1. New Home – The discount can range from 5% to 15%. Insurers like new because there is less to go wrong. Also it often helps to upgrade your home if it is older.
2. Where you live – If your home is protected by a fire hydrant the rates are less. The rates are usually less in newer neighbourhoods too.
3. Install a burglar alarm – Whether it is monitored or a local alarm can mean savings of 5-15%. Deadbolts, smoke detectors and sprinklers also offer additional protection and can mean more discounts.
4. No claims – If you go for a period of 3 years with no claims you can get a 10% discount, 5 years – 15% and even higher discounts. Insurers provide these credits to reward you for having no claims. Some insurers also offer loyalty discounts if you have continuous insurance with them for extended periods of time.
5. Become mortgage-free – This can mean a savings of 5-10% for most insurers. Insurance companies are willing to give this credit to responsible people who pay down their debt.
6. Age discount – As we age we (should) become better at taking care of our home. Insurers provide increasing discounts as we get older. This usually ranges from 5-15%.
7. Non-smokers – Some insurers offer a 5% discount if the residents are non-smokers
8. Credit scoring – Many insurance carriers are now offering discounts for good credit scores. If you manage your credit well, pay your bills properly it may decrease your house insurance premiums.
9. Deductible discounts – The standard deductible is $500. If you increase this to $1,000 there is a discount – usually 12-15%. If you are comfortable doing this, it is a good way to save money.
You may also visit the Pembina Insurance Research Centre at www.pembinainsurance.com for more information.