Your broker can help you minimize premiums by helping to define your insurance needs and by shopping around for the best policy. Other ways to save are:

1) Don’t over or under-insure. Under-insure and you might be left carrying the cost of damage, theft or loss of property. Over-insure and you will be paying more than you have to. Your broker can help you find the right balance by examining your assets, your risk profile and your insurance history.

2) Set deductible and liability levels right. One way to control your premiums is to set a higher deductible, which means you accept more risk for covering small losses. Insurers tend to have deductibles ranging from $300 to $1000. Ask your broker to explain the cost implications of different deductibles.

3) Stay claims-free. One of the best ways to minimize premiums and obtain discounts is to avoid making claims. One of the best ways to do this is to reduce the risk factors that drive claims.

For your vehicle:

  • Avoid car accidents by driving defensively and never while impaired
  • Install an anti-theft system and never leave valuables in the car
  • Keep your driving record clean

In your home:

  • Consider a home security system
  • Install smoke and carbon monoxide alarms
  • Have a properly rated fire extinguisher and keep it properly maintained
  • Clear the snow and ice off your walk
  • Install good quality locks on your doors and windows