Home insurance provides a layer of protection for homeowners who want peace of mind knowing that if something were to happen, they would be covered. Insurance coverage secures individuals who have recently experienced a loss who want to get back to normal as quickly as possible. Still, it doesn’t come free. Home insurance is generally affordable, but for individuals wanting to cut down on their spending, there are ways they can reduce their premiums.

Depending on a lot of factors, your home insurance may cost more or less. Location is a significant contributor to how much you may pay; Belleville home insurance, as an example, may cost as little as $12/month. Other areas may be more or less expensive, largely dependent on crime rates, weather events, labour costs for construction, etc. Other factors impacting your premiums include:

  • Construction materials
  • Features of home
  • Postal code
  • Size of home
  • Living situations
  • Level of coverage
  • Type of coverage
  • Endorsements and riders

Those are just a few of the factors impacting your home insurance premiums. There are also external factors out of your control that may impact rates, such as new housing demands and insurance fraud. If you are dissatisfied with the amount you are paying for your insurance rates, here are 6 ways you can save on your premiums.

Raise your deductible amount

Your deductible is the amount you will pay in the event that there is a claim before your insurance company can step in to cover the remainder. Common amounts may be $500 or $1,000, but you can go higher if you are comfortable with that amount in the event that you have to make a claim.

Install security devices

Some carriers will offer discounts for systems that prevent theft or detect smoke/carbon monoxide. Centrally monitored fire or security alarm systems, depending on the make and model, may qualify you for a discount. If you don’t already have one of these devices and you are considering purchasing one to qualify for a discount, be sure to consult with your insurance company as they may prefer certain models over others.

Review your coverage annually

Our life circumstances changes regularly. Be sure to review your coverage annually to be sure that there isn’t any fat that needs to be trimmed – i.e, unnecessary coverage. For instance, if you once had an endorsement for your family’s watercrafts that you sold a few months ago, you can drop this coverage to reduce your overall premiums. In other cases, you may need to increase your coverage to avoid underinsurance if you have made modifications or purchased an art collection.

Lump together your policies

Some insurance carriers – if not most – will offer discounts if you carry multiple policies through them. If you have a car, consider insuring your car through the same provider as your home. This may qualify you for a discount and you can also trim down on paperwork/hassle come renewal time.

Shop around for better options

It doesn’t hurt to look around. Have an insurance broker help you look around for multiple quotes to see if you can beat your current price. If you find a better price, bring it up with your insurance company to see if they can match or beat that quote. Odds are that they may be able to cut you a deal.

Ask about discounts

Depending on your insurance carrier, you may have the option of applying for one or more discounts from a list. Discounts may include: claims-free, if you have not made a claim for a number of years as specified by your insurer (and the discount may increase as your years of being claims-free increase), group, if you are part of an alumni group or association, new home, if you have a recently-built home, and water damage prevention, if your home has a leak prevention or shut off system that reduces your risk of experiencing a water loss.

There are also several less common discounts that your insurer may provide, like having a LEED-certified green home, a mature homeowner discount (which factors in the homeowner’s age and not the home itself) – and more. Ask your insurance company or broker about what discounts you could qualify for.