40+ House Insurance Savings Tips

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House insurance
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40 House Insurance Savings Tips Your dwelling
is often your most precious asset that you need
to protect. We created a list of all savings
opportunities associated with Home insurance.
This list is the most complete perspective on
home insurance savings tips. Numerous insurance
brokers contributed to this list. So, let's start!
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• Change your content coverage Renting a Condo?
• You can often lower your content coverage. No
  need to insure your belongings to up to 250,000
  if you only have a laptop and some IKEA
  furniture!
• 2. Renovations Renovating your house can result
  in lower home insurance premiums, as home
  insurance premiums for older, poorly maintained
  dwellings are usually higher. Additionally,
  renovating only parts of your dwelling (e.g. the
  roof) can lead to insurance savings.

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3. Pool Adding a swimming pool to your house
will likely lead to an increase in your insurance
rates since your liability (e.g. the risk of
someone drowning) and the value of your house
have increased. 4. Pipes Insurers prefer copper
or plastic plumbing - maybe it is a good idea to
upgrade your galvanized / lead pipes during your
next renovation cycle. 5. Shop around Search,
Compare, and switch insurance companies. There
are many insurance providers and their price
offerings for the same policies can be very
different, therefore use multiple online tools
and talk to several brokers since each will cover
a limited number of insurance companies.
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6. Wiring Some wiring types are more expensive
or cheaper than others to insure. Make sure you
have approved wiring types, and by all means
avoid aluminum wirings which can be really
expensive to insure. Not all insurers will cover
houses with aluminum wirings, and those that
would, will require a full electrical inspection
of the house. 7. Home Insurance deductibles Like
auto insurance, you can also choose higher home
insurance deductibles to reduce your insurance
premiums. 8. Bundle Do you need Home and Auto
Insurance? Most companies will offer you a
discount if you bundle them together.
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9. New Home Check if insurer has a new home
discount, some insurers will have them. 10.
Claims-free discount Some companies recognize
the fact that you have not submitted any claims
and reward it with a claim-free discount. 11.
Mortgage-free home When you complete paying down
your house in full, some insurers will reward you
with lower premiums.
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12. Professional Membership Are you a member of
a professional organization (e.g. Certified
Management Accountants of Canada or The Air
Canada Pilots Association)? Then some insurance
companies offer you a discount. 13. Seniors Many
companies offer special pricing to seniors. 14.
Annual vs. monthly payments In comparison to
monthly payments, annual payments save insurers
administrative costs (e.g. sending bills) and
therefore they reward you lower premiums.
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15. Annual review Review your policies and
coverage every year, since new discounts could
apply to your new life situation if it has
changed. 16. Alumni Graduates from certain
Canadian universities (e.g. University of
Toronto, McGill University) might be eligible for
a discount at certain Insurance providers. 17.
Employee / Union members Some companies offer
discounts to union members ( e.g. IBM Canada or
Research in Motion)
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18. Mortgage insurance Getting mortgage
insurance when you have enough coverage in Life
insurance is not always necessary mortgage
insurance is another name for a Life/Critical
Illness / Disability insurance associated with
your home only but you pay extra for a
convenience of getting insurance directly when
lending the money. For example a Term Life policy
large enough to pay off your home is usually
cheaper. 19. Drop earthquake protection In many
regions, earthquakes are not likely - you could
decide not to take earthquake coverage which
could lower your premiums. For example, in BC
earthquake coverage can account for as much as
one-third of a policy's premium.
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20. Wood stove Choosing to use a wood stove
means higher premiums - Insurance companies often
decide to inspect the houses with such
installations before insuring them. A decision to
get rid of it means a lower risk and thus lower
insurance premiums. 21. Heating Insurers like
forced-air gas furnaces or electric heat
installations. If you have an oil-heated home,
you might be paying more than your peers who have
alternative heating sources.
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22. Bicycle You are buying a new bicycle and
thinking about getting extra protection in case
it is stolen when you leave it on the street e.g.
when doing your groceries? Your Home insurance
might be covering it already. 23. Stop smoking
Some insurers increase their premiums for the
homes with smokers as there is an increased risk
of fire. 24. Clean claim history Keep a clean
claim record without placing small claims,
sometimes it makes sense to simply repair a small
damage rather than claim it you should consider
both aspects your deductibles and potential
raise in premiums.
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25. Rebuilding vs. market costs Consider your
rebuilding costs when choosing an insurance
coverage, not the market price of your house
(market price can be significantly higher than
real rebuilding costs). 26. Welcome discount
Some insurers offer a so called welcome
discount. 27. Avoid living in dangerous
locations Nature effects some locations more
than others avoid flood-, or earthquake-endangere
d areas when choosing a house. 28. Neighborhood
Moving to a more secure neighborhood with lower
criminal rate will often considered in your
insurance premiums.
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29. Centrally-connected alarm Installing an
alarm connected to a central monitoring system
will be recognized by some insurers in
premiums. 30. Monitoring Having your residence /
apartment / condo monitored 24 hour can mean an
insurance discount. E.g. Via a security
guard. 31. Hydrants and fire-station Proximity
to a water hydrant and/or fire-station can
decrease your premiums as well. 32. Loyalty
Staying with one insurer longer can sometimes
result in a long-term policy holder discount.
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33. Water damages Avoid buying a house which may
have water damage or has a history of water
damage a check with the insurance company can
help to find it out before you buy the house. 34.
Decrease liability risk Use meaningful ways to
reduce your liability risk (e.g. fencing off a
pool) and it can result in your liability
insurance premiums going down. 35. Direct
insurers Have you always dealt with insurance
brokers / agents? Getting a policy from a direct
insurer (i.e. insurers working via call-center or
online) often can be cheaper (but not always)
since they do not pay an agent/broker commission
for each policy sold.
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36. Plumbing insulation Insulating your pipes
will prevent them from freezing in winter and
reduce or even avoid insurance claims. 37.
Dependent students Dependent students living in
their own apartment can be covered by their
parents' home insurance policy at no additional
charge. 38. Retirees Those who are retired can
often get an additional discount - since they
spend more time at home than somebody who works
during the day and thus can prevent accidents
like a fire much easier.
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39. Leverage inflation Many insurers increase
your dwelling limit every year by considering the
inflation of the house rebuilding costs. Make
sure this adjustment is in line with reality and
that you are not overpaying. 40. Credit score
Most companies use your credit score when
calculating house insurance premiums. Having a
good credit score can help you to get lower
insurance rates. 41. Stability of residence Some
insurers may offer a stability of residence
discount if you have lived at the same dwelling
for a certain number of years. Source
http//house-insurance-in-india.blogspot.in/2016/0
8/40-home-insurance-savings-tips.html
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