Seven ways to lower your home insurance premium
Home insurance premiums across Canada have climbed in recent years, but that does not mean you must accept whatever number lands in your renewal notice. These seven moves can genuinely lower what you pay.
1. Raise your deductible
Going from a $500 to a $1,000 or $2,500 deductible can cut your premium noticeably. Just make sure you could actually pay the higher amount from savings if a claim happened.
2. Bundle your policies
Insuring your home and auto with the same company typically earns a multi-product discount of 5% to 15%. It is the easiest discount to qualify for.
3. Add monitoring
A centrally monitored alarm, water leak sensors, or a monitored fire system signals lower risk. Insurers reward these with discounts, and leak detectors can prevent the very claims that raise premiums.
4. Protect your claims-free record
Small losses under a few hundred dollars are often better paid out of pocket. Frequent claims mark you as higher risk for years, and the premium increase can outlast the payout.
5. Pay annually
Monthly instalments usually carry financing fees. If cash flow allows, one payment a year is cheaper.
6. Review your riders
Coverage you added years ago — scheduled jewellery you no longer own, a rider for a trampoline that is gone — quietly adds cost. Read the endorsements section and trim what no longer applies.
7. Shop at every renewal
Loyalty rarely pays in insurance. Insurers reserve their best rates for new customers, so comparing quotes every year or two keeps your current insurer honest — or moves you to a better deal.
Tip: Ask your insurer to re-run your quote with all eligible discounts applied before you renew. Discounts are sometimes missed when your situation changes.
The bottom line
Stack two or three of these moves and the savings compound. Start with the deductible and a market comparison — those two alone often trim 10% to 20% off a premium.
This article is for informational purposes only and does not constitute financial advice. Rates and product details change frequently — always compare current offers before making a decision.
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