Home insurance tips to help you lower your premium

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Tired of the rising costs of homeowners insurance? Well you’re certainly not alone, as property damage caused by poor and extreme weather conditions has caused insurance rates and home insurance premiums to rise nationwide. But despite the rise in weather-related home insurance claims, there’s still quite a lot you can do to lower your home insurance premium.

Shop around

For starters, have a close look at your current policy and make sure that the coverage you’re getting justifies the rate you’re paying. If not, consider updating your policy or shopping around for a new one with another insurance company. A PC® insurance broker can help. They will ask the right questions to ensure you are have the coverage you need. They will also shop around to multiple property insurance companies to get you a great rate for home insurance.

Increase your deductible

Most homeowners insurance policies carry a $500 deductible per claim, but increasing your deductible to $1,000 could help you to reduce your premium. However, keep in mind that the higher your deductible, the more you’ll have to pay out in the event of a loss before your insurance policy coverage kicks in. For example, if your basement sustains $4,000 in damage following a flood and you have a $1,000 deductible, you’ll be on the hook for $1,000 towards the cleaning and repair resulting from the event before your insurer pays the remaining $3,000 worth of damages. When choosing the right deductible for you be sure to think carefully about the amount you could afford in the event you needed to make a claim.

Get home and auto insurance coverage from the same insurer

Consider bundling your home insurance with your auto insurance. When you combine both of these insurance policies through PC insurance with the same company, you can get a discount of up to 15%.

Get a home security system

On top of working smoke and carbon monoxide detectors, which are now becoming mandatory in most provinces, you may be able to reduce your insurance premium by installing deadbolts and a monitored burglar alarm system.

Review your coverage annually

Your homeowners insurance policy should align with your home’s current market value and condition, and also reflect any major purchases, improvements or renovations. Review the specific clauses and conditions in your policy annually and make adjustments accordingly. Remember that an item that you insure under your homeowners insurance policy one year just won’t be worth the same several years down the line. Renovations will change the value of your home. Make sure that any updates are reflected in your policy to ensure that you have adequate coverage.

Stay in the know and perform regular maintenance

Inspect the inside and outside of your home each season and make sure to perform regular maintenance related to all of your home’s major systems and components. A few regular checks can help you avoid expensive surprises that could result in an insurance claim. A claim-free record will help to keep your home insurance rate low.

Get expert advice

Get a home insurance quote and continue to check out the PC insurance blog regularly for more interesting tips and articles on how to get the best and most accurate coverage for your home.

How to make a claim

Call 1-877-251-8656 to speak with a Claims Advisor.

Renewing your policy

Call 1-877-251-8652 for information regarding policy renewal.

Buying a new policy

Call 1-866-660-9035 for information on obtaining a quote.

Need help?

Take a look at the top 5 FAQs:

  • Why should I have home insurance?

    Why should I have home insurance?

    While the government doesn't require you to purchase home insurance, your mortgage-holder probably will - at least enough to cover its share of ownership. There are various kinds of home insurance that cover general and specific kinds of damage to your home, and you should research your options carefully. You can also buy specialized insurance to cover a condominium, home business, or other kind of property or valuables found in your home.

    Home insurance also includes liability coverage for people who are hurt on your property.

  • Why should I buy tenant's insurance when I live in an apartment and don't have many contents or valuables?

    Why should I buy tenant's insurance when I live in an apartment and don't have many contents or valuables?

    Most people would be surprised at the value of their personal property if they were to add it up and have to replace it all immediately. Think about your furniture, clothing, electronic equipment-then try to put a price tag to it all. Also, if you've purchased items on credit and they are stolen or destroyed by fire, you could still have to make the payments.

    Tenants insurance also includes liability insurance for damage the tenants or their guests cause to the building, for injuries in the rented home, etc.

  • How can I earn PC® points?

    How can I earn PC® points?

    When you use your President's Choice Financial® MasterCard® to pay your PC home insurance premium, you'll get 20 PC points per dollar of your premium. If you use your President's Choice Financial bank card to pay your PC home insurance premium, you'll get 10 PC points per dollar of your premium.

  • What is a deductible?

    What is a deductible?

    A deductible is your share of the amount that needs to be paid to cover the repair or replacement of your covered property before your insurance pays the rest.

  • How are premiums calculated?

    How are premiums calculated?

    The building itself has a lot to do with how your home insurance premiums are set. Many things about your home are taken into consideration including:

    • Its age and size
    • Type of building (detached, semi, high rise, etc)
    • Type of construction (brick, stucco, wood, etc)
    • Type of heating system
    • How close it is to a fire hydrant or fire station
    • Where it is located

See all Home Insurance FAQs

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