16 Online Home Insurance Discounts in Canada
Now, more than ever, residents of Canada can shop for home insurance with ease via the online space. The online insurance industry is rapidly growing, allowing consumers access to home insurance quotes from their smartphone, tablet, laptop or desktop. This shift has also paved the way for consumers to access discounts they may not have known about previously.
Not all insurance companies offer the same discounts or have the same parameters for the discounts they offer.
Surex, Canada's fastest growing online insurance brokerage, has partnered with over 10 companies offering home insurance in Canada. Getting an online quote from Surex Direct is the fastest, easiest way to see what discounts you qualify for and, in turn, see how those discounts positively affect your home insurance price.
Here are 16 online home insurance discounts available through Surex.
This is when you save additional money for getting more than one line of business insured at the same place. Traditionally, people will bundle their home insurance with their auto policy.
Bundling two policies can save you up to 15%. Check out this post for more information about bundling home and auto insurance.
Similar to the above ‘’Bundle discount’’, a multi-line discount applies to insuring two or more policies. In this instance, it can apply to more than one home.
If you have a rental property, vacation home or condo, or just a second home in a different Canadian city, the multi-line discount will reduce your combined home insurance costs.
Group (Affinity) discount
Some companies will have relationships/partnerships with others that benefit both businesses. For example, being a part of ‘’Company A’’ might lead to discounts when using the product or service of ‘’Company B’’, and vice versa. The insurance industry is no different. If you’re a member of a certain union or organization, there’s no harm in seeing if there are benefits that extend to your insurance rates.
Insurance companies prefer to do business with people who consistently pay their bills on time. A good credit score shows you consistently pay the other bills you’re responsible for. To entice people with good credit to place their business with them, insurance companies offer discounted prices to those customers.
Good credit can save you up to 20% on your home insurance policy.
Get a home insurance quote here https://www.surex.com/insurance/home
Not having a mortgage on your home shows a dedication to be financially responsible. Your home is, likely, your largest purchase. To not owe any money on such a large purchase is something insurers look at fondly, and respond by making rates friendlier to you because of your track record of paying what you owe.
Similar to a credit discount, a mortgage-free discount can save you up to 15%.
A home secured with an alarm is a safer home than one, all things equal, that does not have an alarm system. It’s that simple. Aside from being a deterrent for criminals, the technology with many alarms is compatible of linking with your smartphone. You can lock or unlock your door from your phone, as well as open and close your garage door, adjust the temperature of your home and control lights, amongst other things, all from your phone.
If you currently have your home secured by an alarm system, it’s a good idea to double-check that you’re getting your alarm discount from your insurance provider.
New business discount
The insurance industry is a competitive marketplace. When people are shopping for home insurance, they’re either first-time homeowners or open to switching insurance providers, if a better opportunity presents itself.
To acquire new business, some companies offer discount incentives for customers to choose them over a competing company.
For as eager as companies are to welcome new business, they feel the same way about keeping existing business. For insurance companies, the best customers are those that never have claims, always pay their bill on time and do both for numerous years.
The loyalty discount is best seen in cases where a customer has been with a company for years, then has their first claim. Yes, the customer’s insurance rates might go up, but they’ll find that other companies competing for their business are priced a lot higher than their existing company. The loyalty discount often manifests itself through accident/claim forgiveness.
Again, this relates to keeping existing business. For many, the #1 reason for placing their insurance with one company over another is price. If you’ve gone a year (or two, three, four, etc.) claims-free with your current company, they’ll want to keep you as a customer.
It is important to note that even with a renewal discount, your home insurance rate could still, possibly, go up. For instance, if you lived in Calgary during the flood of 2013, even if your home wasn’t directly affected, the total damage from the flood in the area cost billions of dollars.
Due to the dollar hit the insurance industry took, and with the threat that another large disaster could happen in the years following, insurers will look to recoup some costs by ticking up rates. Some rates will go up more than others. When you also factor in inflation, it’s just natural for purchases – in any industry – to cost a little more than they had, compared to years previous.
Mature citizens discount
The insurance industry also recognizes seniors by providing discounted rates. The age and percentage discount will vary company-to-company, but some will start offering mature citizens discounts at age 55.
Sewer back-up discount
According to Intact Insurance, one of Surex’s partner companies, water damage is the leading cause for home insurance claims. Having your home equipped with a sewer back-up device can prevent water damage to your home from your municipal sewer system, private septic system or sump pump failure.
The longer you go without claims, the more comfortable insurance companies feel taking on your business. In fact, along with always paying your bills on time (see ‘Credit discount’), you’re the industry’s ideal customer.
If you haven’t had a claim for three consecutive years, some companies will offer you claims-free discounts. The vast majority of companies will offer claims-free discounts for five consecutive years of no claims.
Companies are constantly reviewing data of their book of business. From their data, they’ll have an idea of who and where their ideal customer is. In an effort to gain the business of these customers, they’ll provide further incentives for them.
For instance, say a customer gets quoted with a $2,000 annual home insurance plan. If they tick all the boxes as that company’s ideal customer, the company could offer a further 10% off incentive – so now it’s $1,800 annually for the $2,000 policy – to gain that person’s business.
The percentage offered for a flex discount will vary, where it's applicable. If you happen to be their ideal target market, then you might as well capitalize on whatever savings are available to you.
Where there’s smoke there’s fire. Well, that’s not necessarily always the case, but there is a greater risk of fire in your home if you smoke.
For those who don’t smoke, there are savings to be had. Not smoking is one less risk an insurance company needs to worry about, as far as your home’s safety is concerned.
Get a home insurance quote here.
Certain professions or careers can garner additional home insurance savings. Be sure you verify your career with your broker, to see if it can help save you money on your home insurance.
Gated community discount
Gated communities are safer than non-gated communities. Aside from the barrier of entry, gated communities often have CCTV cameras to serve as a watchdog over the community. Gated communities will also have some type of fence or wall around the outside.
Usually, people choose to live in a gated community because they feel more secure living there. That same security is why insurance providers will feel more comfortable taking on business from a gated community, thus you receive discounted insurance rates.