Test your home insurance know-how and see what’s fact and fiction about your home insurance.
If you’re a homeowner, chances are you’ve got home insurance. But how familiar are you with the coverage you have and the factors that go into your home insurance premium? Test your home insurance savvy with the InsuranceHotline.com Truth About Home Insurance quiz to learn more about your coverage and ways to lower your rate.
Ways to save on your home insurance
Wildfires. Ice storms. Wind and hailstorms. Torrential rainfalls and flooding. Severe weather in Canada is increasingly more common and it is causing considerable property damage in its wake. As a result, many homeowners are finding their home insurance rates are increasing as well. If you’re in need of relief in how much you pay for coverage, consider the following five tips to help put a freeze on your premiums:
1. Consider increasing your deductibles
Your home insurance deductible is the amount you are willing to pay should you need to make a claim, and in general the higher your deductible the lower your premium. If your deductible is currently less than a $1,000 it may be worth considering raising it to save the money now, rather than later. Of course, it all depends on your finances and comfort level, but it’s worth thinking about.
2. Bundle your home insurance with the company who insurers your automobile
If you buy your home insurance from the same insurer who covers your car, you’ll likely benefit with a multi-line discount for bundling. Multi-line is insurance jargon for what might be better described as multi-product, and this discount can save you five to 15 per cent off of one, or even both of your policies. However, you still need to shop around to make sure that the combined cost of the policies is lower than what you would pay if you bought two separate policies from different insurance providers.
3. Quit smoking
Kicking the habit is not only good for your health, it’s good for your bank account too. Your home insurance provider may offer a discount of up to 10 per cent off your premiums if everyone in the house is a non-smoker. Quit smoking, and you can quit higher insurance premiums too.
4. Pay your premiums annually rather than monthly
How do you pay your premiums? If you pay your premiums on a monthly basis, chances are you end up paying more for your coverage than if you paid your premium in one lump sum. The reason is because many companies charge a little extra to cover the cost of administering payments every month, so if you can pay your premiums in full you’ll avoid these pesky extra fees.
5. Shop around for a lower rate
From the roof to your basement, there are a variety of considerations that go into your home insurance rate. And, just like auto insurance, home insurance rates can vary wildly between providers for the same property. Put your premiums to the test and compare home insurance quotes today from InsuranceHotline.com’s network of more than 30 insurance providers for the best price.