Whether you’re a long-time property owner or a first-time homeowner, it is important to protect your investment with the right home insurance. But as the cost of living goes up and you find your budget tightening, you may wonder if you really need that additional coverage. But with the help of our licensed insurance brokers, your homeowners insurance policy will get that much more affordable, and you can continue to get the protection you need, thanks to your qualifying home insurance discounts.
Your Morison Insurance broker will find you the right coverage for your home insurance, but we’ll also help you find ways to save on your insurance costs. Whether it’s getting rid of unneeded coverage, having a higher deductible, or finding potential homeowners discounts, our team will ensure you won’t overpay for your insurance.
A home insurance discount is a chance to save money by reducing your annual home insurance premium. A home insurance discount works similarly to getting a discount at a store: You purchase an item, and if you meet the requirements, you can enjoy cost savings on your purchase. Sometimes, the discount is applied automatically, such as a store-wide savings event, or maybe it only applies to certain products; you need to spend a certain amount to qualify or produce a code or coupon to enjoy the savings. But once you meet the conditions, you save money. Homeowners insurance savings are based on a similar principle and work the same way. When specific criteria are met by homeowners, Canadian insurance providers offer multiple opportunities to save on your insurance rates.
Talk to your insurance broker to see if you qualify for any potential homeowner discounts or what you can do to enjoy future cost savings on your home insurance.
There are many ways you can save on your home insurance. One of the most prominent ways to save is with home insurance discounts. By talking with your Morison Insurance broker, you can learn how to qualify for as many discounts that apply to your home. For example, say you’ve updated or changed your furnace, hot water tank, roof, electrical, or plumbing in your home. By letting your broker know of this change, they can find the corresponding homeowner discounts so you can benefit from the savings. One of the best times to inform your broker is during your home insurance renewal period.
You are also advised to talk to your professional broker to go over your insurance policies on a regular basis. Ask yourself if you still require certain coverages or certain items that are listed on your policy. Maybe you own a condo or tenant policy, and your contents limit is too high because you’ve downgraded or have gotten rid of items. Or maybe your kids are no longer living with you, and you don’t need as high of a limit now. You can also increase your deductibles to save on your home insurance.
When searching for cost savings, also keep in mind that potential home insurance discounts vary among insurance companies. Talk to your Morison Insurance broker to find out which company will provide you with the greatest discounts and the best insurance coverage options at an affordable home insurance premium.
If you own a home in Ontario, you have several potential insurance discounts available. Some of the most common homeowner discounts are related to being mortgage-free, bundling your home and auto insurance, having a brand new home, having an unfinished basement, having a water alarm installed, and being a non-smoker, among many others.
Listed below are the details of some of the more popular home insurance discounts that are available to Ontario homeowners. However, keep in mind that while this is an extensive list, it is not a complete list of all available homeowner discounts. It’s important to speak to your Morison Insurance broker to ensure you haven’t missed out on a potential discount.
Many Ontario homeowners also own their own vehicles, so having both your auto and homeowners insurance with the same company is the best way to save on your overall personal insurance package. By bundling your home and auto insurance coverage with one insurance provider, you can save up to 20% on both of your policies, making this a very popular option for both car insurance and home insurance discounts. It is important to note that the savings amount will vary depending on the insurance company. Since our insurance brokers work with many different providers, they can compare several insurance quotes and ensure you receive all the home insurance discounts that you are eligible for. Contact a Morison Insurance broker for specific details on discount criteria and savings for your insurance plan if you bundle home and auto insurance.
Just like how there is a claims-free discount for individuals who are good drivers, there is also one offered to homeowners. If you have been without a claim for over a certain period of time (although for most insurance companies, it is within the last three years), you may qualify for this discount. Depending on your company, the more years you remain claims-free, the bigger the possibility your house insurance discount could increase over time.
The savings from this homeowners discount can range from 5% to 30% off of your home insurance for remaining claims-free. Thus, avoiding making claims on small losses can help you remain claims-free and qualify for the discount. This option will likely aid you in saving money in the long run. If you’re unsure about whether making a claim is the right decision, you can speak to a broker for trusted advice. Talk to a Morison Insurance broker today for more details on a claims-free home insurance discount and if any limitations and exclusions apply.
