Did you know that there are many ways that you can save on your home insurance policy? Read below for our top 8 tips on how you can reduce your premium by making a few small changes around your home and taking advantage of certain discount opportunities.
#1 Improving Home Security
For homes with active security systems, some insurance companies may offer a discount for monitored security systems. Depending on the insurance company, this discount maybe combined with a monitored fire alarm discount.
#2 Being Claims-Free
If you’ve never had to file a claim as a homeowner or renter for a specific number of years, you may get a discount through your insurance company. The discounts increase as the number of years being claims-free increases.
#3 Bundle Your Policies
You may get a discount if you get your car and home insurance from the same provider. Some insurers will offer a discount percentage off your premium if you bundle.
#4 Be Mortgage-Free
Once you pay off your mortgage, you may be eligible for a discount. Ask your insurance provider if they offer this type of discount.
#5 Prevent Water Damage
Homes that are equipped with a leak prevention and a shut off system, such as backflow valves or a working sump pump may qualify for a discount.
#6 Mature Discount
Some insurance companies will offer discounts to individuals who have reached a certain age. Each insurance company has different age of maturity levels, so make sure to ask if you qualify.
#7 New Home Discount
New homes which have been built based on modern standards and municipal bylaws may qualify for a discount.
#8 Monitored Fire Alarm
Certain approved monitored fire alarm systems may make you eligible for a discount on your policy.
These are some of the easiest ways to reduce your insurance premium and put a bit of money back into your pocket. To learn more about what discounts you may be eligible for on your home insurance policy, contact a member of the Bow Valley Insurance team, today.