Tips to Lower Your Home Premiums
There are a number of ways to lower insurance premiums on your residential policies.
Select Higher
Deductibles
The easiest way to lower your premiums is through the use of deductibles. A key to maintaining low insurance premiums is to ensure you only claim under your policy for significant losses. Insurance companies offer sizable discounts for increasing your deductible to $1,000.
Discounts
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Alarm System Discounts - For clients who have a smoke and/or burglar alarm installed.
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Dual Policy Discount - Insurance companies offer discounts to clients who combine their Residential and Auto policies with one insurance company.
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Household Inventory Discount - For clients who have submitted a household inventory.
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Mature Discounts - For clients over age 50.
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Mortgage Free Discount - For clients who do not have a mortgage.
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New Home Discount - For clients with newer homes.
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Non-Smoker Discount - For clients who do not smoke.
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Sprinklered Residences Discount - For clients who have water sprinkler systems installed in their homes to control fires
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Superior Construction Discount - For clients with homes built of fire resistive masonry or brick homes or having clay tile roofing materials.
Good Home Maintenance
Water damage is now the leading cause of home insurance losses. A sewer backup, broken pipe, or cracked toilet can quickly cause $1,000's of dollars of damage to your home. Typically flooring, walls and contents have to be replaced. Make sure your backwater valves, sump pumps and other plumbing connections are clean and operational.
The following link is an extensive and comprehensive Handbook for Reducing Basement Flooding
http://www.twp.ezt.on.ca/tfpwg/Basement_Flood_Handbook_ICLR_2009.pdf