What Is A Home Insurance Discount?
When you hear the word 'discount', the first thing that many people think of is being able to save money. A home insurance discount is a chance to save money by reducing your annual home insurance premium. When specific criteria are met by homeowners, Canadian insurance providers offer multiple opportunities to save on your insurance rates. Talk to your insurance agent to see if you qualify for any homeowner discounts.
How Can I Save On My Home Insurance?
There are many ways you can save on your home insurance. One of the most prominent ways to save is with home insurance discounts. By talking with your Morison Insurance broker, you can learn how to qualify for as many discounts that apply to your home. For example, say you've updated or changed your furnace, hot water tank, roof, electrical or plumbing in your home. By letting your broker know of this change, they can find the corresponding home savings. One of the best times to inform your broker is during your home insurance renewal period.
It is also advised to talk to your broker to go over your insurance policies. Do you still require certain coverages or certain items that are listed on your policy? Maybe you own a condo or tenant policy, and your contents limit is too high because you've downgraded or have gotten rid of items. Or maybe your kids are no longer living with you, and you don’t need as high of a limit now. You can increase your deductibles to save on your home insurance.
Keep in mind that discounts vary among insurance companies. Talk to your Morison Insurance broker to find out which company will provide you with the greatest amount of discounts and the best insurance coverage options at an affordable home insurance premium.
What Are The Most Common Home Insurance Discounts?
If you own a home in Ontario, you have several potential insurance discounts available to you. Some of the most common homeowner discounts include being mortgage-free, bundling your home and auto insurance, having a brand new home, having an unfinished basement, having a water alarm installed, and being a non-smoker, in addition to many more. Listed below are the details of all available home insurance discounts.
Bundled Home & Auto Insurance Discount
Having both your auto and homeowners' insurance with the same company is the best way to save on your personal insurance. By having bundled home and auto insurance coverage with one insurance provider, you can save up to 20% on both of your policies. It is important to note that depending on the insurance company, the amount of savings will vary. Since insurance brokers work with many different providers, they can compare several insurance quotes and ensure you receive all the home insurance discounts that you are eligible for. Contact a Morison Insurance agent for specific details on discount criteria and savings.
Claims-Free Home Insurance Discount
Just like how there is a claims-free discount for individuals who are good drivers, there is also one offered to homeowners. If you have been without a claim for over a certain period of time (for most companies, it is in the last three years), you may qualify for this discount. Depending on the company, the more years you remain claims-free, the bigger the possibility your home insurance discount could increase over time. Savings can range from 5% to 30% off of your home insurance for remaining claims-free. Thus, avoiding making claims on small losses can help you remain claims-free and qualify for the discount. This option will likely aid you in saving money in the long run. If you're unsure about whether making a claim is the right decision, you can speak to a broker for trusted advice. Talk to a Morison Insurance broker today for more details on a claims-free home insurance discount.
Fire & Burglar Alarm Home Insurance Discount
If you have a monitored alarm system in your home, many of our insurance companies offer their customers a home alarm insurance discount. You may be required to provide a copy of an alarm certificate to qualify. Keep in mind when applying for this discount, you must have working smoke alarms. The fire and burglar alarm discount offers insurance savings of up to 15% based on the insurance company you are with. If you want to learn more about home insurance discounts for a fire and burglar alarm, talk to your Morison Insurance broker today!
Loyalty Home Insurance Discount
Insurance companies appreciate it when customers are loyal to them. As a way to say thank you for your continued business, most companies offer customer loyalty insurance discounts. For a long-standing customer, home insurance savings are normally up to 10%. In some cases, loyalty discounts can increase - to a limit - the longer you have been a customer with the insurance company.
Please note that if you are currently receiving a loyalty discount and decide to switch insurance companies, you will not get this discount at the new company. If you're weighing your options and are on the fence about keeping a loyalty discount or switching to a new company, your trusted Morison broker will be able to advise you on your decision.
Mature-Age Home Insurance Discount
Getting older doesn't have to be as scary as it seems. In fact, aging has its own perks, like a mature homeowners' discount! At the time of renewal, some insurance companies offer a discount to mature homeowners based on the age of the customer. This is generally because mature homeowners are considered less risky and less likely to have a claim due to more experience maintaining a home. If you are over the age of 50, you may be eligible to apply for this discount and could get savings of up to 10% on your Ontario home insurance policy. Please keep in mind that the age of maturity varies across insurance companies.
Mortgage-Free Home Insurance Discount
Is your mortgage fully paid off? That great mortgage-free feeling can be extended to home insurance savings. By being mortgage-free, you are considered less of a risk, and it indicates you are financially responsible. You can be rewarded for this great accomplishment with a home insurance discount that can typically save you up to 20% on your home insurance. Not only do you no longer have to worry about mortgage payments, but now you can enjoy the benefits of a mortgage-free discount!
