A useful cost review starts with accurate information, comparable quotes and discounts you genuinely qualify for. Consider savings alongside limits, deductibles and the risks you still need insured.
Use these questions before renewal. The insurer’s actual quote and terms determine whether a change saves money.
1. Compare bundled and separate totals
Placing home and auto insurance together may earn a multi-policy discount, but the combined total is not automatically the cheapest. Compare available bundled and separate options with similar coverage, payment costs and start dates.
A percentage discount alone says little when starting prices differ. Focus on the final total. IBC identifies shopping around, asking about bundling and reviewing annually as potential ways to manage home-insurance costs. IBC’s savings suggestions
2. Confirm device eligibility before buying
Security, fire monitoring, leak detection or automatic water shut-off equipment may qualify for an insurer’s credit. Ask whether professional installation, off-site monitoring, particular equipment or documentation is required.
Avoid blanket assumptions that every DIY camera is ineligible or that any alarm guarantees savings. Include equipment, installation and monitoring fees in the comparison. Risk reduction and an insurance discount are separate benefits to assess. FSRA’s questions about safety and disaster-resistance discounts
3. Update your records without assuming a renovation cuts the price
Keep dates and documents for the roof, heating, electrical, plumbing and other major improvements. Accurate information helps assessment and may support an eligible credit. However, improvements can also increase rebuilding costs or change coverage needs.
Discuss major work before construction begins rather than waiting for renewal. IBC notes that renovations can change policy conditions and may require additional insurance. IBC’s renovation guidance
4. Ask about age, non-smoking and customer discounts honestly
Some insurers offer eligible mature-customer, non-smoking, loyalty or other discounts. There is no universal age-50 threshold or guaranteed reward after three years. Confirm current qualifications rather than assuming last year’s terms still apply.
If parents live with you or share ownership, describe the arrangement accurately and have the broker determine the appropriate insured names and interests. Do not list someone as the principal insured just to obtain an age discount, or misstate ownership, occupancy or rental use. RIBO warns that inaccurate application information can affect coverage. RIBO’s consumer guidance
5. Choose a deductible you can afford
A higher deductible may reduce the premium while leaving more of a loss for you to fund. Ask for the actual annual price difference between options and consider whether you could pay the higher amount when needed.
Check special deductibles, including water-related deductibles, and how they are calculated. The most prominent figure on the summary page may not apply to every loss. FSRA on deductibles and premiums
6. Understand credit consent
Some Ontario home insurers may use credit information in pricing or discount assessment, with prior informed consent. Ask about purpose, recipients, scope and the effect of declining or withdrawing consent. Good credit should not be presented as a guaranteed large discount. RIBO’s consent guidance, IBC’s credit-information code
The Ontario auto rule is different: FSRA says credit scores cannot be used for auto-insurance rating or underwriting. Keep that distinction clear when requesting a combined home-and-auto quote. FSRA on auto credit scoring
7. Include payment and switching costs
Ask about the full annual cost of instalments versus annual payment, including service or interest charges. Before changing insurers mid-term, confirm cancellation charges, refunds and any effect on a bundle discount. Do not cancel existing insurance before replacement coverage is confirmed.
Also check that rebuilding, contents and water protections still fit your needs. Inaccurate answers, arbitrary reductions in rebuilding limits or removing important coverage can create a much larger out-of-pocket risk.
Prepare for a useful broker review
Bring the current policy and renewal notice, occupancy and resident details, major maintenance records, and information about protective equipment already installed or being considered. Explain your budget, coverage priorities and affordable deductible so the comparison addresses your situation.
Contact A-Z Insurance to review available quotes and applicable discounts. Phone: 905-707-2929. Email: info@azinsure.ca.
This article provides general information. It does not promise a fixed discount, lowest premium or particular underwriting result. The actual quote and policy determine pricing and terms.