How to Reduce your Elliot Lake Home Insurance Premiums

How to Reduce your Elliot Lake Home Insurance Premiums

As a homeowner in one of Ontario’s richest industrial districts and picturesque retirement destinations, you must know exactly how valuable your home is. With quickly rising property values, it’s clear how much you need to take care of your single largest investment. But more than that, it’s the place you call home and live the life you’ve built with the ones you love.

So, how do you protect your home? One of the best ways to protect your investment and the place you call home is by having home insurance, and at the right amount. Unfortunately, a lot of homeowners in Elliot Lake still think of home insurance as an unnecessary additional expense, rather than an investment in their safety and financial future.

But did you know there are many ways to get the insurance coverage you need without going over your budget? With these tips, you can save on home insurance in Elliot Lake.

Ways to Reduce Your Home Insurance Premiums

With the sheer volume of home insurance plans available to homeowners like you in Elliot Lake, premiums can vary by hundreds of dollars. But, the highest premiums don’t always mean the most comprehensive coverage. The best home insurance plan is one that’s right for your needs, at the best value for your budget.

Here’s how to get lower premiums for comprehensive home insurance coverage in Elliot Lake:

1. Get multiple quotes

When looking for home insurance in Elliot Lake, take your time to shop around, and commit to the process. Browse coverage options from various providers and compare these quotes, down to the details. Don’t commit to one provider early on without exploring all of your options.

Keep in mind that you may not be able to do this alone—and that’s okay. It helps to ask family and friends for recommendations, and look up ratings and reviews. Ask about the rates that they’re paying and how the company handles claims.

Similarly, it’s also wise to confirm the financial stability of a provider. Do some research about this to ensure they can pay out claims, and avoid letting your policy go to waste. Doing your due diligence gives you an idea of the typical home insurance rates, coverage options, and the level of customer service that you can expect.

2. Increase your deductible

The deductible is the amount you pay out-of-pocket in case of a loss, before your home insurance provider pays out according to their assessment and the limits of your policy. Most homeowners opt for lower deductibles to guarantee higher coverage from their insurance provider.

However, a low deductible means you’re paying more in insurance premiums. If the risk of fires and other disasters occurring in your home is low, it may be better to raise your deductible and pay lower premiums as a result.

3. Bundle your insurance coverages

Most home insurance providers also offer other coverages for different aspects of life. The most common is getting your home and auto insurance policies from the same provider. This helps you save a lot on your premiums.

And while you’re bundling your insurance coverages, think about staying with your current provider for the next several years. If you’re happy with the quality of service you’ve been receiving, it’s worth staying to unlock loyalty discounts on your premiums. First, of course, just make sure to periodically compare your premiums to other policies to make sure that you’re always getting the best value for your home and other insurance plans.

4. Fortify your home against disasters

Disasters like fires, lightning, and wind storms are some of the biggest reasons you need home insurance. But, depending on where you live in Elliot Lake, you may also benefit from additional coverage against earthquakes, flooding, and other natural disasters. 

These coverage options can pile up, raise your insurance premiums, and even discourage you from getting the coverage you need. 

But did you know that protecting your home against these disasters can help you save on home insurance, even with these coverage options? There are many minor, budget-friendly fixes you can make to ensure that your home is disaster-proof. 

By installing storm shutters, upgrading to high-quality roofing materials, adding new heating, plumbing, and electrical fixtures, and more, you can prevent damage from natural disasters, fires, and water damage. And as a result, your home insurance provider will reward you, too with lower premiums.

5. Make your home safe

Similar to disaster-proofing, another crucial, cost-saving home improvement you can make is dialling up your safety at home. Modern technology has made it possible to detect the earliest sign of fire and intruders in your home, among other threats.

Installing a smoke detector, fire alarm, and sprinkler system, as well as security alarms and cameras, are just some of the most crucial safety improvements you can make. And thanks to these, your home insurance provider will consider your home low-risk, making it easier to insure and your premiums significantly lower.

6. Look for more discounts

Insurance bundles aren’t the only way to save on home insurance in Elliot Lake. You can qualify for many more discounts—if you know where to look.

One of the easiest discounts to obtain is using age to your advantage. Home insurance providers generally offer discounts to homeowners who are at least 55 years old because age often indicates experience with home maintenance. Similarly, you can also look into professional associations that offer group insurance rates.

7. Always keep home insurance in mind

If you’re buying a home in Elliot Lake, it’s important to explore your options for home insurance from the get-go. When browsing properties, consider factors that make your home safe and resistant to damage. 

For instance, homes close to a fire hydrant, resistant to winds, and constructed or retrofitted with upgraded plumbing, electrical, and heating systems are less prone to costly damage. The same is true for homes that are 10 years old. Home insurance providers are more inclined to charge lower premiums since it’s easier to insure homes that are structurally sound and low-risk. 

Plus, keep your home insurance rates consistently low over the years by reviewing policy limits and your home’s content listed annually. You may be able to reduce or cancel floaters (additional coverage) that you no longer need. Finally, don’t include the land under the home in the property value, since it’s not typically covered and will only raise your insurance premiums unnecessarily.

Save on Home Insurance in Elliot Lake with PAIB Insurance

As you’ve seen, there are lots of ways to save on home insurance in Elliot Lake. It’s not just an unnecessary expense that you can skip out on or not invest enough in. You can get the coverage you need to protect your property and all of the amenities you love without going over your budget.

PAIB Insurance helps you do exactly that. Our team of licensed insurance brokers in Elliot lake are here to help. We provide the home insurance coverage you need and ongoing support for managing your policy and handling claims. Our guarantee is full-service home insurance support, from comparing quotes and cost-effective coverage options, to long-term management to ensure that your coverage evolves with your needs.

Looking for more ways to save on your home insurance coverage in Elliot Lake? Ask a PAIB Insurance broker today for comprehensive and affordable home insurance.