The cost of home insurance in Calgary has recently become a hot topic issue. According to the insurance comparison site RATESDOTCA, their 2021 study illustrated that the average cost of home insurance rose at more than three times the inflation rate over the past decade.
No homeowner with insurance is happy about this development – but there is a way around it.
Here are a few ways you can save on home insurance, so you don’t need to spend further than you’ve had to pay.
Combining Your Insurances
If you have automobile insurance, your best bet to save on home insurance is by combining these two insurances under one provider. It’s not an uncommon practice to do so. You would be surprised by how much you can potentially save through either special discounts or being able to reduce your premium. In this way, you’re simultaneously saving money on both home and automobile insurance. It’s a win-win scenario!
Paying a Higher Deductible
Initially, it might not seem ideal to pay more for a deductible. After all, you want to save money, not spend more of it. However, if you decide to pay more towards an insured loss, you can expect to save more on your premium. By paying more than your minimum deductible amount, you can potentially reduce the cost of your home owner’s policy.
Before paying more in deductibles, do keep in mind if your home insurance has any separate deductible for damage from major disasters. It is an important detail to consider, especially if you live in an area of Calgary that has been prone to flooding.
Maintain Your Credit Score
Keeping your credit score in good standing is generally ideal. However, it’s particularly important if you’re hoping to save further on your home insurance. With insurers, part of figuring out what your premium amount should be means having access to your credit history. When an insurer notices you have a particularly poor credit score, you can expect an insurer to double the amount for your premium potentially. Ensure your credit score remains in good standing so you don’t pay the consequences through higher home insurance premiums.
Safeguard Your Home
Home insurance is all about coverage for various forms of loss that can occur to your home. In this case, prevention is key to saving money on your home insurance—for example, combat theft loss by implementing security measures that will deter them. Also, security isn’t the only means of preventing potential losses. Keep up with your home’s maintenance by conducting any necessary repairs. It promotes safety in your home, so the likelihood of a loss occurring will be slimmer, and you won’t need to make any possible insurance claims.
Paying Annually Instead
You would be surprised by how much insurance companies will reward you for paying annually instead of monthly. It might not seem great to pay a huge sum upfront, but some insurers will give you potential discounts for making the switch. Plus, you don’t need to worry about it for another year by paying a large amount right off the bat. It saves you money and the stress of meeting monthly home insurance payments.
Lakeview Insurance Brokers Ltd. has been a highly dedicated member of the Independent Brokers Association of Albert and has been family-run since 1979. Our brokers take the time to ensure you get the best policy that suits your needs. Contact us today to get started at 403-287-2521 or send an email to [email protected]