Nine Ways to Save on Home Insurance
Your home is likely the largest purchase you'll ever make. So it's important to protect your investment with the right home insurance product and the right amount of coverage. But that doesn't mean you have to spend a lot.
Here are nine ways to make sure you get the coverage you need, at a price you can afford.

1. Get professional insurance advice
Have an open, detailed conversation with an insurance advisor about what you own and how much coverage you need. Make sure you have the conversation annually, for as long as you own your home. If you renovate, enhance your property or make a major purchase, let your advisor know so that your insurance coverage can be adjusted.

2. Pay for your insurance annually
You may save money if you pay your premiums (i.e., what you’re charged for the insurance) annually instead of monthly. Some insurers charge a service fee if you opt to pay month to month.

3. Consent to a credit check
Some provinces allow home insurers to ask for your consent to check your credit score. You can say no. But saying yes might save you money if you have a good credit score. Studies have found a link between high personal credit scores and lower risks for the insurer, which could lead to a better rate. This credit check is a “soft inquiry,” which means it will not actually impact your credit score. And your credit score cannot be used as a reason to increase your premium or deny you coverage.

4. Bundle your insurance
You may be able to save if you insure both your home and auto with the same company. Bundling could save you up to 15%.
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