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6 ways to reduce your home insurance costs

Published on August 15, 2018

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Are you wondering whether you’re paying the right price to insure your home? Whether you’re a tenant or a house or condo owner, it is possible to have good coverage at a great price, so you’re spared any hassles and headaches and potentially high costs following a fire, theft or water damage. Here's some advice from the L’Unique General Insurance team that can help you save on your home insurance premium!

  1. Make sure the type of coverage you hold matches the risk level you’re willing to tolerate

    For example, basic coverage enables you to protect your home and its contents at a lower cost, while covering a smaller range of situations than All Perils coverage.

  2. Make sure your water damage coverage is suited to your situation

    For example, if you have your basement finished, the reimbursement limits for water damage should be sufficient to cover the costs to repair the building and replace, clean or repair your damaged property.

    On the other hand, if you live in an apartment that’s located on the top floor of a building and have no property in the basement, ask your insurance broker if some of your water damage coverage can be withdrawn.

  3. Adjust the deductible based on your needs

    The deductible is the amount of damage you are willing to assume in the event of a claim. In general, available deductibles range anywhere from $300 to $1,000. The higher the deductible, the lower the insurance cost. In other words, you will save on the cost of your insurance by choosing a higher deductible. However, you must take into account the fact that a high deductible means that you will have to assume a higher amount in the event of a claim.

  4. Transfer all your insurance to the same company

    Most insurers offer savings and incentives to clients who insure both their home and car with them. For example, at L’Unique, you benefit from premium reductions and a lower deductible on each of your contracts.

  5. Install a fire and theft alarm system

    By equipping your home with an alarm system that’s connected to a central monitoring system, you make it less vulnerable to fire and thieves. So, it’s logical that your insurance cost would take that into account!

    Before installing such a system, call your broker to ensure the one you choose really does allow for a reduction in your premium. If you already have one, let your broker know, so that the information can be added to your file.

  6. Ask for a two-year policy

    By doing so, you’ll avoid a premium increase for two years, even if you have a claim.

Your insurance broker is there to help you prevent losses. Feel free to contact him or her!

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