Skip to main content

Money Saving Home Insurance Tips


Insurance is one of those things that most of us have to buy, but no one wants to spend money on. Especially in times of financial uncertainty, insurance is something that should be top of mind.  Fortunately, there are a few easy ways to save on insurance so you can keep more of that hard-earned cash in your pocket. Here are a few tips for saving money on insurance: 

Tip 1: Review your coverage 

The easiest way to save money on any insurance policy is to schedule a meeting with your insurance broker.  An insurance broker is an insurance professional whose responsibility is to search, explain coverages, negotiate prices, and purchase an insurance policy on your behalf.  Insurance brokers are familiar with the insurance marketplace and are aware of what discounts that may or may not be available to you.  Simply scheduling an annual review of your insurance policy is step 1 in making sure you’re getting your best rate on your insurance policy. 

Tip 2: Make sure you have the right coverage for your needs 

Step 2 to saving money on insurance is knowing the difference between coverage and cost. Coverage refers to what your policy will cover – the types of events or circumstances it protects you from, such as fire, theft, wind, or hail for example. Cost refers to how much it costs per year for that particular level of protection. 

The next step is understanding your options when choosing an insurance plan – this is where your insurance broker steps in – there may be times when insurance may not be necessary at all! There are a variety of things that can affect how much money we spend on annual premiums and this list has significantly grown in the past few years.  A few examples are: location; age of home; age of furnace; age of electrical panel; age of plumbing; age of hot water tank; your age; your credit score and; your insurance history; just to name a few.  It’s very important to make sure that these items are up to date on your insurance policy, as they will have an impact on your rate of insurance. 

Tip 3: Check for discounts on coverage 

Most insurers will offer discounts of some sort on your insurance policy.  The typical discounts available are: Claims Free Discount; New Home Discount; Mortgage Free Discount; Age Discount; and Alarm Discount.  These discounts may vary from insurer to insurer and insurance product to insurance product, so again, be sure to check with your insurance broker to ensure that all discounts available to you are being applied. 


In a world where it seems impossible to stay on top of everything, when it comes to purchasing insurance, your local insurance broker is your best option to steer you through the buying process.  Make sure to set some time aside to review your insurance policy with them annually to ensure your policy is still providing you with the coverage you need at a fair price. 

Ian Brezden, CAIB (Hons) 
Partner/Insurance Broker – Love & Persson Group