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41 Home Insurance Savings Tips

17. Employee / Union Members

Some companies offer discounts to union members ( e.g. IBM Canada or Research in Motion….)

18. Mortgage Insurance

Getting mortgage insurance when you have enough coverage in Life insurance is not always necessary.

Mortgage insurance is another name for a Life/Critical Illness / Disability insurance associated with your home Insurance only but you pay extra for a convenience of getting insurance directly when lending the money.

For example, a Term Life policy large enough to pay off your home is usually cheaper.

19. Drop Earthquake Protection

In many regions, earthquakes are not likely – you could decide not to take earthquake coverage which could lower your premiums.

For example, in BC earthquake coverage can account for as much as one-third of a policy’s premium.

20. Wood Stove

Choosing to use a wood stove means higher premiums – Home Insurance companies often decide to inspect the houses with such installations before insuring them.

A decision to get rid of it means a lower risk and thus lower insurance premiums.

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