Monday, November 28, 2022
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Five tips to reduce your home insurance costs

In these times of staggering increases in the cost of living, it is normal to want to reduce our expenses. And if this reduction was made at the level of building insurance costs?

BUILDERS INSURANCE, IN A NUTSHELL

For those who are not so familiar with this type of insurance, know that it is really a premium that covers the expenses incurred when our property and the goods it contains suffer unexpected damage. The insurance can then cover losses in connection with water damage, fire etc.

However, this protection comes at a cost, which can be reduced in various ways. Here are five.

1) Increase your deductible

When the time has come to choose the deductible for your home insurance, you must remember that the higher it is, the lower the amount that the insurance company must cover (the premium). The price of insurance will therefore be reduced. Yes, it pays to insure your home!

For example, for a claim costing $10,000 with a $2,000 deductible, the insurance company would pay $8,000 instead of $9,000 if the deductible was $1,000.

2) Protect yourself with an alarm system

Today, alarm systems, especially those connected to a central system, are very effective, as they can warn us of fire, water damage and theft in record time. The more effective an alarm system is, allowing the passenger to control the situation faster, the less the damage to be covered by the insurance company will be important. This has the effect of reducing insurance costs.

3) Buy your insurance

From one insurance provider to another, prices vary … often. Therefore, it would be smart to call different providers every year to compare prices and, if necessary, change your insurance to another cheaper one. In addition, insurance companies will be happy to offer quotes, free of charge!

4) Pay off your mortgage

Did you know ? For owners who no longer have to pay a mortgage on their apartment or house, the insurance companies can offer a discount on their building insurance. This discount is generally around 5%, depending on the insurance companies.

5) Inform your insurance company about the renovations carried out

The more the home is well maintained and renovated when necessary, the risk of an incident is reduced and thus helps to lower the price of the insurance. For example, newly carried out roof work means that the risk of water ingress is less.

Tips

  • Member of a professional order? It is good to know that insurance companies sometimes offer discounts on policies.
  • By combining building and car insurance with the same insurance company, a discount is generally given.
  • Quitting smoking is good for your health… and for insurance, whose costs go down!

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