How To Reduce Your House Insurance Premium

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If you live in Ontario you know that two things are going to be more expensive than anywhere else in Canada, beer and auto insurance. Recent reports have put OntarioâEUR(TM)s car insurance rates as the highest in Canada, nearly double what Quebec residents pay. Over the years drivers have accepted high auto insurance premiums are just part of life in Ontario.

As an insurance professional I am used to to having clients call me because their auto insurance rates have increased. Every time I get one of these phone calls I do my best to reassure them that they will not likely see an insurance hike again for a few more years. Then I usually go over my clients policy to see if there are any other discounts to help lower their premium.

One of the common misconceptions about auto insurance is there are countless discounts that can lower down your premium. While there are a few tricks that insurance professionals have to help ease the burden of insurance rate increases, one of the best tips is to work harder at lowering your house insurance. Usually people donâEUR(TM)t complain about paying house insurance because their car insurance premium is three-fours times as much.

If your insurance premiums have increased over the years have your broker/agent look at lowering your house insurance premium. HereâEUR(TM)s a few discounts that can help bring your premium down.

Seniors Discounts- When you turn 55 call your insurance provider to ask if you are entitled to any new discounts. If your current insurance provider doesnâEUR(TM)t offer any, ask if there are any other insurance companies that do. Insurance brokers sell for several different insurance companies.

Safety Devices- Depending on where you live you might be able to reduce your premium by installing a monitored alarm system. Sometimes the discounts you get for having a monitored alarm system will even cover the monthly service fee.

Multi-Line Discounts- You can usually save big when you combine your home and auto insurance.

New Home Discount- Newer homes are less likely to have certain claims during the first 12-15 years.

Claim Free Discount- If you havenâEUR(TM)t had any claims within a five year period you may be entitled to a claims free discount.

Loyalty Discount- Insurance companies love loyalty. ThatâEUR(TM)s why you will usually get a loyalty discount if you have been with them for awhile.
IS Score- Some insurance companies will use your credit history as a way to help them determine your insurance premium. If you have a good credit score it is worth you spending the time getting quotes from these companies. This discount should be taken very seriously, some insureds have literally cut their insurance bill in half because of their good credit score.

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