Home insurance discounts are one of the top ways to save more on your policy. If you’re already shopping for home insurance, then why not look for additional ways to reduce your payments?
The best way to save on your coverage is to find all the home insurance discounts you qualify for. You could reduce your premiums by up to 25% or more!
Looking for auto insurance savings? Check out our car insurance discounts page.
A home insurance discount is a form of savings that is applied to your insurance policy. Most discounts are included in your base premiums. So, you may not see them as a line item that is applied to your plan.
Discounts are applied during the quoting process based on the information you provide to insurers. You will receive a home insurance discount when you qualify for something that makes you less of a risk to providers. For example, you install a security system, making it less likely you’ll file a theft or break-in claim.
Depending on your situation, you could qualify for multiple home insurance discounts. However, insurers can also cap discount amounts you can receive.
Apply discounts when comparing home insurance quotes to save even more!
Get startedWhether you are shopping for home insurance in Ontario or anywhere else in Canada, following these steps will help you save the most:
Here’s a list of the most common home insurance discounts offered by insurers:
Insurers reward you for being loyal. You’ll qualify for savings if you renew your policy with your existing provider. The longer you stay loyal, the more you’ll save. You could save up to 10%.
Some insurers offer group rates if you belong to certain groups or associations. For example, college or university alumni, unions, or professional associations.
Having fire insurance is one of the most important forms of protection. You can also take preventative measures to protect your home and qualify for a discount. Installing a monitored fire alarm system or an automatic sprinkler system can qualify you for a discount.
Protect your basement from flooding and save a little more on your policy by installing a sump pump.
Water is one of the biggest threats to your property. Insurers like when you take steps to prevent water issues that go above and beyond having water damage insurance.
You can receive discounts for having a septic system, installing an automatic water shut-off, or a backwater valve.
Protecting your home reduces the chances of a break-in. Installing security cameras, motion sensor lights, monitored alarms, deadbolts, and other safety measures can help lower your premiums.
Being mortgage free offers you more financial freedom than you realize. You won't have a mortgage payment and you can reduce your rates.
Home insurance claims are becoming more costly. Staying claims-free can help you save. The longer you stay claims-free, the more you can save.
Did you know that if your home is less than 10 years old you could qualify for a discount? New properties are less likely to have claims. So, some insurers offer discounts.
Receive a small discount for paying your premium in total upfront instead of paying monthly. You could also save on administrative fees.
Some insurers offer discounts for mature or senior homeowners. The age at which the discount applies can vary by insurer. Speak to your insurer to see if you qualify.
People who smoke increase the risk of a fire. Insurers are all about reducing risk. So, many offer you a discount if you’re a non-smoker.
Own more than one property? Bundle your coverage in one policy and save on both!
Location matters. You can qualify for a reduced rate if you live near a fire hall or emergency services. The sooner a fire truck can get to your property, the quicker it can put out a fire and reduce damage.
Some insurers offer a discount if you have an unfinished basement. If you do have a flood or other damage, it will cost significantly less to repair than if you had a finished basement.
Some providers are now offering discounts for homes built with sustainability in mind. This includes savings for LEED-certified homes. Talk with your provider to see if you qualify.
Live in a condo? You can qualify for a variety of discounts on your condo insurance. Some of the savings will be the same as homeowners policies and others are specific to condos. They include:
If you rent, you can qualify for discounts through your tenant insurance. You can save on your premiums by combining your renters and auto policy. You can also get discounts for being claims-free, installing a fire and security system, and much more. Speak with our insurers about more ways to reduce your costs.
Home insurance discounts can differ from one insurer to another. There is no set list of discounts offered by all providers. Make sure to inquire about discounts when comparing your options.
The discount percentage can also vary. For example, one insurer may offer a 3% discount for installing a security system, while another may offer you a 5% discount. Speak with your insurer for more information about discount percentages offered.
All insurers offer some form of home insurance discount. But some offer more than others. However, more doesn't always mean more savings. What's more important is to shop for insurers that offer the most applicable discounts based on your needs.
A multi-product discount is applied when you have more than one type of insurance with one provider. This is also referred to as a multi-line discount or insurance bundle.
For example, if you have your property and car insurance with the same insurer, you’ll get a discount on not.
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