We normally buy home insurance but most of us never actually use it. Despite the fact that home insurance helps in guarding our most valuable possessions, deciding on purchasing a home insurance should not make us think of paying more than necessary. This is because there are always some tips which when followed can help one save money on your Ontario condo insurance. Insurances companies will always determine what amount you will pay for home insurance based on many factors. Some of these factors can be out of your control such as the extreme weather events, labor and building materials, but you can have control over others in order to save more money.
There are many ways in which you can save on home insurance. Some of the ways and helpful tips include the following:
You need to raise your deductibles
Deductibles are the total sum of money that one is capable of paying toward a loss before an insurance company can reimburse the homeowner according to his or her terms of policy. Having a higher deductible, you will be able to save some money as you will be paying lower monthly insurance premium. But always do not set your deductibles so high that even you cannot pay with ease in the event of a claim.
Always purchase your auto and homeowners insurance from one insurance company
Ordering an insurance cover of both your home and car from the same provider will help you get an additional discount on each policy (car and home insurance). Some companies also do offer discounts for long term customers, those who have retired or even to those who are a member of a certain professional organization. Therefore it is also important to inquire whether you also qualify for these discounts.
Consider shopping around
Home insurance can be very expensive and so it is wise to shop around in order to have the best deal. You can do this by looking on consumer guides, checking on insurance agents and companies as well as browsing online insurance quote services. This will also help you assess the quality of services offered by these companies and with their rates. It makes you take advantage of discounts.
Improve safety and security
Install safety devices such as monitoring alarm systems, smoke detectors, burglar alarms and dead-bolt locks can make you get some discounts. Especially when you choose on devices which will directly raise alarm to local police and fire departments because they will make you get the most discounts.
Insure for the right amount
Including the value of land will automatically raise the amount that you will pay for a home insurance. The land will always be yours, therefore, only insure your home and your possessions.
Mode of payment
Avoid premium payments as they are subjected to financial fees if you pay on a monthly basis. You can save on your premiums by paying annually in advance.
The location of your home will also determine the amount of money you will pay for a home insurance. You will pay less if your home is close to a fire station or even if your neighbor has a fire hydrants. If your home is situated in areas prone to floods, you will have to incur additional costs by purchasing a flood insurance policy.