Homeowners are always looking for a great deal on home insurance, especially as the cost of owning a home continues to rise.
But there’s a big difference between cheap home insurance that still protects you and cheap home insurance that leaves you underinsured and vulnerable to serious risks. You never want to sacrifice coverage just to save a few dollars. What you save now could end up costing you hundreds, if not thousands, down the line if something goes wrong.
In this article, you’ll learn how to get the cheapest home insurance without sacrificing the protection you need by following a practical list of do’s and don’ts.
How to get the cheapest home insurance quote
Getting the cheapest home insurance quote doesn’t mean you have to sacrifice coverage and cut corners. Instead, make smart decisions that balance cost and coverage with a few strategic moves. Here are some practical do’s and don’ts to help you get the best deal:
✅ Know the average price of home insurance in your area
Use a calculator, like YouSet’s home insurance calculator, to find out how much others in your area are paying for insurance. This will help you gauge whether your quotes are fair and competitive.
For example, at YouSet, the average cost of home insurance is $93 a month in Ontario and $82 a month in Quebec. You’re encouraged to use these benchmarks to compare quotes, especially if you’re a first-time homeowner without a past policy to reference.
❌ Don’t underinsure yourself just to save money
Lowering your premium by removing coverage or reducing coverage limits can seem like a win—until you find out you’ve cut something important, like water damage. Don’t leave yourself dangerously exposed in a real emergency. Know what you’re cutting before you commit, and make sure your policy actually protects your home and everything in it.
✅ Use a broker
Just like you’d compare prices and reviews before buying a new piece of furniture to ensure you’re getting the best value, it pays to shop around for home insurance, too. Online brokers like YouSet not only save you time by comparing quotes from multiple insurers at once, but they also save you money with broker-exclusive rates and discounts you wouldn’t get on your own.
❌ Don’t choose a provider just because your cousin did
Just because an insurer is popular, recommended by family, or has a flashy ad doesn’t mean they’ll give you the best deal. Always compare multiple quotes—you might be surprised by how much you can save through alternative providers, like YouSet.
✅ Bundle your home and car insurance
Bundling your home and auto insurance is a classic way to save, as you usually get both from the same provider. But that isn’t always the cheapest option. YouSet takes it a step further by comparing mix-and-match bundles from different insurers to help you find the best overall deal.
❌ Don’t settle for the first quote you get
It’s always smart to shop around and compare quotes from multiple insurance providers before making a decision, so you know you’re getting the best price. Just make sure you’re comparing quotes with similar coverages and limits across the board–you want to compare apples to apples, not apples to oranges.
✅ Install fire and security systems for a discount
In Ontario and Quebec, many insurance providers offer savings for homes equipped with monitored smoke alarms, sprinkler systems, and security alarms, which can minimize the chance of theft or a fire. If your home already has them, it’s worth asking your provider about a possible discount.
❌ Don’t choose a deductible you can’t afford
Increasing your deductible is a common way to lower your insurance premium. However, be sure you can comfortably afford the higher deductible if you ever need to file a claim. Choosing one that’s too high could leave you in a tough spot down the road.
✅ Pay your premium for the year
Many providers offer the option to pay your premium upfront for an entire year, and they often reward you for it. This can help you avoid the 2% to 4% interest charges that typically come with monthly payments. While it’s not entirely feasible for everyone, it could be a smart move if your budget allows it.
❌ Don’t skip optional coverage because it’s optional
Just because certain coverage options are labelled “optional” doesn’t mean they’re unnecessary. For example, it is strongly recommended that homeowners, particularly those living close to large bodies of water or in flood-prone areas, have overland, above-ground, and sewer backup coverage, even though they are “optional.” Always evaluate the specific risks to your home and location before opting out.
Should you shop around for home insurance?
Yes, you should always shop around for home insurance. Comparing quotes helps you find the best coverage at the best price, but it’s important to compare similar policies.
For example, if one quote includes overland water coverage and another doesn’t, the cheaper option might not actually be a better deal–it could be missing the protection you need. So, always compare similar policies.
That said, reviewing multiple policies can take time, which is why some people skip it altogether. Fortunately, using an insurance broker like YouSet can simplify the process, comparing quotes from multiple insurers at once. Brokers can also unlock exclusive rates and discounts you wouldn’t be able to access on your own, saving you both time and money.
How to get the best home insurance quote
To get the most accurate and competitive home insurance rate, you’ll need to provide the right information. The more precise and transparent you are, the better your chances of securing a policy that fits your needs and budget.
Here are a few tips to help you get the best home insurance quote possible:
- Provide accurate details about yourself and your home: Incorrect or incomplete information can lead to inaccurate quotes or issues with claims later.
- If you don’t know, ask: Not sure about your home’s construction year, roof type, or electrical system? It’s worth double-checking so you don’t run into problems down the road.
- Be honest about previous claims: Insurers check your claims history, so it’s best to be upfront if you want the most accurate quote.
- Have your current policy handy: If you’re switching providers, referencing your current policy makes it easier to compare coverage and avoid missing key areas.
- Explore customizations: Providers like YouSet allow you to add, remove, and adjust coverage limits while instantly seeing the price difference. This helps you make well-informed decisions that balance your budget and coverage.
- Expect to answer some follow-up questions: Some insurers may require additional details before finalizing your quote, so be ready to answer anything that comes up.
Next steps: Get cheap home insurance with YouSet
Comparing home insurance quotes can be time-consuming, but with YouSet, it doesn’t have to be. Our platform simplifies the process by comparing personalized offers from top providers, helping you find the right coverage for your home at the best possible price.
YouSet also automatically scans and applies exclusive discounts, so you don’t miss out on potential savings. Get a personalized home insurance quote in just 4 minutes.