8 Ways to Save on Your Home Insurance in Ottawa

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8 Ways to Save on Your Home Insurance in Ottawa

Apr 20 2022
PAIB Insurance

For most people in Ottawa, real estate is their single largest investment in their lifetime—and it makes perfect sense. Being a homeowner means having a place that’s yours to call home and share with the people that matter most to you. It’s no small feat, especially in this current housing market, and for that, you’ll want to protect this major investment.

Home insurance is every homeowner’s trusted companion, designed to give you peace of mind. It’s a source of financial security and stability in the event of the most devastating disasters, like fire and weather damage. Simply, it helps protect everything you’ve worked so hard for and the life you’ve built.

And like all investments, there is a cost to home insurance. But the good news is, there are lots of ways to save on your home insurance coverage and protect your property in Ottawa. Our insurance brokers have rounded up the top ways for you, so you can get the right coverage at the right price.

8 Ways to Save on Home Insurance

1. Buying a house? Choose a newer build

New doesn’t always have to cost more. In fact, this saves you on home insurance costs in the long run. That’s because newer houses are built with the best and latest materials, so the need for home repairs is few and far between.

When you buy a new house in Ottawa, it’s generally unlikely to need any repairs or suffer devastating damage, especially in the first few years of ownership. For insurance providers, that means fewer claims—a clear incentive to give you lower premiums. So while buying a charming fixer-upper can cost less upfront, you might end up with higher insurance rates.

2. Savings vs. Mortgage

In today’s housing market, it’s nearly unheard of to buy a house without a mortgage. And while you’ll likely need one, check the mortgage rate against your savings first. If you’ve set aside enough to make a large down payment, it’s worth reducing your mortgage. For home insurance providers, going as much mortgage-free as possible indicates stability, resulting in discounts.

3. Choose your home insurance coverage options wisely

As a new homeowner, it’s your instinct (and a good one) to protect your property as much as possible. It’s natural to want the best, most up-to-date coverage options for your home to ensure comprehensive protection. But there’s also a thing as over-insuring.

Rather than going all-in on your home insurance coverage, it pays more to be smart about it. Sit down with an insurance broker to assess your actual coverage needs based on key factors like the build and age of your home, location, and risks such as fire, theft, and weather damage. Based on these factors, you can get the right amount of coverage—a solid investment against risks but not a financial burden.

4. Choose a higher deductible

In the event of making a claim on your home insurance policy, it pays to choose a higher deductible. It’s true that home insurance is designed to cover your losses, but the amount covered by your insurance company can impact your insurance rates in the long term. If you have the means, it’s worth paying a higher deductible to reduce your premiums over time.

5. Keep claims to a minimum

Your home insurance policy is designed to protect you when you need it. And while it’s convenient to turn to your coverage for every loss, you’ll want to be smart about it. Making a low-value claim for damage you can handle can impact your rates in the long term.

Meanwhile, if you’re claims-free for a certain period, you’re most likely eligible for generous discounts. Keep in mind that insurance claims are a balancing act: you’ll want coverage when it matters most, such as after a fire or other major property damage, but otherwise, find out first if the damage is worth making a claim.

6. Invest in your safety at home

As a homeowner, there isn’t anything that means more to you than your safety and comfort where it matters most. It’s why you worked so hard to climb the property ladder and invest in the entire family’s well-being. And when it’s clear just how committed you are to safety and comfort at home, insurance companies reward you for that.

For insurance companies, keeping a safe and secure home puts you at a lower risk of loss and property damage. This tells them that it’s easy and costs less to protect your property, resulting in generous discounts and lower premiums. Some of the most rewarding home safety improvements include installing a home security system to prevent break-ins and theft, and installing a sump pump or backwater valve to prevent water damage.

7. Bundle your home and car insurance

A well-proven way to save on home insurance, bundles provide preferred rates to loyal customers with a number of assets to protect. If you have multiple properties or both a home and car to insure, purchase both policies from the same insurance provider. Plus, a home and car insurance bundle make managing your coverage easy since everything is with the same company.

8. Embrace your age

Did you know that insurance companies love mature homeowners? Older homeowners, starting at age 45, are generally considered financially stable and more settled in life. As a result, insurance providers reward older homeowners with incentives, discounts, and lower premiums owing to a lower-risk lifestyle and financial security.

Save on Home Insurance in Ottawa with PAIB

Now that you know about the best ways to save on home insurance, it’s time to get those discounts and roll back on your premiums. PAIB Insurance can help.

Our insurance brokers are here to make shopping around for home insurance in Ottawa fast and easy, so you get the coverage you need hassle-free. We’ll help you look into leading insurance providers, compare quotes and policy options, and choose the best coverage for your property and lifestyle. And best of all, we’re here for you in the long-term, constantly reviewing your home insurance coverage to find discounts and ways to save.

Want to save more on home insurance in Ottawa? Get comprehensive coverage that doesn’t cost you. Book a consultation with a PAIB Insurance broker to find out about insurance savings.

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