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There are lots of ways to save on home insurance, from making some improvements around your home to opting for a higher deductible. But if you’re wondering how you could further reduce the cost of your home insurance, be sure to ask your group’s broker about these 10 discounts.

  1. Claims-free discount — for homeowners and renters who have been claims-free for a specific number of years set out by their insurer. Depending on the number of years you remain claims-free, this discount could even increase over time.
  2. Group discount — for homeowners and renters who are part of an eligible group (e.g., a union, alumni group, or professional association) that has arranged for its members to receive reduced rates with a specific home insurance company.
  3. Mature homeowners’ discount. Some insurance companies will offer a specific mature homeowners’ discount, while others will automatically factor your age into your premium and give you a lower rate if you are over a certain age. (Keep in mind that the age of maturity varies by insurance company; speak with your group’s broker to learn more.)
  4. Multi-location discount — for homeowners who insure more than one property on one policy.
  5. Multi-policy discount — for homeowners and renters who carry their home and car insurance policies with the same insurance company.
  6. Mortgage-free discount — for homeowners who have paid off their mortgage.
  7. New home discount. Some insurers offer discounts on insurance for newer homes, while others automatically factor the age of a home into their calculations and offer lower rates for newer homes right off the bat. The percentage of savings may decrease as the home gets older.
  8. Renewal discount — for homeowners who keep their property insurance policy with the same company for a set number of years.
  9. Alarm discounts — for homes with centrally monitored fire or security alarm systems.
  10. Water damage prevention discount — for homes with leak prevention and shut off systems (a working sump pump or backflow valve, for example).

While these are 10 of the most common home insurance discounts available in Canada, specific discounts may vary by province and by insurance provider. Reach out to your group’s licensed home insurance broker to find out which discounts could be applied to your own policy.


Wondering how you could save on car insurance, too? Learn about the top 10 car insurance discounts.


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