Home Insurance Premiums – What You Can Do To Keep Them Low

Last Updated: Oct 2023 | Categories: General, Home & Renters Insurance, Local / Community – NB, Local / Community – NL, Local / Community – NS, Popular

A yellow house is shown with red bubbles above it - the bubbles have symbols on how to keep home insurance prices low.

Keeping Home Insurance Prices Low

Prices are soaring higher than a flock of migrating geese these days – but don’t let it ruffle your feathers! We’ve got a nest full of tips and tricks to keep your home insurance premiums perched firmly on the ground. So put down the binoculars because Cheep Insurance is bringing your insurance costs back into view.

Here are the best ways to lower your home insurance cost:

Shop Around – There are a lot of insurance companies out there. From “direct writers” to insurance brokerages, every company is trying to win your business. At Cheep Insurance, we work with more than a dozen home insurance companies to make sure that you’re getting a realistic view of all the options available to you.

Discounts & Bundles – If you own or rent a home and own a vehicle, you can bundle your car insurance and home/tenant insurance policies together with the same company. This often discounts both policy rates by up to 15%!

Check your deductibles – A deductible is how much you pay out of pocket before your insurance “kicks in” to help pay when you have a loss or claim. As the deductible is increased, the policy price usually decreases. However, this can be a dangerous game! Make sure you can afford to pay the deductible in the event of a loss.

Protect your nest – There are many ways to protect your home. Fire alarms, sprinkler systems, burglar alarms, security cameras, and fire extinguishers are just a few examples of things you can install in your home to make a loss less severe. You can also use things like reinforced roofing, sewer back-up valves, storm shutters, and sump pumps if you are building a new home (or renovating!) to make sure you have the best protection against the most common causes of home claims. Make sure to mention all of these things to your insurance company or broker to get a discount for them!

Payment Options – If you can afford it, paying in full can often bring down your policy premium. Most insurance companies charge a financing fee to have monthly payments which can save you in the long run. Some companies even have a specific discount on the premium cost for paying in full!

Check your renewal – When those documents show up in your mailbox or inbox, don’t just look at the price and toss them aside. Has anything changed this year? Upgrades, renovations, and major purchases can change the cost of your home insurance. Renewals are also the best time to look at other insurance companies, as switching companies on renewal is the only time you will not be charged a mid-term cancellation fee.

Pay your bills – We don’t just mean your insurance bill. While not being cancelled for non-payment is very important, many companies also have discounts for good credit. Keeping your bills up to date and your credit utilization low can result in better prices on both home and car insurance.

Safety first – In addition to making your home a safe place with water and fire defenses, you also want to make sure that liability risks are also taken care of. People often think about claims having to do with weather or fire, but if someone is injured on your property, this can also result in a claim. Fix up those uneven walkways, creaky stairs, and loose railings so that no one is hurt.

So, there you have it, a beak-ful of savvy strategies to keep your home insurance premiums singing a sweet, budget-friendly tune. A little preparation and some wise choices can make all the difference in how smoothly you soar through the insurance skies. So, spread your wings, protect your nest, and let Cheep Insurance be your trusty co-pilot on this flight to financial freedom. Happy savings and may your premiums always be as light as a feather!