If you’re a homeowner, you probably noticed a jump in your home insurance premiums this year. With the record number of claims paid out in 2013 and 2014 for weather-related disasters like the Ontario ice storm and the Alberta floods, homeowners saw their insurance rates skyrocket.

Even if you’re like most homeowners and you’ve never made a claim on your home insurance, your premiums could still go up. That’s because of the home insurance motto: the losses of the few are paid for by the many. If your neighbours made a lot of claims, you could be hit with higher rates. With higher rates being a new reality, here are four easy ways to save on your home insurance.

Pay Annually Instead of Monthly

It’s fairly common to receive a discount for paying your home insurance premiums annually instead of monthly. If you can afford it, it makes sense to pay annually. You’ll avoid paying the costly administrative charge by paying monthly. Coming up with that much money all at once can seem challenging, so budget ahead of time. Put what your monthly premiums would be in a savings account. That way when the deadline to pay your annual premiums rolls around, the money will be already waiting for you.

Shop the Market

Just like when you’re shopping for a big-screen TV or mortgage, it pays to shop around. If you’re facing a hefty premium increase, it doesn’t hurt to shop around and see what the market has to offer. The Internet has made comparing insurance premiums easier than ever. In less than five minutes you can get a home insurance quote.

Another great way to shop the market is with the help of an independent insurance broker. Home insurance can often be complicated, so it helps to have someone who knows insurance like the back of their hand on your team.

Combine Your Home and Auto Insurance

If you’re already for paying auto insurance, many insurance companies will give you a discount for also getting your home insurance with them. You’ll often receive a sizable discount of 10 percent off your premiums for both. Just make sure you’re happy with the coverage you’ll receive under both before signing up.

Increase Your Deductible

Many homeowners aren’t aware they can increase the deductible on their home insurance. Your deductible will often be set at $500 to start. Your deductible isn’t written in stone – by simply making a phone call, you can increase your deductible to $1,000 or $2,000, which will lower your insurance premiums and save you money. Your deductible is how much you’ll have to cover out of your own pockets in the event of an insurance claim. Before you increase your deductible, make sure you can truly afford it.


The RATESDOTCA editorial team are experienced writers focused on sharing stories and bringing you the latest news in insurance and personal finance. Our goal is to provide Canadians with the information and resources they need to make better insurance and financial decisions.

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