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These Upgrades May Shrink Your Home Insurance Costs

  • September 10, 2022

Along with food, gas, and many other essentials, home insurance costs are on the rise in Canada.

Issues like climate change and increased rebuilding costs mean insurance companies are paying more to settle claims — an expense they pass on to customers.

It’s unwise to be without home insurance, or to be underinsured. So if you’re looking to shrink your home insurance premiums, improvements that make your home safer or less damage-prone may be the better route.

How are home insurance premiums determined?

Insurance companies consider a variety of factors when determining the cost of home insurance. They start by estimating your home’s value. Then, they calculate how much it would cost to repair or replace the structure and its contents based on numerous factors, including:

  • Location and type of house.

  • Size and age of your home.

  • Proximity to a fire hydrant (the closer the better).

  • History of previous claims, if any.

  • Type of electrical wiring and heating.

  • Whether or not you have a finished basement.

  • Level of finishes.

  • Replacement cost of contents.

Homeowners who make property alterations that reduce their chances of filing a claim are sometimes rewarded with discounts. It’s very similar to the way that a violation-free driving record and a vehicle with extra safety features can sometimes earn you cheaper car insurance — they’re indications that you’re less likely to have a costly accident.

6 home upgrades that may shrink insurance costs

Each home insurance company, policy and property is different, so there’s no guarantee the following upgrades will result in a smaller bill. Read your own policy carefully and reach out to your insurance company before doing renovations to confirm what discounts are possible, if any.

1. New roof

Getting a new roof could help decrease your insurance payments, especially if the existing

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How an alumni discount can help you save on car insurance

  • August 26, 2022

While you may have moved on from your university or college days, your alma mater can actually help lower your car insurance rate.

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While you may have moved on from your university or college days, taking with you only memories, a degree, and maybe student debt, your alma mater can actually help lower your car insurance rate.

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Depending on the insurance provider, university and college graduates across Canada can access discounted auto insurance rates as part of an alumni group discount, alongside other perks such as lower home, life, and health insurance, and discounts at local attractions and retailers.

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These discounts can be a win-win for both insurance providers and alumni associations alike because insurance companies can gain a larger volume of business and association members can benefit from cheaper prices.

  1. Enjoy these cheaper car insurance rates while they last

    Enjoy these cheaper car insurance rates while they last

  2. Lorraine Explains: Don't just automatically renew your car insurance

    Lorraine Explains: Don’t just automatically renew your car insurance

How do I know if I’m eligible for an alumni discount on my car insurance?

The best way to check if you’re eligible for an alumni discount on your car insurance is to visit your university’s alumni page or contact the alumni association directly.

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Excluding institutions in British Columbia, Manitoba and Saskatchewan (where auto insurance is publicly run), the vast majority of universities in Canada offer alumni car insurance discounts, in addition to home, tenant, and condo coverage.

For example, the University of Alberta, the University of Toronto, McGill University,

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How insurance agents can reach major carriers

  • August 5, 2022

Home insurance group Hippo acquired the startup at the end of 2020 and has continued the company as a subsidiary. First Connect president Aviad Pinkovezky (pictured) explained that the platform gives independent agencies a valuable way to expand their reach.

“The relationship that First Connect has with different insurance carriers allows independent agencies to get access to those carriers without necessarily meeting production volume and so on, which in many cases could be difficult to obtain,” Pinkovezky said.

Pinkovezky was previously Hippo’s chief product officer, helping it to develop technology tools and products that bring its policies and services to market. The former LinkedIn executive and ex-Israeli intelligence officer was Hippo’s first employee and helped the company enter and expand in the US homeowners’ market. He became president of First Connect in February 2022.

Now the company has more than 40 carrier partners and thousands of independent insurance agency or agent customers. Pinkovezky is focused on helping both sides of the business grow, but with an asterisk.

“The focus here is not necessarily just [growth], because you want to make sure you have the right kind of carriers that provide … the availability of the insurance product in the best way that is possible, which means they are able to provide support for the scale of agents that we have,” Pinkovezky said. “Quality takes priority over everything else.”

Beyond home insurance, First Connect also provides carriers access to agents in auto, life and commercial insurance – part of its expanded reach after Hippo’s acquisition.

Earlier in July, First Connect added Cowbell Cyber ​​to its platform – an MGA insurtech focused on providing cyber coverage to small- and medium-sized businesses.

“When I joined the leadership team of First Connect, we started to double down on growing the business, taking it

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