Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
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If you had to act quickly when buying your home insurance, odds are you didn’t have time to shop around and look for discounts. So you’re likely paying more each month than you need to.
We know it might be frustrating to realize you’ve been overpaying. But there’s good news here, and it’s this:
If your goal is to save on home insurance, TONS of discounts for homeowner’s insurance can help you do just that going forward!
In this post, we explain the 15 most popular home insurance discounts in Canada and help you understand whether or not you qualify for them.
Read through the list, make a note of any discounts you think you could qualify for, and then bring them to your insurance broker (ahem – like us!) who can help you with this.
refer to have us do the legwork for you? Get in touch! We’re standing by and ready to help.
There are a lot of homeowner’s insurance discounts available to Canadians, but these discounts aren’t always easy to find or learn about. So there are tons of homeowners out there who have no idea they could be paying less for home insurance every single month. Thankfully, you’re no longer one of them!
Here are 15 homeowner’s insurance discounts that could help reduce your monthly home insurance premiums (note: not all insurance carriers offer these discounts and the availability may vary by provider. Work with an insurance broker to find out what is available that you may qualify for):
Living in a new build or buying recent construction can help lower your insurance rate.
Already bought a fixer-upper? That’s okay! There are renovation discounts you can apply for if you plan to upgrade your roof, furnace, electrical, or plumbing.
Taking steps to protect your home from things like burglary and fire can help lower your insurance costs because it reduces the risk that you’ll need to use your insurance to cover losses from these types of events.
Want to save on insurance? Consider installing a centrally monitored alarm. Monitored burglary and fire alarms with features like temperature and water sensors are a great idea, too! (Sorry, self-monitored alarm systems don’t qualify for discounts.)
Discounts are often available for members of certain associations or groups. For example, we have a program at WIB called the ACU Group Insurance Program which gives Assiniboine Credit Union members a preferred rate on their home insurance!
If you own more than one property, it’s probably in your best interest to keep all of them with the same brokerage and the same insurance company. Because some companies will offer a multi-property discount that can save you from paying unnecessary surcharges.
If you’ve paid off your mortgage and don’t have any debt against your property, you could qualify for a mortgage-free discount.
If you meet specific age criteria, you could save on your insurance premiums. And the term “mature” varies by insurance company….you might be more mature than you think you are based on your age!
This doesn’t just apply to homeowner’s insurance, either. There are age-related discounts available for tenant’s insurance and condominium insurance, too.
Insurance companies are now using a soft-hit credit check as a way to give you potentially significant savings on your insurance policy.
Don’t have the best credit score? That’s okay! An Insurance Consultant can help you find the best options and other discounts you may be eligible for.
If your residence is LEED certified (Leadership in Energy and Environmental Design), congrats! You may be eligible for a home insurance discount! Talk to an Insurance Consultant to make sure it’s been applied to your policy (or learn how to make sure it gets applied soon).
Paying your homeowner’s insurance annually rather than monthly can save you 3% or more per year in premiums. If you have the money available to pay for a year upfront, it’s a quick and easy way to save on your home insurance immediately.
Because homes owned by smokers may be more susceptible to fires, smokers often pay higher deductibles and premiums. If you don’t smoke, make that known! You may be able to get a discount for it.
Depending on where you live, you may qualify for preferred rating due to a reduced risk of events such as a natural disaster (for example, flooding).
Turns out there may be benefits to having a cold basement! Unfinished basements cost less to repair after insurance-related events happen. If your basement isn’t exactly Pinterest-ready, lean into it and save yourself some money.
You know how you sometimes get the better deal when you switch from Shaw to MTS? Well, the same concept may apply when you switch insurance companies. And if you’re a first-time home buyer you may also qualify for preferred rates!
Talk to your insurance consultant to see if there are any new client discounts you may qualify for.
On the other hand…if you’ve been with the same company for years, you could benefit from that too. After a certain number of years, your insurance company may offer a discount as a loyalty thank you. If you’re happy with the coverage you currently have and the company you’re insured with, this is a good reason to stay with them!
The best way to save on insurance is typically to not need to use your insurance. We know that’s not always in your control, but if it’s been a few years since you filed a home insurance claim, it’s worth mentioning.
Each insurance company’s available discounts will be different, but most offer a long list of options you either automatically qualify for or can apply for. Check with your insurance consultant to see what discounts they can offer you.
It’s usually pretty simple to figure out which discounts you might qualify for since they’re typically based on things like your age, your home’s age, and any upgrades you’ve done. But it’s not always that straightforward.
Our advice is to read through your insurance company’s list of discounts and make note of any you think you might qualify for. Then, talk to an Insurance Consultant. They’ll help you apply for those discounts and identify other steps you could take to lower your home insurance rate.
As Insurance Consultants, we represent you—not the insurance companies. So it’s our job to find the best options and discounts available to you and help you lock in the best rate.
Want us to review your policy and help you find ways to save? Click the button below and get in touch with us. We’re here and ready to help!
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We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
We love it here, too.
We are committed to the communities where we live and work, and we demonstrate our commitment by taking part in sponsorship and volunteer programs.
Winnipeg Insurance Brokers Ltd. Unit 106-2565 Portage Avenue, Winnipeg, MB R3J 0P4
Winnipeg Insurance Brokers Ltd. serves our clients and operates on Treaty One land; homeland of the Anishinaabe, Cree, Oji-Cree, Ojibway, Dakota, and Dene Peoples, and the homeland of the Red River Metis. Our drinking water comes from Shoal Lake 40 First Nation, in Treaty Three territory. We respect the treaties, the land, and the water that sustain us.