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How to Lower Home Insurance

Thursday, 2 December 2021

Home ownership can be one of the most rewarding investments you make. More than just shelter from the elements, your home is a place of refuge and reprieve from the outside world, and a space to create treasured memories with loved ones. Whether you are purchasing a new home and trying to keep your costs down, adjusting your existing budget, or your home insurance is up for renewal and you are exploring ways to save on your coverage, you’re in the right place. This blog will explain how to lower home insurance without compromising the protection you need.

Factors That Impact Your Home Insurance

Over the years, you become increasingly aware of your home’s little quirks and design features (or flaws). You might decorate and even renovate spaces to better reflect your personality. In the same way that your home is unique, so is your home insurance rate. There are several factors that insurance companies will consider to calculating your rate:

  • Building features (age, location, construction materials, pool, etc.)
  • Your home/property value
  • The home’s proximity to a fire hydrant and fire station
  • Neighbourhood crime rates and fire statistics
  • Type of policy, coverage, and deductible
  • Insurance history and any home insurance claims, if any
  • Your credit information (Read: why do insurance companies check credit?)

Use a Broker to get the Best Deals!

Our first recommendation of how to lower home insurance is to shop with us! BIG brokers have access to many home insurance companies and can find you the best deal without sacrificing the coverage you need. It’s one of the easiest options available, so contact us now for a no-obligation quote. And the good news doesn’t stop there – each year we will shop around to see if we can find you a better rate.

How to Lower Home Insurance: Improve Home Security

Improving your home security is one suggestion of how to lower home insurance costs. Installing measures that prevent theft could result in a lower insurance rate. It could be as simple as getting dead-bolt locks for your entrances. You might also consider getting an alarm system that’s monitored by a security company. Note that you may need to provide proof of a monitored alarm system to your insurer to quality for a discount.

Update Your Home’s Electrical, Plumbing, Roof, Heating

If you want a lower home insurance cost, you might consider updating your home’s electrical, plumbing, heating, and roof. Why? Older technologies and wear and tear increase the likelihood of a claim, while modern technologies reduce the risk of loss or damage. Older electrical panels, wiring, rad or electric heating can all be a greater fire hazard. Older plumbing could run a higher risk a leak or pipe burst. A roof that hasn’t been updated could leak and cause water damage. When you make significant updates, let your insurer know so that you get the premium reduction.

Ask a BIG Broker about Discounts

Another option of how to lower home insurance is to ask about discounts. At BIG, many of our carriers offer discounts that will greatly reduce your premium. Here are some examples:

Loyalty discount – if you’ve been with your carrier for a set number of years. Some of our providers honour the loyalty discount when you switch to BIG!

Non-smoker discount – you’re reducing the risk of a fire. If you don’t smoke, let your broker know!

Mature homeowner/Retiree discount – retirees may be home more often, which could reduce the likelihood of theft or other claims.

Multi-line discount – bundling your car insurance or multiple properties can often earn you a discounted rate.

Mortgage free discount – when your mortgage is paid off, you might be eligible for a discount.

Single pay discount – you don’t pay the interest if you pay your whole policy off at once.

Be Better Prepared for Disasters

Another suggestion of how to lower home insurance is to prepare your home to prevent disasters. You can lessen or even eliminate the possibility of damage to your home from flooding, wind damage, and more. Adding storm shutters, installing a sprinkler system, or retrofitting your home to withstand an earthquake can all lower your home insurance cost. Reduce flooding risks in your home with a sump pump, backwater valve, and an automatic water shut-off. Installing a backwater valve can prevent water sewage from coming up through your drains. Read this blog for more tips on how to prevent a flood.

Be Responsible with Your Home Insurance

One final recommendation of how to lower home insurance cost is to be responsible with your insurance coverage. Avoid making frivolous, small claims that will increase your rate. Ensure that you don’t have any gaps in your insurance coverage. Make your payments on time. Keep your credit score in good shape and allow your insurance company to check your credit – often you will get a reduced rate because of it.

 

It’s our goal at Billyard Insurance Group to protect what you value most while providing the most affordable price without compromising coverage. Your home is one of your most valuable assets and you deserve to have peace of mind knowing that BIG insurance has you covered. Let our brokers work on your behalf, assess your needs, and provide recommendations customized for your situation. We hope that knowing how to lower your home insurance will encourage you to get a quote from us for free! See how much you could save.