Secret home insurance discounts

You read about how being mortgage-free and/or owning a new home can save you up to 25% on your home insurance bill in the September/October 2014 issue of MoneySense. Here are 10 more home insurance discounts you may not know about.

Mature discount

Some providers offer 10% off if the insured is 45 years of age or older.

Affinity discounts

Many providers offer discounts for union members, employees of certain organizations and/or alumni of select universities. Be sure to consult your provider’s list of affinity partners to see if you’re a member of any of the participating groups.

Pay in advance

Monthly premiums can be subject administrative costs so ask if it’s cheaper to pay in bulk at the beginning of the year.

Increased deductibles

A deductible is the amount you agree to pay in case of a claim. Your provider covers the rest. Consider increasing your deductible from say $500 to $1,000 or as much as you can reasonably afford in case of an emergency and you should see your premiums fall.

Bundled services

Most insurance providers reward customer loyalty with 10% off to 15% off premiums when you add your car or motorcycle to the policy. Others offer a family discount of up to 5% if there’s a property policy for a parent or child.

Home monitoring

Alarm systems help protect your home against fire and intruders but they can also lower your premiums by 10% so tell your provider when you’ve installed a new system.

Claims-free

Never made a claim? Look for a provider that will reward you for that. It could save you hundreds of dollars though it might make you think twice about making claim in the future, opting to pay for repairs out of pocket instead.

Credit checks

A good credit score could suggest to an insurer that you’re less likely to file a claim whereas a bad credit score shouldn’t work against you so there’s no harm in asking.

Dialed down coverage

Home insurance covers the gamut of coverage from comprehensive, to named perils, broad and no-frills. You may want consider downgrading from comprehensive which covers the structure and contents of your house to something more basic that protects you in case of fire for instance.

Time to switch?

Use online rate comparison tools and let your provider know you’re considering a switch at renewal time. They’re likely go offer you a competitive rate to keep you on-board.