Cut your home insurance bill by 20%

Paid off your home in full? Got a new home? You’re entitled to a discount

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From the September/October 2014 issue of the magazine.

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(ARMSTRONG ROBERTS/ClassicStock/Corbis)

(ARMSTRONG ROBERTS/ClassicStock/Corbis)

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.

READ: 12 more home insurance breaks »

One comment on “Cut your home insurance bill by 20%

  1. Hello.This post was extremely fascinating, especially because I was looking for thoughts on this topic last Tuesday.

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