Home Insurance Regina: Intro
Welcome to your Home Insurance Guide for Regina. This page will inform you about savings opportunities and also provide number of other useful tips for choosing Home Insurance protection in Regina.
Overall Saskatchewan is not considered as a high risk province from the home insurance perspective since there are no earthquakes (unlike in some regions of British Columbia) or extensive registered floodings (unlike in some regions of Alberta or Ontario). Very cold winters though increase somewhat a danger of frozen infrastructure (e.g. plumbing in winter).
What Are Typical Home Insurance Premiums?
This chart illustrates the average Renters and Homeowners Insurance premiums across Canada and in several provinces. Renters insurance rates are typically lower than home owners premiums due to the nature of insurance: Renters insurance typically covers only the content of your rented property and sometimes liability. It does not cover the building itself since it is covered under the insurance property of the homeowner.
How Can You Save on Home Insurance in Regina?
- Bundle: Most companies offer a discount if you bundle polices, such as home and auto.
- Change your content coverage: Do you rent an apartment or condo? You can often lower your content coverage. No need to insure your belongings to up to $250,000 if you only have a laptop and some IKEA furniture.
- Renovations: Renovating your house can result in lower home insurance premiums, as home insurance premiums for older, poorly maintained homes are usually higher. Also, updating only parts of your house, such as the basement or kitchen, may lead to savings on your insurance.
- Pipes: Insurers prefer copper or plastic plumbing. Consider upgrading your galvanized/lead pipes during your next renovation cycle.
- Wiring: Not all wiring is created equal. Make sure you have approved wiring and be sure to avoid aluminum wiring, which can be very expensive to insure. Not all insurers will cover houses with aluminum wiring, and those that do usually require a full electrical inspection of the house.
- Heating: Insurers like forced-air gas furnaces or electric heat installations. If you have an oil-heated home, you could be paying more for insurance. Keep this in mind when you are house hunting.
- Neighbourhood: For your personal safety and possible lower premiums, live in a low-crime, safe neighbourhood.
- Professional Memberships: Are you a member of a professional organization such as Certified Management Accountants of Canada? Some companies offer discounts to professional members, and some organizations offer their members insurance policies.
- Mortgage insurance: Do you have life insurance? If so, you may have enough coverage to forgo mortgage insurance. Mortgage insurance is another name for a life/critical illness and disability insurance that pays off your outstanding debt on your home in case of a tragic event. For example, a term life policy large enough to pay off your home is usually cheaper.
- Repair instead claims: Consider your deductible and your potential raise in premiums before placing small claims. Is it worth it, can you repair it yourself?
- Interested in more saving tips for Home Insurance in Regina? Get an insurance quote below and connect with an experienced insurance professional to get more tips
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