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How to save on home insurance premiums

Couple Saving Money Looking to save on your home insurance while still getting the coverage you need? Here are ten tips to help you start saving.

  1. Increasing your deductible can reduce your insurance premiums and save you money. Be sure to consider what deductible amount you would be able to afford in case of a claim.
  2. Any significant new purchases, downsizing or additions to your house, or changes in property value can impact your coverage. Review your policy to make sure your home and contents are properly insured.
  3. Combining your home and auto insurance through MCT is a great way to save. You can save up to 15% by bundling.
  4. Did you know there are discounts available for homeowners who own recently built houses? If your house was built within the last ten years, you may be eligible to receive a new home insurance discount.
  5. Home security alarm systems not only help protect you and your family, but can also reduce your home or condo insurance premiums.
  6. If you haven’t had a claim for more than three years, you may be eligible for a claims-free discount.
  7. Installing a sump pump or backflow valve is a great way to protect your home from water and sewer backups. Water mitigation incentives can help you save on insurance as well and prevent damage.
  8. Are all of the residents in your home non-smokers? Some insurance companies offer a non-smoker discount on home insurance. Check with your MCT broker to see if you qualify.
  9. Replacing your roof, updating your electrical systems and upgrading your plumbing are great ways to prevent damage to your home and get an insurance discount as a result.
  10. If your home is mortgage free, you may qualify for additional discounts.

Call your MCT broker today to find out what discounts you’re eligible for and to make sure your insurance needs are covered.