Factors that can impact your insurance premium
- Building features (age, location, building materials used, etc.)
- Proximity to a fire hydrant and fire hall
- Crime rates and fire statistics in your neighbourhood
- Your claim history
- The type of policy and coverage you choose
- The value of the property insured
- Your credit information
How to lower your premium
- Bundle your insurance policies with the same insurer
Most insurers offer a discount if you insure both your home and your car with them.
- Have an alarm system installed and connected to a remote monitoring centre
This will reduce the risk and lower your premium by the same token.
- Notify your insurer if you do any major renovations
Updating your roof, plumbing, electrical system or heating system could lower your premium.
- Increase the amount of your deductible
If you increase your deductible, make sure you can afford to pay the higher amount in the event of a claim and calculate whether the money you’ll save is really worth it.