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Thanks to inflation, insurance rates tend to climb over time. This is out of your control, as are various other factors that raise your insurance premiums from year to year. Fortunately, there are also some things you can do to offset rate increases. In this article, we explore some of the principal uncontrollable and controllable factors governing your home insurance rates.

Uncontrollable Factors

The following factors are out of your hands:

  • Rising costs of materials and labour

Your home insurance covers repair costs in the event that your house is damaged and replacement costs in the event that belongings are destroyed or stolen. As the cost of rebuilding houses and the prices of consumer goods increase, insurance rates follow suit.

  • Increased frequency of extreme weather events

When extreme weather events such as wind storms and wildfires are on the rise, this can result in more insurance claims across the board. As a result, there’s an increase in insurance premiums.

  • Increased crime levels in your neighbourhood

If incidences of burglary or vandalism have increased in your neighbourhood, this doesn’t bode well for your insurance rates. Insurers track local crime trends using analytics to determine the likelihood that you file an insurance claim.

Controllable Factors

The following factors can be adjusted to lower your insurance rate:

  • The amount you pay as a deductible

One of the simplest things you can do to lower your insurance rate is to raise your deductible. Your deductible and your premium are in an inverse relationship: when one goes up, the other goes down and vice versa. This is an option to consider only if you’re ready to pay more out of pocket should you need to file a claim.

  • Your home’s safety and security features

Home improvements that beef up your security or make your home less susceptible to damage tend to earn you a discount on your insurance. For example, you’ll likely be rewarded for installing a centrally monitored security system, which decreases the risk of your home being burglarized. Another home improvement that insurers tend to like is the installation of a sump pump or backwater valve, as this reduces the likelihood of your making a water damage claim.

Talk to an insurance broker to learn other ways you can earn a discount on your home insurance.

Save On Home Insurance In Edmonton

If you’re looking for expert insurance advice or want to upgrade to a more affordable insurance policy, trust the insurance brokers at MBS Insurance Brokers Ltd. To learn more about how we can save you money on insurance, contact us today.

How an Insurance Broker Saves You Time and Money

Do you know the benefits of an insurance broker?

Suppose you’re looking for the best insurance coverage at the best rates in Edmonton. In that case, you’ll first want to understand the benefits of an insurance broker and how they can help protect you in all sorts of different situations – whether it be saving you money, time or giving you simple peace of mind.

What Are the Benefits of an Insurance Broker?

Here are some of the many benefits of an insurance broker.


1. Saves Time

An insurance broker does all the work for you, so you don’t have to spend your valuable time shopping around for insurance. Instead, you simply provide your broker with information about your needs, and they shop the markets on your behalf.


2. Saves Money

Insurance brokers work with many different partners to find the best deals on the insurance that works for you. They take all your needs into account and make recommendations that are in your best interest. They have relationships with many insurance partners and can negotiate competitive rates and discounts, saving you money in the long run.

3. Expert Knowledge and Advice

An insurance broker provides you with the support and expertise you need to find coverage that suits your needs. They work with various products and services to find the coverage that best suits you. In addition, they can draw from an extensive knowledge base and experience to advise you on the best options. 

Insurance Brokers provide expert and unbiased advice. A wealth of knowledge about coverage and market rates combined with expert risk assessment ensures your possessions and business are adequately protected. Whether you are looking into auto insurance rates, tenant insurance, or home insurance rates, your insurance broker can help you every step of the way.

You can utilize their expertise to quickly identify your options and rely on their unbiased advice to help you make the best-informed decision for your situation.


4. Working For Your Best Interests

Since insurance brokers do not work with one particular company, they have nothing to gain from recommending a specific product. The insurance company also pays them a standard commission. Thus, there is no financial incentive to choose one insurer over another.

Insurance brokers have your best interests in mind. You can count on them to find you the best rate possible, which can give you the peace of mind you need. You can rest assured knowing that if you ever need to file a claim, one of our brokers will be there by your side to guide you every step of the way. They act as an advisor on insurance-related matters. They will shop the market for the best coverage and rates for you. Since fulfilling your needs is their only priority, they will provide independent, unbiased advice on the right coverage for your situation.

5. Privileged access and rates

Insurance Brokers have access to a wide selection of the best insurance companies in the country. These insurance companies are only accessible by Insurance Brokers. They do not deal with the public directly or with Direct Writers. Brokers enjoy long-standing relationships with these insurance companies. Still, they do not have an affiliation with any specific insurer, enabling brokers to provide you with a broader range of options at competitive rates.


6. Transparency

Insurance brokers must give full disclosure about their compensation and its effect on your insurance premium.  They are also required to declare any financial links with specific companies that may be a conflict of interest, enabling you to make the best-informed decision.


7. Risk and Advocacy Experience

Extensive experience dealing with different clients and claim situations equips insurance brokers with a broader perspective on how to reduce your risk. Also, in the event of a claim, you can count on your broker to act as your advocate with the insurance company and handle your claim fairly and promptly.

Speak to MBS Insurance in Edmonton about your Coverage

Reach out to MBS Insurance today to determine your home, auto, and commercial coverage options. Over the past 45 years, our experienced team of insurance brokers in Edmonton has earned the trust and loyalty of our clients by delivering superior products and services. We understand your needs and provide you with the best protection and rates.

There are many benefits of an insurance broker. We can help you understand the intricacies of your insurance plan while saving you money at the same time. We are a trusted insurance provider in Edmonton and provide personal and commercial insurance policies to people living in Alberta. We offer the best rates on recreational, auto, property, commercial, and group insurance policies. 

Contact us online for a free quote or by phone at 780-436-7880.

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This article was originally published on October 7, 2016, and updated for 2021.