The average Canadian spends at least $500 per year on home insurance alone. That’s a lot of money. But, perhaps we don’t realize that we can unintentionally raise the price of insurance. Here are a few lifestyle choices that may help you save a few bucks:
- Get quotes from various companies
You need to have a lot of time on your hands if you’re going to save money. We’ve all assumed that insurance agencies have standardized rates. This is a misconception – and we’re paying heavily for it. In a recent study, four agencies offering condo insurance in Alberta gave out quotes differing by up to 120 percent. Ask friends for referrals on the best apartment insurance in Alberta. Check your local business directory. Contact each agency and get a quote. No matter what, just do your homework.
- Use disaster resistant materials during construction.
Unlike wood, concrete is relatively resistant to fire, hurricane damage and wind. When properly reinforced, it’s resistant to earthquakes, too. Consider using it as a structural support or for external cladding. Talk to your agent and see if there are any measures you can take to make your house more resistant to damage and natural disasters. You can also reinforce your roof, too. Double check your electrical and plumbing system. Look out for fire hazards and eliminate them. All these things will help.
- Consider installing a burglar alarm
When getting apartment insurance, most brokers will give you a five percent discount for having a working alarm system. You may even get higher discounts off your premium if you have smoke detectors and a fire activated sprinkler system. Before committing your financial resources to an alarm system, find the best brand from your insurer. Do the math and see if you’re saving a few bucks or you’re better off without the alarm system. In most cases, securing your condo helps in getting lower premiums on condo insurance in Alberta.
- Don’t smoke in your condo
You obviously know that quitting smoking works wonders for your health. But did you know it could help you save a few bucks (and I’m not talking about the pocket change you use to buy cigarettes)? Non-smokers often qualify for discounts on condo insurance in Alberta.
- Know when to use your credit card (and when not to)
Master this art and you will have a good credit card record. Insurers use this information to determine if you’re a high-risk client. Make your monthly payments on time, tame your impulse buying habits and pay off debts as soon as possible.
- Customer loyalty
A few good insurance agencies reward their loyal customers with lower premiums, with some giving up to ten percent discounts. Well, this may be a marketing gimmick, but we’ll continue believing in it as long as we’re getting better rates. Every penny matters, don’t you agree?
- Get an automatic backup generator
Though rare, blackouts (and brownouts) can be catastrophic, and this is even more true during winter. Imagine what would happen if the water in your boiler froze. You would have pending issues, such as installing a new boiler and battling a cold shower. Get an automatic generator and wire it parallel to your mains. Your insurer may give you a discount, and if they don’t, you will have uninterrupted power anyway.