Compare Northwest Territories home insurance quotes & save today

Here are a few ways you can save on home insurance.

Increase your deductible. The deductible is the portion you pay before your insurance company pays the rest. By increasing your deductible, you're telling your insurer you won't be making any small claims and therefore fewer claims. You're taking on some of the risks yourself, reducing theirs and you'll pay less.

If you can afford it, pay annually. Paying annually reduces administrative paperwork and you're less likely to leave mid-term. That's a win for the insurer and cheaper premiums will come.

Install security alarms. Not only will your home be safer and deter potential thieves, but many insurers also offer discounts if you install a centrally monitored security system.

Pay off your mortgage. I know it's not easy, but living mortgage-free means you don't have to pay any insurance at all. Best that you still do, though. Accidents happen and we can't control the weather.

Ask for discounts. Sometimes, simply asking for discounts from your insurance broker can result in cheaper premiums. The broker can look for discounts like union memberships, university alumni discounts, and more. 

Combining both your home and NWT car insurance together, you can save up to 25%, depending on your provider.

Getting the best insurance typically means you're buying extra coverage. In Northwest Territories, consider add-ons like flood insurance and contents insurance. Your standard policy only covers burst pipes, but if a sewer backs up into your home or water from nearby lakes (or oceans) flood your home, you may not be protected.

Contents insurance covers your belongings (e.g. furniture, appliances, clothing), but there are limits to everything. So, if you have rare art, jewellery, or any collectable worth more than $2,500, ask your insurer about increasing the limits for extra protection.

For car insurance, you can buy collision insurance to protect your car while it's moving and comprehensive insurance to protect your car while it's parked from theft or falling trees. 

Home insurance is not a maintenance plan. So, most claims due to wear and tear that leads to negligence and further problems aren't covered. For instance, mould is seen as a lack of maintenance from a homeowner. If a home insurance claim could have been avoided with regular maintenance, you can expect it to not be covered.

Other common exclusions include infestations from termites or rats, home businesses, dangerous dogs, and sewer backup.

Yes, if you’re unhappy with your rate or customer service, feel free to move on. However, before you do, shop around for home insurance quotes, select your new provider, inform your old provider and ensure there are no coverage gaps while you transfer. 

A home insurance peril is an unknown or accidental event. For instance, if your home is struck and damaged by lightning, creating a hole in your roof, there is no way you could have prevented it. But a home insurance policy is not a maintenance plan so if your roof has slowly degraded over time and now needs replacing, it is not a peril since its eventual replacement is expected.

Make a complete list of damaged or stolen items. Call your insurance provider as soon as you can and ask about what you’re entitled to, especially if you can’t currently live in your home as you may be entitled to hotel and food expenses. A claims adjuster will be in contact with you to fill out a proof of loss form. Ask about using your own contractor or if you’re required to use one they supply to repair the property.

Your deductible is the portion of the claim you’re responsible for paying before the insurance company will pay the rest. A higher deductible, meaning you'll pay more than standard in the event of a claim, will result in lower premiums.