If you have a monitored alarm system in your home, many of our insurance companies offer their customers a home alarm insurance discount. Insurance providers want their policyholders to invest in their home safety, as a safer home means the less likely someone is to make a claim.
You may be required to provide a copy of an alarm certificate to qualify. Keep in mind that when applying for this homeowners insurance discount, you must have working smoke alarms in your home. The monitored fire alarm, sprinkler system, and burglar alarm system discount offers insurance savings of up to 15% based on the insurance company you are with. If you want to learn more about home insurance discounts for a fire and burglar alarm, talk to your Morison Insurance broker today!
Insurance companies appreciate it when customers are loyal to them. As a way to say thank you for your continued business, most companies offer customer loyalty insurance discounts. For a long-standing customer, home insurance savings are normally up to 10%. In some cases, loyalty discounts can increase up to a certain limit the longer you have been a customer with the insurance company.
Please note that if you are currently receiving a loyalty discount and decide to switch insurance companies, you will not get this discount at the new company. If you’re weighing your options and are on the fence about keeping a loyalty discount or switching to a new company, your trusted Morison broker will be able to advise you on your decision.
Getting older doesn’t have to be as scary as it seems. In fact, aging has its own perks, like a mature homeowner’s discount! At the time of renewal, some insurance companies offer a discount to mature homeowners based on the age of the customer. This is generally because mature homeowners are considered less risky and less likely to have a claim due to them having more experience in maintaining a home. If you are over the age of 50, you may be eligible to apply for this discount and could get savings of up to 10% on your Ontario home insurance policy. Please keep in mind that the age of maturity varies across insurance companies, so speak with your trusted insurance broker from Morison about whether you meet the age to qualify for this homeowners’ discount.
Is your mortgage fully paid off? In addition to saving hundreds every month as you no longer have a mortgage payment to worry about, that great mortgage-free feeling can be extended to home insurance savings. By being mortgage-free, you are considered less of a risk to mortgage companies, and it indicates you are financially responsible. You can be rewarded for this great accomplishment with a home insurance discount that can typically save you up to 20% on your home insurance. So, not only do you no longer have to worry about mortgage payments, but now you can enjoy further cost savings each month with the benefits of a mortgage-free house insurance discount!
Do you have a second or even third property? When you have more than one personal property policy insured with the same company, insurance providers will thank you by offering you savings on your property insurance policy premium up to 10%, depending on the company. This is because most companies value insurance bundles to organize policies by client. So, by bundling multiple property policies with the same company, you can enjoy savings on your overall insurance package.
While loyal customers are valued by the insurance companies, they also understand that you may want to switch to a different insurance provider. Being a new customer of an insurance company also has its benefits; you could qualify for the new business discount for your home insurance. Some companies offer savings on homeowners’ insurance to new customers, both as a thank you to first-time homeowners for choosing them and as an incentive to get people to switch insurance companies. If you are undecided about staying with your current insurance company versus changing your provider and potentially qualifying for this homeowners insurance discount, it’s recommended that you speak with your Morison Insurance broker to help you decide whether to stay or make the switch.
If you have a newly built home, you can potentially save up to 30% on your home insurance. This discount also applies if, for example, you are replacing your roof or finishing the basement in your house. Please keep in mind that the amount of this insurance saving may vary depending on the age of your home, such as if your home is 20 years old versus if your home is five years old. As your home increases in age, the amount you save on this discount will likely decrease. This is because the risk associated with your home becomes much greater with the natural wear and tear that comes with time. Newer homes have newer systems and much less wear and tear, so insurance companies generally view them as safer to insure.
