Home insurance is one of the smartest investments for a homeowner. The right insurance will help you rebuild your home in case of a natural disaster and will even cover the costs of home repairs after a bad storm. Most homeowners are intimidated by the high costs of insurance premiums and thus, tend to skip crucial coverage. We bring you some great tricks to save money so that you can protect your home at an affordable price.

1. Bundle Up
Almost all Canadian insurance companies provide the option of bundling to their customers. If you buy your auto and home insurance from the same company, you are entitled to a discount on both your policies. Get all your vehicles and your properties insured from the same company and you’ll be surprised at how much you can save.

2. Consider Better Security
Your home insurance rates are dependent on the area where you live. If your neighbourhood has a high rate of reported burglaries or crimes, your insurance premiums might be higher. In order to save some money, you can install home security items including door chains, alarm systems, iron bars on windows, deadbolt locks, etc. Don’t forget to install smoke detectors and carbon monoxide detectors as they can also help you save money. Before you choose any security systems, speak to your broker to ensure you are eligible for a discount.

3. Maintenance Matters
Many homeowners don’t realise that by keeping their home in optimum condition or upgrading a few elements around the house can help them save a lot of money on premiums. You can install a new furnace to lower the risk of a potential fire hazard and change your siding from flammable wood to non-flammable aluminum or brick for reduced premiums. Repair your roofs, walkways, driveways and porch steps as these will avoid premium hikes during your annual insurance inspection. By keeping things in working order, you can ensure minimum utility bills and avoid fatal threats in your house.

4. Raise Your Deductible
This is one of the best ways to save money on your home insurance. If you raise your deductible from $500 to $1000, you can save up to 20% on your premiums. Remember to set an amount that you can afford in case you need to file a claim. If your deductible is $700 and your home sustains damages of $3000, you will have to first pay the $700 from your pocket and then the company will pay $2300.

5. Don’t Over-Insure
Remember to only buy the insurance that you need to reduce your premium costs. For instance, many homeowners make the mistake of including the price of the land on their replacement cost. You can’t claim this as your land will remain intact even if your building gets totally damaged. Leave the value of the land out of your insurance and you’ll notice a significant drop in your premium prices. Also, if you don’t own any jewellery worth insuring, you can skip that coverage and reduce your premiums further.

Your first concern should always be to get the right cover for your home. By following these simple tips and tricks, you can save on your premium costs and you’ll have some extra dollars to get the necessary renovations done around your home.