When you hear the word 'discount', the first thing that many people think of is being able to save money. A home insurance discount is a chance to save money by reducing your annual home insurance premium. When certain criteria are met by homeowners, Canadian insurance providers offer multiple opportunities to save on your insurance rates. Talk to your insurance agent to see if you qualify for any homeowner discounts.
If you own a home in Ontario, you have several potential insurance discounts available to you. Some of the most common homeowner discounts include being mortgage-free, bundling your home and auto insurance, having a brand new home, having an unfinished basement, having a water alarm installed, for being a non-smoker, in addition to many more. Listed below are the details of all home insurance discounts that are available.
Having both your auto and homeowners insurance with the same company is the best way to save on your personal insurance. By having your home and auto insurance coverage with one insurance provider, you can save up to 15% on both of your policies. It is important to note that depending on the insurance company, the amount of savings will vary. Since insurance brokers work with many different providers, they can compare several insurance quotes and ensure you receive all the home insurance discounts that you are eligible for. Contact an insurance agent for specific details on discount criteria and savings.
Just like how there is a claims-free discount for individuals who are good drivers, there is also one offered to homeowners. If you have been without a claim for over a certain period of time (for most companies it is in the last three years) you may qualify for this discount. Depending on the company, the more years you remain claims-free, the bigger the possibility your home insurance discount could increase over time.
If you have a monitored alarm system in your home, many of our insurance companies offer their customers a home alarm insurance discount. You may be required to provide a copy of an alarm certificate to qualify. Keep in mind when applying for this discount, you have working smoke alarms. The fire and burglar alarm discount offers insurance savings up to 12% based on the insurance company you are with.
It is appreciated by insurance companies when customers are loyal to them. As a way to say thank you for your continued business, most companies offer customer loyalty insurance discounts. For being a long-standing customer, home insurance savings are normally up to 10%. In some cases, loyalty discounts can increase - to a limit - the longer you have been a customer with the insurance company.
Please note that if you are currently receiving a loyalty discount and decide to change insurance companies, you will not get this discount at the new company.
At the time of renewal, some insurance companies offer a discount to mature homeowners based on the age of the customer. If you are over the age of 50, you may be eligible to apply for this discount and could get savings up to 15% on your Ontario home insurance policy.
Is your mortgage fully paid off? That great mortgage-free feeling can be extended to home insurance savings. By being mortgage-free, you are considered to be less of a risk and it indicates that you are financially responsible. This can typically save you up to 20% on your home insurance.
When you have more than one personal property policy insured with the same company, insurance providers will thank you by offering you savings on your property insurance policy premium up to 15% depending on the company.
While loyal customers are valued to the insurance companies, they also understand that you may want to switch to a different insurance company. Being a new customer to an insurance company also has its benefits; you could qualify for the new business insurance discount. Some companies offer up to 5% savings on homeowners insurance to new customers.
If you have a newly built home, you can typically save up to 20% on your home insurance. This discount also applies if, for example, you are replacing your roof or finishing the basement in your house. Please keep in mind that the amount of this insurance saving may vary depending on the age of your home, such as if your home is 20 years old versus if your home is 5 years old.
Smoking - inside or outside - is considered to be a fire hazard and you are more likely to have an accidental fire, so if no one in your home smokes, whether that be indoors or outdoors, let your insurance advisor know. The non-smoker discount can save you up to 5% on your home insurance. However, to be eligible for this discount, everyone living in the house must be a non-smoker.
Another way for companies to say thank you for being a loyal customer is the insurance renewal discount. Based on the insurance company, the number of years required to qualify for this discount will vary. This renewal insurance discount tends to be up to 15%. The discount depends on the insurance company and how many years you have been insured with the company.
If you live within about 8 kilometers of a shuttle tanker-accredited fire hall, this discount may save you up to 5% on your annual home insurance premium. The reason for this insurance savings is firefighters can bring large loads of water quickly to your home in case of a fire.
Is your basement concrete with studded walls? Many of our companies offer home insurance savings for customers with an unfinished basement. The reason is that in the event of a claim, it will cost less to repair an unfinished basement than it would to repair a finished basement. The unfinished basement home insurance discount could save you up to 15%.
If you have an alarm for detecting water in your basement, let your insurance broker know as this can save you money on your home insurance. The water alarm home insurance discount (also known as water leak detection system discount) is typically worked into the overall insurance premium. Still, it can mean savings up to 30% depending on how advanced your water alarm system is.
Do you have a septic system? A backflow valve? A sump-pump? These are factors to help lower your insurance premium. Having a septic system or a sump pump can reduce your likelihood of having significant water damage to your home. The water mitigation discount can be up to 40%, which will depend on the mitigation methods you have in your home.
The key to saving on home insurance costs is to speak to a Morison Insurance representative who will get all of the home insurance discounts that you are eligible for. With a variety of different discounts, we have helped many customers save hundreds of dollars on their home insurance. Allow us to help you save as well!
Our brokers work with Canada's most respected insurance companies and will get you an insurance quote from several competitive companies, with the best type of coverage. We will apply as many home discounts as possible to help you lower your insurance costs.
Most home insurance discounts are built into the base insurance premiums, meaning customers may not necessarily see these discounts outlined on their home insurance policy.
Many companies set specific criteria for home insurance discounts and also cap the amount of discount that an insured may receive. Standards tend to differ among the different companies and can be complicated. We suggest speaking with a licensed insurance broker about these discounts and the specific criteria set by the insurance company you are insured with. We are always happy to answer any questions you may have, explain details, and help with your insurance in any way we can.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.