Multi-Property Home Insurance Discount
Do you have a second or even third property? When you have more than one personal property policy insured with the same company, insurance providers will thank you by offering you savings on your property insurance policy premium up to 10% depending on the company. This is because most companies value insurance bundles to organize policies by client.
New Business Home Insurance Discount
While loyal customers are valued to the insurance companies, they also understand that you may want to switch to a different insurance provider. Being a new customer of an insurance company also has its benefits; you could qualify for the new business insurance discount. Some companies offer savings on homeowners' insurance to new customers. Suppose you are undecided about staying with your current insurance company versus changing your provider and potentially qualifying for a discount. In that case, it’s recommended you speak with your Morison Insurance broker to help you decide.
New Home Insurance Discount
If you have a newly built home, you can potentially save up to 30% on your home insurance. This discount also applies if, for example, you are replacing your roof or finishing the basement in your house. Please keep in mind that the amount of this insurance saving may vary depending on the age of your home, such as if your home is 20 years old versus if your home is 5 years old. As your home increases in age, it is likely that the discount will decrease. This is because the risk associated with your home becomes much greater with the natural wear and tear that comes with time.
Non-Smoker Home Insurance Discount
In addition to the well-known health hazards associated with it, smoking - inside or outside - is considered to be a fire hazard, and you are more likely to have an accidental fire. So, if no one in your home smokes, whether that be indoors or outdoors, let your insurance advisor know. The non-smoker discount can save you up to 5% on your home insurance. However, to be eligible for this discount, everyone living in the house must be a non-smoker. As the home ages, the home insurance discount decreases.
Renewal Home Insurance Discount
Another way for companies to say thank you for being a loyal customer is the insurance renewal discount. Based on the insurance company, the number of years required to qualify for this discount will vary. This renewal insurance discount tends to be up to 10%. The discount depends on the insurance company and how many years you have been insured with the company. If you have any questions about this home insurance discount, speak with your Morison Insurance broker today!
Shuttle Tanker Home Insurance Discount
If you live within about 8 kilometers of a shuttle tanker-accredited fire hall, this discount may save you up to 5% on your annual home insurance premium. The reason for this insurance savings is firefighters can bring large loads of water quickly to your home in case of a fire. Thus, some insurance companies value the lowered risk and can provide a home insurance discount.
Unfinished Basement Home Insurance Discount
Is your basement concrete with studded walls? Many of our companies offer home insurance savings for customers with an unfinished basement. The reason is that in the event of a claim, it will cost less to repair an unfinished basement than it would to repair a finished basement. The unfinished basement home insurance discount could provide you with savings from some companies. Speak with your Morison Insurance broker to learn more about the unfinished basement home insurance discount.
Water Alarm Home Insurance Discount
If you have an alarm for detecting water in your basement, let your insurance broker know as this can save you money on your home insurance. The water alarm home insurance discount (also known as water leak detection system discount) is typically worked into the overall insurance premium. By having this alarm, damage to your home can be significantly minimized as any flooding or leaks can be detected much quicker than if you did not have the system. Still, it can mean savings with some insurance companies depending on how advanced your water alarm system is.
Water Mitigation Home Insurance Discount
Do you have a septic system? A backflow valve? A sump-pump? These are factors to help lower your insurance premium. Having a septic system or a sump pump can reduce your likelihood of having significant water damage to your home. The water mitigation discount can be up to 10%, which will depend on the mitigation methods you have in your home.
Can I Use Every Home Insurance Discount?
Most home insurance discounts are built into the base insurance premiums, meaning customers may not necessarily see these discounts outlined on their home insurance policy.
Many companies set specific criteria for home insurance discounts and also cap the amount of discount that an insured may receive. Standards tend to differ among the different companies and can be complicated. We suggest speaking with a licensed insurance broker about these discounts and the specific criteria set by the insurance company you are insured with. We are always happy to answer any questions you may have, explain details, and help with your insurance in any way we can.
How Can I Get Home Insurance Discounts?
The key to saving on home insurance costs is to speak to a Morison Insurance representative who will get all of the home insurance discounts that you are eligible for. With a variety of different discounts, we have helped many customers save hundreds of dollars on their home insurance. Allow us to help you save as well!
Our brokers work with Canada's most respected insurance companies and will get you an insurance quote from several competitive companies with the best type of coverage. At Morison Insurance, our experienced brokers offer 5-star service all throughout Ontario and can help you find the best discounts with our expertise. We will apply as many home discounts as possible to help you lower your insurance costs.
This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.
