How to save money on home insurance in Canada

The best way to lower your homeowner’s insurance cost is to keep a clean claims history and shop the market by comparing quotes online. Other ways to lower your premium include asking your provider about group discounts, bundling your home and auto policies, installing a monitored security system and maintaining a good credit score.

You can get a discount on your home insurance by asking your provider what they can offer you. Most insurers will offer discounts for being part of a recognized group or alumni association. You can also get a discount by improving or upgrading your home and reducing your overall risk. The more you reduce risk, the cheaper your home insurance will be. 

Your home insurance premium may be going up for several reasons, including general inflation, higher rebuilding costs and a larger number of claims due to severe weather. If you live in a high-risk area, you are likely to experience higher rates. For example, areas prone to wildfire and flood claims are at a greater risk of experiencing damage, and your insurance premiums will reflect that. 

Bundling home and auto insurance policies can help you save money, as most providers offer multi-policy discounts. The exact amount you’ll save depends on the company. But, in general, insurers value loyal customers and will offer a lower coverage amount for bundling. 

Installing a home security system could save you about 5–10% on average, but it must be monitored by a third-party to qualify. If you have a smart home security system without a call-in centre, you likely won't qualify for the discount.