1. Install a Centrally Monitored Alarm System
Insurance providers reward homeowners who take extra precautions to reduce risk. A centrally monitored alarm system alerts a security company right away if there’s a break-in, fire, or other emergency. This added level of protection reduces the chance of major losses—meaning your insurer may give you a discount for lowering their risk exposure.
2. Bundle Your Home and Auto Insurance
Bundling is one of the easiest ways to cut costs. By combining your home and auto insurance with the same provider, you can often qualify for a multi-policy discount. Not only does this save you money, but it also simplifies your billing and keeps all your coverage in one place.
3. Upgrade to Hail-Resistant Siding and Roofing
If you live in an area prone to hail, your home’s exterior plays a big role in your premiums. Installing hail-resistant materials—such as Class 4 asphalt roof shingles or impact-resistant siding—can significantly reduce your insurance costs. These upgrades show insurers you’re taking steps to minimize damage risks, which lowers claims and, in turn, lowers premiums.
4. Take Advantage of Loyalty Discounts
Sticking with the same insurer for multiple years can sometimes work in your favor. Some companies offer loyalty discounts as a way of rewarding long-term clients. This varies by provider, but if you’re happy with your coverage and service, it may pay to stay put.
5. Maintain a Good Credit Score
Insurers often run a soft credit check when assessing new policies. A strong credit score signals that you’re financially responsible and less likely to miss payments, which can earn you a lower rate. Unlike a hard credit pull, this won’t affect your score, so there’s little downside to allowing it.
6. Consider Raising Your Deductible
Your deductible—the amount you pay out of pocket before insurance kicks in—has a direct impact on your premium. A higher deductible usually means lower monthly or annual costs. For example, opting for a $2,500 deductible might sound steep, but compared to the value of rebuilding a $500,000 home, it’s minimal. Unlike car insurance, where a deductible might equal a large percentage of the vehicle’s value, a higher deductible on property insurance often makes financial sense for those who are comfortable with the risk.
Final Thoughts
Insurance is all about balancing protection with affordability. By making smart upgrades, bundling policies, maintaining good financial habits, and choosing a deductible that fits your comfort level, you can save hundreds—sometimes thousands—each year on your home insurance.
Protecting your biggest investment doesn’t have to break the bank. A few strategic decisions today can pay off in long-term savings tomorrow.
If you have any further questions in regards to insurance or need recommendations please reach out, I’d be happy to point you in the right direction.
Melissa Morin • Team Lead & REALTOR® @ The Melissa Morin Team w/ C21 Maximum 403-318-5665 • Melissa.morin@century21.ca
