5 ways to reduce your home insurance costs

1. Make sure the type of coverage you hold matches the risk level you’re able to tolerate.

Basic coverage allows you to insure your home and its contents for a low price. However, it offers less extensive coverage than if you opted for “all perils” coverage.

2. Take out water damage coverage that's right for you

Your actual insurance needs depend on your environment. For example, for a finished basement, the reimbursement limits for damage caused by water should cover:

• Repair costs for the premises
• The amount required to replace, clean or repair your property

Live in a unit that’s located on the top floor of a building and have no property in the basement? You should ask your insurance broker if some of your water damage coverage can be withdrawn.

3. Adjust the deductible based on your needs

The deductible is the amount of expenses that you have to pay in the event of a claim. It usually varies between $300 and $1,000. The higher the deductible, the lower the cost of insurance.

You’ll therefore save on your coverage price by opting for a higher deductible. In the event of a claim, however, you will have to pay a higher amount.

4. Transfer all your insurance to the same company

Many insurers offer discounts and benefits to customers who bundle their home and auto insurance with them. For example, at L’Unique, in certain cases you can get a premium discount and a reduced deductible with each contract you hold with us.

5. Install a fire and theft alarm system

By equipping your home with an alarm system that’s connected to a central monitoring system, you make it less vulnerable to fire and theft. So, it’s logical that it's reflected in the insurance cost!

Make sure you call your broker before installing such a system to ensure the one you choose really does provide a premium discount. If you already have one, notify your broker so it can be added to your file.

Your insurance broker is there to help you prevent losses. Feel free to contact him or her!