In addition to the well-known health hazards associated with it, smoking—inside or outside—is considered to be a fire hazard, and you are more likely to have an accidental fire. Additionally, smoking can have harmful effects on the house itself, as it can leave harmful particles and residues on your home’s surfaces, leave persistent odors and stains, and damage your HVAC system. The effects can be quite difficult to remove or remediate and can drive down your property value as well. So, if no one in your home smokes, whether that be indoors or outdoors, let your insurance advisor know. The non-smoker discount can save you up to 5% on your home insurance. However, to be eligible for this discount, everyone living in the house must be a non-smoker.
Another way for companies to say thank you for being a loyal customer is the insurance renewal discount. Based on the insurance company, the number of years required to qualify for this discount will vary. This renewal or loyalty discount tends to be up to 10%. The amount of this homeowners insurance discount depends on the insurance company and how many years you have been insured with the company. If you have any questions about this home insurance discount, speak with your Morison Insurance broker today!
If you live within about 8 kilometers of a shuttle tanker-accredited fire hall, this discount may save you up to 5% on your annual home insurance premium. The reason for this insurance savings is firefighters can bring large loads of water quickly to your home in case of a fire. Thus, some insurance companies value the lowered risk and can provide a home insurance discount.
Is your basement concrete with studded walls? Many of our companies offer home insurance savings for customers with an unfinished basement. The reason is that in the event of a claim, it will cost less to repair an unfinished basement than it would to repair a finished basement, which will save the insurance company money on the cost of restoring your home following an insured event. So, if your house has an unfinished basement, this home insurance discount could provide you with savings from some companies. Speak with your Morison Insurance broker to learn more about the unfinished basement home insurance discount.
Water, or rather, too much water, is a major issue for any property owner. Whether it’s overland flooding, a roof leak, or a pipe leak, water, especially if it goes undetected for some time, can cause major damage, resulting in mold growth, cause health issues, and even threaten the structural integrity of your home. So, if you have taken steps to mitigate the chances of severe water damage, your insurance company may want to reward you for it.
If you have an alarm for detecting water in your basement, let your insurance broker know, as this can save you money on your home insurance. The water alarm home insurance discount (also known as the water leak detection system discount) is typically worked into the overall insurance premium. By having this alarm installed and working in your home, any potential water damage to your home can be significantly minimized, as any flooding or leaks can be detected much quicker than if you did not have the system. Still, it can mean savings with some insurance companies, depending on how advanced your water alarm system is.
In addition to installing water alarms, there are other ways to help prevent groundwater and other water-related damage to your home that you may be rewarded for in the form of a homeowners insurance discount. Do you have a septic system? A backflow valve? What about a sump pump? These are factors to help lower your insurance premium. Having a septic system or a sump pump can reduce the likelihood of significant water damage to your home. The water mitigation discount can be up to 10%, depending on the mitigation methods you have in your home. Speak to your Morison Insurance broker to see what steps you can take to protect your home and net a water mitigation home insurance discount.
Most home insurance discounts are built into the base insurance premiums, meaning customers may not necessarily see these discounts outlined on their home insurance policy. If you are concerned about the cost of your insurance, our Morison Insurance brokers will be able to break down the cost of your insurance for you.
However, you won’t get your homeowners' insurance policy rates down to $0 by maxing out on home insurance discounts. Many companies set specific terms and conditions for home insurance discounts and also cap the amount of discount that an insured may receive. Standards tend to differ among the different companies and can be complicated. We suggest speaking with a licensed insurance broker about these discounts and the specific criteria set by the insurance company you are insured with. We are always happy to answer any questions you may have, explain details, and help with your insurance in any way we can.
The key to saving on home insurance costs is to speak to a Morison Insurance representative who will get all of the home insurance discounts you could be eligible for and find other ways you can save on your policy. With a variety of different discounts, we have helped many customers save hundreds of dollars on their home insurance. Allow us to help you save as well!
Our brokers work with Canada’s most respected insurance companies and will get you an insurance quote from several competitive companies with the best type of coverage. At Morison Insurance, our experienced brokers offer 5-star service all throughout Ontario and can help you find the best discounts with our expertise. We will apply as many home discounts as possible to help you lower your insurance costs.
Give us a call today at 1-800-463-8074, or request a free quote online, to learn more about how you can save and what different home insurance discounts you could qualify for.
