addition, the structure itself is in better shape. Insurers offer discounts of as much as 8% to 15% if your residence is new.
  • Even when it comes to home insurance, location is also a key factor. If you live near a fire station or your neighbor has a fire hydrant, insurance costs are less.
  • Insure your HOUSE not the land. There is no reason to insure your land unless you are sitting on a gold mine. The market value of your land doesn’t matter.  If you include the value of the land, you’re paying too much. Have your broker run a replacement cost estimate to determine what it will cost to rebuild your home
  • All those little things. Insurance costs go up with attached garages, wood burning fireplaces and yes smokers. Insurance costs decreases with alarm and sprinkler systems.  
  • Good Credit. Most insurance companies are now doing credit checks as part of their pricing structure.  People with better credit will pay less for their insurance in most cases. So, not only is improving your credit rating a good idea by itself, it may also reduce the cost of your insurance.
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