Five tips to reduce your home insurance costs

In these times of staggering increases in the cost of living, it is normal to want to reduce our expenses.

Five tips to reduce your home insurance costs

In these times of staggering increases in the cost of living, it is normal to want to reduce our expenses. And if this reduction was made at the level of building insurance costs?

BUILDING INSURANCE, IN A NUTSHELL

For those who are not too familiar with this type of insurance, know that it is in fact a premium covering the expenses that arise when our property and the goods it contains suffer unexpected damage. The insurance can then cover losses related to water damage, fire, etc.

However, this protection comes at a cost, which can be reduced in various ways. Here are five.

1) Increase your deductible

When the time comes to choose the deductible for your home insurance, keep in mind that the higher it is, the less the sum to be covered (the premium) by the insurer will be high. The price of insurance will therefore be reduced. Yes, it pays to secure your home!

For example, for a claim costing $10,000 with a deductible of $2,000, the insurer would pay $8,000, instead of $9,000 if the deductible was $1,000.

2) Protect yourself with an alarm system

Nowadays, alarm systems, especially those connected to a central, are very efficient, being able to warn us of a fire, water damage and theft, among others, in a Record time. Thus, the more efficient an alarm system is, allowing the passage to control the situation more quickly, the less the damage to be covered by the insurer will be important. This has the effect of reducing insurance costs.

3) Shop for your insurance policy

From one insurance provider to another, prices vary...often. This is why it would be smart, each year, to call on different providers to compare prices and, if necessary, change your insurance for another less expensive one. Moreover, insurers will be happy to offer quotes, free of charge!

4) Pay your mortgage

Did you know ? For owners who no longer have to pay the mortgage on their condo or house, insurers can offer discounts on their building insurance. This discount generally hovers around 5%, depending on the insurers.

5) Inform your insurer of the renovations carried out

The more the home is well maintained and renovated when necessary, the risk of an incident is reduced, thus contributing to lowering the price of insurance. For example, fresh roofing work means there is less risk of water infiltration.

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