Paid off your home in full? You’re entitled to more than a pat on the back. A number of the country’s top home insurance providers offer steep discounts to mortgage-free customers—in some cases as high as 20% off your premiums.
But even if you’re decades away from owning your home outright, you may still qualify for other little-known discounts. Several home insurance providers—including Canadian Direct Insurance, Aviva Canada and CAA—offer “new home” discounts of between 10% and 25% off. To qualify for a rebate, your home’s plumbing, electrical, roofing and/or hot water tank must be no older than 15 years of age and therefore less prone to wear-and-tear damages.
Not sure if you’re receiving any of these perks? The only way to find out is to call your provider and ask.