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 Best ways to cut the cost of Home Insurance - SarnailSarnail
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Best ways to cut the cost of Home Insurance

Posted by admin on October 2, 2015
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The cost of home coverage is soaring and Canadians are seething. Now that we’ve all ranted, let’s look at some ways to cut premiums.

  1. Suggest a credit check

Insurers believe people who manage their credit well are less likely to burn them with a big claim.

   2. Online quotes

I highly recommend, google “Home Insurance quotes”, some banks offer online discount.

  1. Raise your deductible

It will help lower the premium hence saving.

    4. Buy your home and auto policies from the same insurer

Insurers are quick to suggest this because it means more business for them. In fact, you may be able to save 10 per cent on your home insurance premium if you combine car insurance with the same group covering your house.

  1. Install Home security system

You will be surprised, the discount you’ll get on your home insurance may be upto 25% depending on insurance company in monitored alarm systems.

  1. Pay annually

There may be extra administrative charges if you pay monthly, take this opportunity and negotiate with company for discount.

  1. Ensure you’re not over-covered

Documenting what you own by keeping receipts and noting model and serial numbers is important to make sure your insurance company replaces exactly what you owned and not a cheaper substitute. Another benefit of knowing what you own is that you may discover you have more coverage than you need for your possessions and thus can get by with a lower amount of coverage that can lower your premiums.

  1. Think before making a claim

The claims-free discount on home insurance policies can be significant.

  1. Downgrade from comprehensive to basic coverage

There are three levels of home insurance coverage: basic, also sometimes called a fire policy, the mid-range broad policy and the top-of-the-line comprehensive policy, online quote providers typically default to this type of policy. Fire is your main risk. “You can live through a sewer backup, you can live through a theft, you can live through a leaky roof,” but it’s hard to recover from a fire.”

    10. Don’t cancel your coverage entirely

You’ll need insurance to get a mortgage, but it’s optional for those who own their homes outright. Insurance is not just because of the risk of fire or water damage, home insurance also covers you for liability if someone is injured on your property.

  1. Shop around & Negotiate

It’ll take some time, but could save you a good sum of money. There is old saying on negotiation “Child who cry first gets milk, so why wait”.

 Last but not least, if you let your coverage lapse and then try to start it up again, your premiums may soar well above your old rate.

For more info visit Sarnail.com

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