There is nothing sweeter than owning a home. What can make it extra sweeter are the insurance discounts that every homeowner can receive to lower their home insurance premiums.

Here’s a list of discounts to consider:

1. New Home discount

   Sometimes the age of a home matters. In this case, newer homes can receive lower rates on insurance. However, the percentage of savings may decrease as the home gets older.  

2. Alarm Systems

   This discount applies for any home with a fire or security monitoring alarm system. Homes without security systems are three times more likely to be broken in and vandalized. It is also known that 90% of robbers look for houses that are not protected and skip houses with security alarms.

3. Renewal

   For homeowners who continue to keep their home insurance with the same company after a number of years are entitled to get a renewal discount added to their current home policy.

4. Water Damage Prevention

   Homes that have a working sump pump, backflow valve or with a leak prevention system can be eligible for a discount.

5. Multi-Location

   Homeowners with more than one property who are insured with the same company can receive this discount. Regular homes or cottages are examples that can be included.

6. Claims Free

   Homeowners and renters with no claims are rewarded with a discount on their home insurance policy. The discount could increase over time when you remain claims-free.

7. Mortgage-Free

   This discount applies for those fortunate homeowners who’ve paid off their mortgage.  

These are just some of the common home insurance discounts available in Canada! Keep in mind that specific discounts may vary by the insurance provider. If you haven’t already applied these discounts to your policy, contact your Oracle RMS licensed broker today!