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Save Money On Home Insurance

In the first installment of “Properly Protecting your Home” we tackled the basics of home insurance: including why you should get it and how to select the right plan. Today we’ll discuss the financial commitment of home insurance and how you can safely save money on your plan. As with the previous post, we have solicited the expertise of Morison Insurance, Ontario’s Brokerage of the Year 2015-2016 to bring you this information. In our first post, we showed that home insurance protects you from the financial burden of replacing damaged property and valuables. However, home insurance in itself is a financial commitment. To save money on home insurance you can do two things:

Take on more of the financial responsibility for replacing damaged property by:

  • Increasing your deductible. The higher your deductible, the lower the premium.
  • Thinking twice before making small claims. Your insurance is there to protect you when you have a loss but a history of small claims will increase your premium.

Be aware of the variety of discounts available and talk to your insurance broker about whether they apply to you:

  • New Home discount
  • Multi-Policy discount: by insuring your home and automobile policies with the same insurance company you can take advantage of a multi-policy discount on both your home and automobile policies.
  • Non-Smoker discount
  • Mortgage-Free discount
  • Monitored Alarm discount
  • Claims-Free discount
  • Loyalty discount

There are various other discounts available. Be sure to talk to your insurance broker about all of the discounts available. Although the above tips are great ways to save money on your insurance, remember that insurance is meant to protect you and not an area of your life to cut corners. If you sacrifice coverage for savings, you will be putting yourself and your assets at risk. Ensure your home based on your needs and financial ability, and inform your insurance broker if changes in your circumstances arise. Stay tuned for our next post on how to protect your home from costly property damage.

Morison Insurance Brokers Ltd. offers tips and information for general informational purposes only, and it is not to be relied upon or used for any particular purpose. The information contained or referenced in these articles is not intended to constitute and should not be considered professional advice. The information does not serve as a substitute for the recipient obtaining such advice. For help with your insurance, contact Kelly at Morison Insurance at 1-888-214-1929 or kelly@morisoninsurance.ca.