• How to reduce your home insurance premium

    8 February 2018Christopher Johnson

    Each year brings a new surprise… Your insurance premium increases every year? Is that a normal occurrence? Assurances Multi-Risques understands your needs and the fact that you, like everyone else, have a budget to respect.

    A yearly rise in your home insurance premium is a normal thing. Indeed, your home’s reconstruction costs increase with every passing year, and your premium must therefore be adjusted accordingly. It is possible, however, that what you are being charged does not adequately reflect this yearly cost increase.

    Here are a few tips to help minimize your home insurance premium:

    1. Contact an insurance broker who will shop around with several insurers in order to find you the best home insurance deal possible.
    2. Maintain a good insurance record. Indeed, the best way to avoid a premium increase is to avoid filing a damage claim. An ounce of prevention is worth a pound of cure!
    3. Make sure your insurance coverage is adequate for your needs.
      Call your insurance agent or broker on a regular basis to update your insurance record.

     

    Advice that can have a positive impact on your home insurance premium:

    • A change of job or profession can sometimes earn you a professional discount.
    • Some insurers offer rebates to non-smokers.
    • Install an alarm system connected to a central to warn against fire, theft or even water damages.
    • Hefty insurance rebates are offered to those who no longer have a mortgage.
    • Increase your deductibles.
    • Pool your home and car insurances with the same insurer.
    • If you are 50 and over, Intact Insurance offers a set of specific rebates and coverages to members of the FADOQ network.
    • Maintain your financial stability and a good credit rating.
    • Update your home insurance record and obtain rebates for the following items:
      • Recent renovations (roof, electricity, heating system, plumbing, etc.);
      • New water heater that reduces the risk of water damage;
      • Newly installed check valve;
      • Percentage of finished basement surface.

    It might be tempting to reduce your amount of insurance coverage or to cancel certain types of coverage in order to diminish your premium. However, Assurances Multi-Risques strongly advises against doing so because this might cause your problems in the future. Instead, contact an insurance broker who will bring you up to date on what you need to know about home insurance and who will make sure that you benefit from all the rebates you are entitled to.