A person holding a small model house Ever look at your home insurance bill and ask yourself: “Why is it so expensive?”. The truth is, there’s a lot of different reasons why your home insurance might be pricey; it depends on what kind of coverage you have, how and where your house is built, who your insurance provider is, and more. Home insurance offers a lot of protection on what’s probably the most valuable asset you’ve ever own; here are some tips and tricks on how to lower the cost of coverage.


Shop Around

Looking for home insurance in Winnipeg can seem like a daunting task if you do it on your own.  Your best bet is to go with an insurance broker, who can do all of the work for you.  Did you know that insurance brokers have access to multiple insurance companies and have the ability to work out your cost with these companies to determine the company that offers the best premium. The first step of shopping around is also to determine if all of your information is correct and that you have the best insurance options to suit your needs. Second will be to get quotes or work out quotes from each company to see which one has the best premium for your individualized needs. The insurance broker does the research for you. Insurance brokers are committed to finding the best insurance for you, but the best part is that they are paid by the insurance company that you purchase the insurance from, so there is no cost to you, yet you receive all the benefits.


Increase Your Deductible

Increasing your deductible is always an option when you want to lower your home insurance premium – it is not, however, an option you should take lightly. The higher your deductible is, the less your home insurance will pay out in the event you need to claim. Keep in mind that the whole reason you have insurance in the first place is to have a safety net in case something bad happens; if the deductible is so high that you couldn’t afford it out of pocket, you’ll have trouble getting full value out of your home insurance.

Most policies in Manitoba have a $500 or $1,000 deductible, however these can be increased to $2,500, $5000 and in some cases higher.


Combine Policies

A lot of insurers will tell you that combining your home and auto policies will help lower your premiums; unfortunately, that’s not an option in Manitoba. That said, you can potentially see discounts if you own multiple buildings; for example, you might be able to combine your home insurance with your cottage insurance in order to see a discount in both premiums.


Reduce Risk

Insurance is all about risk; insurers will always charge a higher premium if they think it’s more likely they’ll have to pay out a claim. That’s why your claiming history can affect your premiums. You can consult with your broker to see if there are steps you can take to lower your premiums: monitored alarm systems, updating your heating, plumbing, and electricity, roofing, agreeing to use of your credit score, being a non smoker, having no claims in the last 5 years, having no mortgage, Age 45+.

It’s usually not advisable to take coverage off your policy as a means to reduce cost, but there are plenty of other things that can be done to reduce costs.