Homeownership is a true milestone achievement. You’ll want to have the best coverage to keep your investment safe. At the same time, you also want to make sure that you are taking advantage of any available discount that you may qualify for. But how would you know? Today, we’re sharing a complete list of home insurance discounts available to you. Why? Because at isure, we care about our each of our clients. The amount you can save varies greatly, but one thing is for sure – you should contact us for a home insurance quote and see what you might be able to save!

Policy discounts


Most insurers provide multiple options for combining different types of insurance. Over time, as your needs change, you have the option to make changes, such as:

  • Dual\multi-line\combined policy discounts: Applied when two different lines of business are bound with the same company (typically home and auto).
  • Multi-property discounts: If you own more than one property (home/seasonal home/rental property), and insure it with the same provider, you can be eligible for a discount on your premium.

Loyalty discount 

To thank you for your continued business, most insurance companies offer customer loyalty insurance discounts up to 10%. In some cases, loyalty discounts can increase (to a limit) the longer you have been a customer with the insurance company. If you are currently receiving a loyalty discount and decide to change insurance companies, you will not get this discount at the new company.

Group discount or group rates

Do you belong to an eligible group? Check to see if it offers group rates! An eligible group may include employees of the same employer, members of a union, alumni, professional and occupational association, or certain non-profit associations. 

Increase your deductible(s)

As with all insurance policies, if you increase your deductible (the amount you must pay before the insurer pays the rest), your premiums will go down. Instead of having a deductible of $1,000 on your home insurance, raising that figure to $2,500 can meaningfully reduce your insurance costs. You’ll be responsible for a greater share of each claim, but your premiums will decline. Naturally, if you’re willing to take a higher deductible, you’re going to pay a lower insurance rate. The trade-off is that you’ll need to pay more when you need it most, but if you’re a great driver, it can pay off in the long run.

Switching insurance companies midway through the policy year is not advised. Wait until renewal time to avoid penalties for cancellation!

Home discounts

Fire alarm system discount

Similar to installing a home security system, you can be eligible for a home insurance discount if you have a monitored fire alarm in your home. Smoke and carbon monoxide alarms are inexpensive investments. An insurance discount can be yours if your insurer can see that the system will notify the fire department quickly if a fire breaks out in your home. Why? Because this decreases the payout for any potential fire claims.

Sump pump discount

Sump pumps are just one of the many ways to prevent flooding in your home. Installing one can minimize your risk of having to make an insurance claim. As a result, homeowners and renters with sump pumps can qualify for a discount, provided regular maintenance is done.

Home security insurance discount

Your home insurance provider is interested in how risky it is to insure your home and the contents inside. Anything you do to make your home more secure–i.e. installing security cameras, alarm systems, deadbolts or motion sensor lights–can help lower your rates. Based on our research, most insurance companies offer a discount of 2% to 5% on your premiums if you install a home security system, but a few insurers offer up to 15%.

Mortgage-free discount

Perhaps nothing is more satisfying to a homeowner than the idea of owning your home free and clear. If you manage to pay off your mortgage, you should let your home insurance provider know. You might be eligible for a discount for no longer carrying a mortgage.

New home discount

First-time home buyers might be able to secure a discount on their home insurance. If your home is less than 10 years old, you may qualify for a discount on your insurance. Newer homes and condos are less likely to have issues that’ll result in claims, so you’ll be a lower risk in the eyes of the insurance company. However, as time goes on and the home gets older, you may see those savings decrease.

Lump-sum payment discount

If you are in the position to pay your annual home insurance premium in a lump sum rather than over 12 months, your insurance provider might offer you a pay-in-full discount. While you can pay your home insurance premiums monthly, you can actually save money if you do it once a year instead.

Individual discounts

Mature homeowner discount

Getting older has its perks. 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 isure broker to learn more.

Non-smoker discount 

Insurance is all about risk. And those who smoke — and by extension, might smoke inside their homes — present a higher risk to insurance providers than non-smokers. So, if you aren’t a smoker, let your home insurance provider know. It can potentially save you money!

Claims-free discount

Insurance companies use the claims history of the city and neighbourhood your home is in to determine rates. Your personal claims history also plays a role in determining your premiums. Good credit history may reduce your home insurance premium because statistics show that people with a good credit history make fewer insurance claims. The scoring system considers an individual’s financial health and credit performance at a specific point in time.

If you’re signing up with a home insurance provider for the first time, ask if a claims-free discount is available in the future, and how many years you need to be claims-free for it to kick in. 

Savings come in a variety of ways…

Get an automatic sprinkler

In the event of a fire, an automatic sprinkler system can save your house. If you have one, an insurer may be willing to reduce your premiums since the likelihood of filing a claim will decrease. A recent poll of property and casualty insurers by HFSC shows that discounts as high as 35% are offered for homes with sprinklers.

Allow for a credit check 

It may seem intrusive, but granting permission to the insurance company to do a credit check on you can save you money. If you have a good credit rating, the insurer may give you a discount.

Don’t get more coverage than you need

Being overly cautious about your insurance coverage may not be to your advantage. Too much coverage can lead to higher premiums. Not surprisingly, insurance companies will try to steer you towards the most expensive coverage, so compare quotes to understand what you do and don’t need. For instance, look at your valuables to see if you have excessive coverage for certain things, like electronics or jewellery.

Be careful what you claim

If you want to receive a discount on your home insurance premium, not making unnecessary claims is a good strategy. If you have a minor claim, you might be better off paying out-of-pocket. By not making a claim, you’ll see your insurance costs go down in subsequent years.

Pick a low-risk neighbourhood

Where you live is one of the biggest determinants in how much you will pay when it comes to home insurance. They use your area’s claims history to determine the likelihood of future claims. Insurance companies track claims that occur in your neighbourhood based on three factors:

  1. The type of claim
  2. The number of claims
  3. The cost of each claim

It probably won’t be the only reason you move or don’t move to an area, but it’s worth seeing what your insurance costs will be if you purchase in a particularly safe neighbourhood.

Just ask!

It never hurts to ask an insurance company if you might be eligible for savings. Even if it’s not mentioned, you may be able to qualify for some sort of discount.

Home insurance discounts: Conclusion

Selecting an insurance provider for your new home or shopping around for a better deal for your current one can be stressful. Luckily, our isure representatives can help you take some of the guess work out of it. Our knowledgeable staff can help you uncover which home insurance discounts you may qualify for. Let us help you find the best coverage for your investment at the best price!

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