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How to Save on Your Home Insurance in Ottawa

How to Save on Your Home Insurance in Ottawa

Your home is unique to you. You want to be protected with home insurance that’s tailored to your house in Ottawa at the right value for you.

How much does home insurance cost in Ottawa? How much you will pay depends on your location, credit score, type, age and condition of your house, claim and crime rates in your area, and any additional coverages you’ve chosen, among other factors.

What home insurance do you need in Ottawa?

What insurance you will need will depend on your home and what right for you. Different home insurance policies have different coverage limits. You can set different coverage limits for your home, your liability protection, and your physical contents.

Here are 7 ways to help lower how much you pay for home insurance in Ottawa

1. Raise your deductible

Your deductible is the amount of money you will have to pay before your home insurance coverage kicks in.

The higher your deductible, the more money you are likely to save on your premiums.

2. Bundle your Ottawa home and car insurance

When you bundle your Ottawa home and car insurance, you can get a discount. When you do this, make sure that the combined price is lower than buying two coverages from different companies. You should also get one bill per month instead of two when you bundle your home and car insurance.

Ask your Western Financial insurance expert about bundling your Ottawa home and car insurance to save money.

3. Ask for discounts to help you save on home insurance

  • Are you claims free? Ask for a discount.
  • Do you have a new home in Ottawa? A discount may apply based on the age of your home.
  • Water detection alarms, intrusion and fire alarms can get you discounts.
  • If you purchase other insurance with your provider, such as car or life insurance, you may qualify for our multi-product discount.
  • Homeowners who don’t have a mortgage or secured line of credit on their home may qualify for a discount.
  • You may get a discount if you are a senior.
  •  If you’ve been with the same home insurance provider for many years, ask about a loyalty discount.
  • Lump-sum payment discount: If you can afford to pay your annual home insurance premium in a lump sum rather than over 12 months, you may get a pay-in-full discount to insure your Ottawa home. 

Did you know that Ottawa ranks well in quality of life surveys and its crime rates are low compared with other Canadian cities. If you choose to buy a home in Ottawa, its households have among the highest incomes in Canada.

4. Protect your Ottawa home against disasters

Ottawa homeowners can experience extreme weather, power outages, and some earthquake activity in the area.

Generally, home insurance policies don’t cover certain types of unexpected events, such as earthquakes, landslides, floods, and sewer backup. You will likely be able to get optional add-on coverage for risks that are not covered by your policy, which will protect your home and have you covered if you need to file a claim.

5. Know the difference between market value and replacement cost

Market value is the amount for which your Ottawa home would sell in today’s market in its current condition, but market values fluctuate and can be difficult to predict.

Replacement cost is how much it would cost to rebuild your home if it were completely destroyed at today’s prices.

In general, insuring your home for its replacement cost and its market value, is the best way to go and will help save you money if you need to file a claim.

What if you had to rebuild your home? Make sure you review your home’s current replacement cost regularly in case you need to update your coverage.

6. About you and your home in Ottawa

The age of your house or its condition can affect your Ottawa home insurance. The older a home, the higher your insurance premium is likely to be. Premiums are generally higher because the systems and materials that make up the home are older as well, so your home may be more prone to damage and need more frequent repairs. Is your home’s wiring and plumbing up to date?

All homes are different and there isn’t a standard price for Ottawa home insurance.

Your claims history will also be taken into consideration.

Houses on steep inclines or those built on a landfill may be denied coverage due to risk.

Home insurance is not legally required in Canada if your house is fully paid for, but your lender usually requires you to buy home insurance to get a mortgage.

7. Review your Ottawa home insurance policy annually

An annual home insurance review will give you peace of mind that your most treasured belongings and family members are protected in case something unexpected happens like a fire, theft, or weather event.

A review could also result in a potential reduction in your insurance costs if your home insurance expert realizes you are eligible for discounts or that you require less coverage than you did previously.

Protect yourself by being aware of what is typically covered in your Ottawa home insurance policy, the same way you should be aware of what isn't covered. It pays to be informed.