How to Save Money on Home Insurance

Here are 11 tips that can help you minimize the cost of your home insurance in Penticton.

Shop around. Let Underwriters obtain quotes from a variety of insurance companies. Ask about discounts or promotions.
Get a home insurance quote from your car insurance provider, if you own a car. Companies often offer discounts when you “bundle” your home and car insurance together.
Increase your deductible. The higher your deductible, the lower your premium but make sure it’s one
you can a afford to pay in the event of a loss.
Take preventative measures against fire, theft , water damage and severe weather. This may include installing an alarm system, reinforced roofing, a backwater valve, storm shutters, sump pumps and a fire sprinkler system. Upgrading your electrical, heating and plumbing systems may help to reduce your premium as well.
Ask your current insurance representative at Underwriters Penticton or Valemount if you qualify for any additional discounts – for example, if you’re over the age of 55 or are mortgage or claims-free.
Consider paying your premium annually to avoid potential service or interest charges.
Evaluate your coverage every year to ensure it reflects your home’s current value, including upgrades, renovations or major purchases.
Quit smoking! Really. Many home fires are caused by careless smoking. Many insurance companies acknowledge that non-smokers have a lower risk of fire loss.
Don’t over-insure your home by including the market price of the land in your home’s insured value. You can’t make a claim over the actual loss to insured property – which does not include the market value of underlying land. Insure your home for what it would cost to rebuild in the event of a loss.
Avoid terminating your home insurance policy before its term – it may result in a cancellation charge. If you decide to change insurance companies, wait until your policy is up for renewal before deciding to do so.