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6 minute read Published on Sep 13, 2026 by BrokerLink Communications
Two houses on the same street can pay very different home insurance premiums. One might have older plumbing, while the other might have a newer roof and water protection. One might have had a water claim before, while the other one hasn’t.
If the chance of a claim is lower, the price usually follows. When the risk goes up, the price does too. That’s why the biggest home insurance savings often come from lowering risk, not from small discounts.
Insurers want to know how often homes like yours end up with claims and how expensive those claims tend to be. While claims history is important, so is your damage risk. In Canada, floods and water losses are the most frequent and expensive home insurance claims, followed by wind/hail damage, fire and theft/vandalism. That’s why prevention often matters more than finding small discounts.
They also look at the overall condition of the home. Older wiring, plumbing or a tired roof can make fire or water damage more likely, which is why updated homes are usually seen as lower risk. Things like rebuild cost, your deductibleand added coverage matter too.
Once you understand how insurance providers look at risk, the ways to save make more sense. You don’t have to do all of them. Even just one or two could end up making a noticeable difference in savings. Let's take a look:
Bundling is often the easiest way to save. Many insurers offer lower pricing when your car and home insurance are on the same account. It’s not guaranteed and the savings vary by insurer and province.
Sometimes the home insurance policy looks cheaper, but the car insurance goes up. That’s why it helps to look at the total cost instead of one policy on its own. A broker can look at a few insurance companies side by side and show you how the prices compare.
The Insurance Bureau of Canada explains that when the deductible goes up, the premium usually goes down. For example, moving from a lower deductible to a higher one often reduces your home insurance premium annually, though how much will depend on the insurer. The trade-off is that you take on more of the cost if there’s a claim.
Water claims actually have a big impact on home insurance pricing in Canada. One sewer backup or basement flood can affect your home insurance premiums for years. That’s why prevention can be more helpful than finding small discounts. Things like adding:
A backwater valve to reduce your risk of sewer backups
A sump pump with a battery backup
Water-leak sensors or automatic shutoff valves near appliances
Overland flood coverage isn’t part of a standard home policy and neither is sewer backup. What’s available and at what limit, will depend on the insurer and the province. While adding these may also help you qualify for a discount, avoiding a water claim instead will likely save you more in the long run.
Not every issue needs to become a claim. Smaller losses that fall close to your deductible may be cheaper to handle yourself. This isn’t about avoiding legitimate claims. It’s about being selective.
For example, filing a $2,000 claim with a $1,000 deductible may not always help if it leads to higher premiums afterward. If you’re unsure, you can ask a broker how a claim might affect pricing before filing.
What helps in one province may not matter as much in another. That’s because insurance providers rate homes based on the risks that are common where you live. In places like Alberta, hail is a big concern. Impact-resistant shingles tend to take less damage, which can mean fewer repairs over time. Research shows they often cost less in the long run in hail-prone areas.
If wildfires are a concern, things like trimming trees, clearing debris and using vents that keep embers out can help lower your risk. And in high-wind areas, insurers look at how securely the roof is attached and the condition of the exterior, since loose roofing or siding is more likely to tear off in a storm. While not every upgrade leads to an immediate discount, some keep coverage more affordable and available over time.
Monitored systems like alarms, water-leak detection and temperature or freeze sensors that alert someone quickly, or shut water off automatically, can reduce the size of a loss.
For that, insurers may offer discounts, but you’ll usually need proof, like an alarm certificate or maybe even an inspection. Ask your insurance provider or broker what counts before installing anything.
Older electrical, plumbing and heating systems can increase risk in the eyes of insurers. Things like knob-and-tube wiring, aluminum wiring, galvanized pipes and aging furnaces can affect pricing or even eligibility.
Updating these systems doesn’t always lower your premium right away. But it could remove surcharges and help prevent problems at renewal. If you make updates, let your insurance representative know. Insurers won’t assume the work was done unless it’s documented.
Full-time, rental, seasonal or vacant homes are all rated differently. Even working from home or running a business can matter, too. If that information is out of date, you can end up paying for risk that doesn’t really apply to you.
Insurers also focus on replacement cost, not your home’s market value. If that number is too high, you may be overpaying. If it’s too low, you could find yourself underinsured. A review every year can help you avoid overpaying and lower the chance of delays or disputes if you have a claim.
Some problems aren’t covered by a standard home policy at all. That includes things like a furnace failing due to a power surge, or a buried water or sewer line breaking between your house and the street. Equipment breakdown and service line coverage are optional add-ons that fill those gaps and usually cost much less than the repairs they cover.
While this doesn’t lower your insurance rates, it can help you avoid a large out-of-pocket bill later. Add-ons may not be right for everyone, but they’re worth a look if their repair costs would be hard to absorb.
Prices change, as do underwriting rules. Reviewing your policy every year, or after a major life change, may uncover new savings. A local broker can help you compare options across insurers and point out changes you might miss.
A few things are easy to overlook when you’re focused on your home insurance costs. Here's what you should know:
Some people find the quickest way to lower the price is to remove coverage. Things like water protection or liability limits are often the first to go, but they’re also the ones people generally wish they’d kept when something happens.
Some discounts are pretty common. Others depend on the insurance company and the age of the home. Discounts like non-smoker credits, mortgage-free pricing and “new home” don’t always apply the way people expect.
Lowering a premium usually means taking on more risk somewhere else. Saving $150 a year likely won’t help much if it means being on the hook for a much larger loss if something goes wrong.
If you’re meeting with a broker to review your policy or help find you better insurance coverage, make sure you have:
Recent home insurance policy
Auto insurance policy (if wanting to bundle)
Renovation and upgrade receipts
Alarm or monitoring certificates
Roof age and material details
A list of past claims (if any)
The clearer the picture, the easier it’ll be to find more savings.
A BrokerLink broker can walk through your options and help you compare prices from top insurers across Canada. So if you want to see what that looks like for your home, connect with a BrokerLink insurance broker today. You can reach us by phone, email or in person at any one of our locations throughout Canada. You can also try out our free online quote tool, which can provide you with a competitive insurance quote in minutes.
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