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Discounts are available from all Ontario auto insurance companies, although they vary by company. We offers a number of options for you to save on your home insurance. The following is a brief list of some of the commonly used discounts that may be available on your Ontario home insurance policy. Please take a moment to review each discount and ask your broker to see if you qualify for additional discounts.
Home and Auto Discount
It often pays to combine both your home and auto insurance policies with the same insurer. You may become eligible for a combined policy discount of typically 10%. You may qualify for this discount if it’s a homeowners, condo, or tenant insurance policy. Ask your broker which insurance companies are the best fit for you when combining home and auto policies.
Monitored Alarm Discount
Monitored burglar and fire alarms can prevent burglars and thieves from breaking into your home. These systems are also capable of automatically calling the fire department during an emergency when the fire alarm has been activated. Some advanced home alarm systems are now even capable of detecting leaks in your water system. In order to qualify for these discounts, the alarm systems must be monitored by a centrally monitored alarm company (e.g. Alarm Force, ADT, etc.), and the alarm cannot just be local to the home itself. Often, insurance companies will request a copy of your alarm installation certificate before applying the discount on your Homeowners Insurance Policy.
Most insurance companies have now offered Non-Smoking Household discounts. These discounts often amount to approximately 5% of your total annual premium. To qualify for this discount the residence must have no smokers living in the dwelling.
Mortgage Free Discount
Home Insurance companies in Canada now reward those whom are mortgage free on their properties. If you no longer have a mortgage or any secured line of credit on your home you may qualify for additional savings of 5% to 15% depending on the insurance company. Insurance companies will offer a discount on your Homeowners Insurance after you have paid off your mortgage and there are no other interested parties on your property. When you have paid off your mortgage contact your broker to receive this discount.
Special note: If this is you, we recommend calling to speak with a broker to ensure you are receiving this discount.
Mature citizens receive the benefit of a small savings on their Homeowners Insurance policies.
By raising your deductible you can reduce your overall annual premium. Common deductibles range on a homeowners insurance policy between $500 to $2,500. Take a moment to review your deductible options with your broker. Many policyholders will look to use their Homeowners Insurance Policy for large losses only and opt to carry an increased deductible. Savings will vary with each policy. Don’t be afraid to ask your broker to quote you on each available deductible, so that you can compare and weigh the different options available to you.
Home Insurance Basics
This is an insurance policy that covers you for all risks under both your building as well as contents, subject to a few limitations. This is often the best value for coverage on a standard Homeowners Insurance policy. The difference versus a Broad Form policy being that this policy form offers far better coverage for the contents of your home.
Often times your broker will automatically recommend this type of policy if you are looking at getting the best value for your insurance as the premium difference versus lesser forms of coverage is usually minimal.
Broad Form Coverage
This is an insurance policy that covers you for all risks on your building, but only on a named perils form for your contents. In plain English, the coverage for your dwelling would be extensive, covering everything subject to a few limitations. However, coverage for your contents and personal property within the home would be limited to certain named perils.
As an example of missing coverage on Broad Form policy, ‘mysterious disappearance’ is not commonly included. If a ring were to vanish from your home and there was no evidence it was stolen, it would be considered a ‘mysterious disappearance’ and would not be covered under a Broad Form policy.
Fire & Extended Coverage
This policy is the most basic of coverage offered. If you’re looking for the bare minimum coverage for your dwelling. We do not recommend this type of policy for most standard Homeowners Insurance policies.
The coverage for this policy is limited to cover only certain perils including: fire, lightning, windstorm, hail, explosion, aircraft damage, and smoke damage as examples. It does not provide coverage on an all perils basis like other insurance policies. Quite often this type of policy is used when insuring homes under construction or small seasonal properties like cottages.