It’s important to have enough coverage on your home insurance policies to help you get back on your feet in the event of a total loss. In order to provide this level of coverage security, insurance providers continually review and adjust their rates in response to increasing claims costs. As a result, many Canadians are finding their home insurance rates increasing when their policies come up for renewal.

There are several ways you can save. Be sure to ask your OTIP broker about your eligibility for the following discount options. Please note the list of discounts is subject to change—call your broker to see what discounts are available to you. 
 
1. Multi-policy discount
Bundling your home and auto policies with the same provider could result in significant savings. With OTIP you can save up to 50 per cent on your home insurance premiums when you bundle a new home insurance policy with your auto insurance policy for the first year. As a bonus, having the same provider for multiple policies makes it easier to know who to contact in the event of a claim.  
 
2. Claims-free discount
While your insurance coverage is there to protect you in the event of a loss, a history of claims can increase your premiums. Before making a claim, consider your deductible amount and whether it makes financial sense for you to file a claim and risk your rates increasing. Typically, you will qualify for a claims-free discount if you have not filed a claim in the past few years.  

3. Alarm discount
Increasing safety measures for your home will help keep you and your loved ones protected and can also reduce your insurance premiums. Safety improvements such as installing a centrally monitored home security system could qualify you for reduced premiums. Be sure to notify your insurance provider of any safety improvements. 

4. Mortgage-free discount
Many insurance providers offer a mortgage-free discount once a homeowner’s mortgage has been paid off. If this applies to you, contact your insurance broker to discuss your discount options. 

5. Mature homeowners’ discount
Some insurance providers will offer a mature homeowners’ discount based on your age at the time of renewal. The age of maturity varies from one insurance provider to the next. OTIP members will be considered for a mature homeowners’ discount once they are 50 years of age or older. 

6. New home discount
Aging infrastructure often results in more frequent (and costly) repairs. That’s why some insurers will offer a discount on insurance policies for newer homes. OTIP members may be eligible for a discount on their home insurance if their home is less than 30 years old. 
 
7. Renewal discount
If you choose to keep your insurance policy with the same provider for a set number of years, you may be eligible for a renewal discount on your home insurance. OTIP members may be eligible for this discount if they have been with OTIP for three consecutive years or more years. 

If you want to review your coverage, check if your insurer offers these common discounts or discuss your eligibility, contact your OTIP insurance broker at 1-800-267-6847 to see how we can help you get the best rate.