Everyone loves a good discount. In the insurance industry there is certainly no shortage of discount opportunities. It is for this reason that we have decided to create a four-part series on potential insurance discounts that you can be cashing in on to keep more money in your pockets.
Home insurance is an important coverage for homeowners in Ontario, as it helps protect your home and personal belongings from damages and losses. Fortunately, there are several discounts available that can help lower your home insurance premiums. Here are some common discounts to consider:
Multi-policy discount: If you have multiple insurance policies with the same company (such as auto and home insurance), you may be eligible for a discount on your home insurance premiums.
Multi-property discount: Homeowners who insure more than one property on the same policy can be eligible for a discount.
Alarm system discount: Installing fire or security systems in your home can help lower your home insurance premiums. This is because these systems can help prevent or minimize losses from fires and burglaries.
Non-smoker discount: If you don’t smoke, you may be eligible for a discount on your home insurance premiums. This is because discarded ash has the potential to start a fire.
Water damage protection: Homeowners who have sump pumps or water leak detection systems are less likely to be damaged by water and can be granted a discount.
Mature homeowner discount: Some home insurance companies in Ontario offer discounts to homeowners who are over a certain age. These discounts may be offered because older homeowners are generally considered to be less risky. The age that qualifies as “mature” will vary from company to company.
Loyalty discount: You may be eligible for a loyalty discount once you have been a customer of the same home insurance company for a specific period of time.
New business discount: Some companies will offer a new business discount to people who switch insurance companies to entice them to make the switch.
Claims-free discount: If you haven’t filed any claims on your home insurance policy in a certain period of time, you may be eligible for a claims-free discount.
New home discount: If you have recently purchased a new home, you may be eligible for a discount on your home insurance premiums. This is because new homes are generally considered to be less risky than older homes due to modern building materials.
Mortgage free discount: If you have paid off your mortgage you may be eligible for a mortgage free discount.
For more information on more insurance discounts please be sure to check out the other posts in this series:
If you are interested in finding the best pricing and discounts for your property insurance, please give us a call 1-877-941-2266 or contact Absolute Insurance Brokers and we would be happy to help you find the right policy.
