Owning a home is typically the biggest financial investment people make in early adulthood. Home is also the place where families grow, memories are made, and the most quality time is spent with loved ones. For these reasons and more, having the right amount of insurance coverage for your home and your belongings is crucial.
With climate change comes significant increases in extreme weather, leading to larger losses. As a result, home insurance rates are on the rise industry-wide. But there are also ways you can save money on your home insurance. Once you’ve identified what your needs are, discuss some of these ideas with your Financial Advisor and see where you can save money:
- Schedule a client review – Whether you’re a new or long-time client, book a Client Review to reevaluate your coverage. With an annual review, you’ll know exactly what’s covered, what updates are needed, and you’ll minimize the chance of having gaps in your coverage. A review will also confirm you’re getting all the discounts you’re eligible for, such as having a centrally monitored burglar alarm, a professionally installed and fully operational fire sprinkler or water shut-off system, and more.
- Add other products – Bundling your insurance coverage is an easy way to get a discount on your premiums. Consider adding Auto and Life insurance, or Business insurance if you’re an entrepreneur.
- Increase your deductible – In some situations, increasing your deductible (the amount you pay before your insurance coverage takes over) can help lower your premium.
- Advise us of changes – If you make changes to your home, let your Financial Advisor know. Updating things like your roof, wiring or plumbing can save you money on insurance.
- Minimize specific risks – Wind, hail, fire and flooding are typical risks in Canada, but are more common in some areas than others. Talk to your Financial Advisor about ways to reduce risk, whether it’s replacing siding to prevent hail damage, updating your wood fireplace to another source of heat, or taking preventative measures to protect your home from flooding.
As life changes, so will your needs and the type of coverage you require. Your Financial Advisor will contact you to schedule a Client Review when they think it’s time, but you don’t have to wait: You can be proactive and reach out to your advisor, to ensure you’re always maximizing your discounts and staying within your budget.