Ontario Home Insurance Tips
With the extreme weather that Canada faces every year, home insurance rates are on the rise. Ontario home owners pay $780 on average for insurance coverage each year, but that figure varies significantly, depending on a number of factors. But it’s not all bad news, there are things you can do to lower your Ontario home insurance rates.
Here are 4 things Ontario residents can do to get a better deal on insurance:
Keep your home in tip-top shape
Ontario has seen some severe weather in the last few years and it’s caused a lot of damage. While you can’t control the weather, there are ways you can protect your home, keep your claims to a minimum, and your premiums as low as possible.
Get checkups on your furnace, hot water tank, roof and all the other usual suspects to ensure that you are up to date. This will reduce the risk of stuff happening and keep costs low. Not only will your wallet thank you, your house will be happier too.
Upgrade your home and save
If you live in a part of Ontario with heavy rainfall (mostly all of it), make sure you install a backwater valve to prevent water from the city sewage system from flowing back into your home’s plumbing and coming in through your basement drain.
A sump pump is another good idea for protecting your home against flooding. Basically this device swings into action when water starts collecting in the basement basin and threatens to overflow into your home.
And finally, replace all the plastic plumbing hoses in your home with steel braided ones. You’ll find these connected to your fridge, dishwasher, washing machine and toilets and run the risk of cracking or splitting and leaking all over your house. This is a relatively small change you can make, and it could help keep your Ontario home insurance costs lower.
Make sure you’re paying for the coverage you need
Many home insurance policies automatically include coverage for things like fur coats and expensive jewelry. Find an insurer that lets you personalize your coverage so you can save money on options that don’t apply to you.
Shopping online is a great place to start when you are trying to find an Ontario home insurance policy that’s a good fit for you. Use a site that allows you to compare numerous quotes at one time so you can save money and time.
Increase your deductible and save money
There’s a few things you can do to save money on your policy that won’t change your life very much. Increasing the deductible on your policy can save you money. As long as you have the necessary cash
reserves in store for when something happens, you’re in good shape.
Another option is to pay your policy annually instead of monthly. You’ll be able to save between 1% and 3% on your premiums by opting for the lump sum option. And finally, try to avoid filing claims for small losses. Insurers look at the number of claims on your file and that influences how much your premiums will be.
With the right approach, you’ll be able to keep your home insurance rates as low as possible.
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