The money you pay for your home insurance in Ontario may vary by hundreds of dollars, depending heavily upon the insurance company you buy the policy from. Check out these tips to get the best deal:
Establish Your Insurance History in Advance
If you’ve an established insurance history, you may qualify for claims free and loyalty discounts, which can save you over 20%. That said, before you buy your first home, you can establish an insurance history in these two ways:
If your parents or guardian had home insurance, you could contact their insurer to see if they’ll recognize the long insurance history you’ve established with them. Then, let your new insurance firm know that you were previously covered under your parents’ home policy, and now that you want to buy a home you got to have your home insurance in Ontario.
In case you were a tenant, get a renters policy from the place you have lived before buying a home.
Maintain a security system and alarms
Having a burglar alarm that is monitored by a central station or joined directly to your local police station will help lower annual premiums by 5% or more. However, you need to provide your insurance company with proof of central monitoring in the form of a bill or a contract to obtain the discount.
On the same note, a smoke alarm is another biggie. Although standard in most modern houses, having them installed in older homes will save you 10% or more in annual premiums. Besides, deadbolt locks, CO2 detectors, sprinkler systems and weatherproofing are other factors you should consider to help lower your home insurance.
A high deductible pays off
It shouldn’t be a surprise that you will want to shop around before committing to a specific policy. Compare the deductibles, rates, and coverage options of several companies to ensure that you have adequate coverage that suits your situation.
Most importantly, pay close attention to the size of your deductible. Go for the highest deductible you can afford because a majority of people only files a claim every 8 to 10 years. Typically, a higher deductible encourages using insurance in catastrophic situations when it is indispensable and saves you money year after year.
Although it may sound mundane compared with planning a barbecue, it’s vital to review your home insurance Ontario. Understanding the benefits they allow and amount of money you’re paying for the cover will not only help you settle on the most pleasant company but will also save you a substantial amount of money!