Nine ways to save on home insurance in 2023

Here are nine ways to make sure you get the coverage you need at a price you can afford.

1. Get professional insurance advice

Have an open, detailed conversation with an insurance advisor about what you own and how much coverage you need. Make sure to have the conversation annually, as long as you own your home. If you are renovating, improving your property or making a major purchase, let your advisor know so that your insurance coverage can be adjusted.

2. Pay your insurance annually

You can save money if you pay your premiums (that is, what you have to pay for insurance) annually instead of monthly. Some insurers charge a service fee if you choose to pay monthly.

3. Consent for a credit check

In some counties, home insurers may ask for your permission to check your credit score. You can say no. But saying yes can save you money if you have a good credit score. Studies have found a link between high personal credit scores and lower risks to the insurer, which could lead to a better rate. This credit check is a “soft inquiry,” meaning it has no actual impact on your credit score. And your credit score cannot be used as a reason to increase your premium or deny you coverage.

4. Bundle your insurance

You may be able to save if you insure both your home and your car with the same company. Bundling can save you up to 15%.

5. Ask about group insurance

Some employers and associations work with an insurer to offer more affordable group insurance. If you are an employee or member, ask if your organization has a group home and auto insurance plan.

6. Install smoke and burglar alarm

You may qualify for savings if you have a home security system that is centrally monitored for fire and theft.

7. Consider Buying a New Home vs. an Older Home

Insuring a new-build home can be cheaper than an older home. That’s because older homes often have more claims than newer homes.

8. Get rewarded for your loyalty

Some insurers may offer savings to loyal customers. You may also qualify for savings if you have continuously had home insurance for a certain number of years.

9. Protect your home

One of the best ways to save money on home insurance is to take care of your home and be damage free:

  • Prevent water damage by purchasing water sensors that will alert you if there is a leak in your home, or by installing a sump pump with a backup battery and alarm.
  • Clean the dryer’s lint trap and dryer vents regularly.
  • Prune trees so they don’t hang over your house.
  • Clean your gutters in the spring and autumn.
  • Inspect your roof and shingles to make sure both are in good condition.
  • Have your chimney swept in the spring and autumn.
  • Protect your home from harsh winter weather.

Read RBC Insurance Homeowners Guide for more tips on securing your home.

Every insurer is different and rules and regulations may vary by province. For more information on choosing the right type of coverage for your home, please contact an RBC Insurance Adviser or request a quote online today.


This article is for general information only and should not be construed as legal, financial or other professional advice. A professional advisor should be consulted about your specific situation. The information presented is believed to be factual and up to date, but we cannot guarantee its accuracy and it should not be considered a complete analysis of the topics discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third party or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.

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