We are all looking at ways to keep our hard earned money in our pockets. There are many ways to save on your home insurance from packaging your home and auto insurance together to increasing your deductible. While discounts vary based on insurance carrier, discussing some of these items with your broker can earn you some savings:
- Have you worked hard to pay off your mortgage? A mortgage free discount may apply.
- Have you chosen to install a burglar and/or fire alarm in your home? You may be rewarded with an alarm discount.
- Are you and all your family members in your household non-smokers? Many companies offer a non-smoker discount.
- Have you made recent updates to your roof, furnace, hot water tank, plumbing or electrical? Insurance companies often offer premium reductions for updates performed on your home.
- Is your basement finished or unfinished? An Unfinished basement discount may apply.
- Have you installed a water mitigation device in your home such as a sump pump or backwater valve? With water claims on the rise, insurance companies are often offering premium reductions for installing a water mitigation device.
- Consider paying your premium in full annually. Certain insurance companies are now offering a discount for those choosing a Full Pay option.
- Have you maintained a good credit score? A good credit score may be rewarded with a discount on your home insurance.
While discounts are an excellent way to save on your property insurance, increasing your deductible may be also be a great option to lower your premium. Generally, the higher your deductible the lower your premium. Just be careful not to set your deductible too high as the deductible is the amount you will be responsible to pay in the event of a claim.
Contact our Morison Insurance brokers today to review your policy and discuss how you could save on your property insurance.
– Written by our brokers Carol and Melissa P.
This blog is provided for information only and is not a substitute for professional advice. Please call our Morison Insurance brokers at 1-800-463-8074 for more information.