Understanding your coverage can help you make informed decisions and discover savings. Get answers to common questions about home insurance asked by homeowners.

1. What are some ways I can save on my home insurance?

There are several ways to reduce your premium while ensuring you have the coverage you need.

One of the easiest steps is to have your policy reviewed regularly. A licensed CAA Insurance Agent can review your current coverage, even if you’re insured with another provider, to identify potential savings opportunities and ensure your coverage still fits your needs.

Taking steps to help protect your home may also lead to savings. Installing smoke alarms, regularly checking for water damage, and maintaining your heating, cooling, electrical and plumbing systems can minimize potential claims and keep your premium down. Depending on where you live, features such as a centrally monitored alarm system or sump pump may qualify you for discounts.

Your claims history can make a difference too. The longer you’re claims-free, the more you’ll likely save and you may even save up to up to 10% on your CAA Home Insurance¹ for five or more years of being claims-free.

Bundling your home and auto insurance is another common way to save. With CAA, bundling your auto and home insurance can get you up to 15% off auto insurance, up to 12.5% off home insurance, plus complimentary CAA Tire Coverage¹.

Finally, don’t forget to take advantage of membership and affinity discounts. While you don’t have to be a CAA Member to get home insurance through CAA Insurance, Members can save up to 20%².

2. How do I know if I have enough coverage?

The right amount of coverage depends on your home, belongings and financial situation.

A good place to start is by reviewing your home’s rebuild cost. Home insurance is designed to cover the cost of rebuilding your home—including materials and labour—not its market value. Renovations, upgrades and changes in construction costs can affect how much coverage you need.

It’s also important to review your contents coverage. Consider whether your policy limits would be sufficient to replace everything you own. High-value items such as jewellery, artwork, collectibles or electronics may require additional coverage.

You should also understand the risks that are most relevant to your area. Coverage for events such as overland flooding, sewer backup or other weather-related losses such as wind and wildfires damages may require optional add-ons.

Your deductible is another factor worth reviewing. Choosing a deductible that aligns with your budget and comfort level can help you strike the right balance between premium costs and out-of-pocket expenses in the event of a claim.

Most importantly, consider your overall financial comfort level. The purpose of insurance is to help protect your savings and financial stability when the unexpected happens. A conversation with your insurance agent or broker can help determine whether your current coverage remains appropriate.

3. What are some common exclusions and optional coverages?

Every home insurance policy has exclusions, which are types of loss that are not covered. Common examples include damage caused by gradual wear and tear, poor maintenance, rust, corrosion, certain types of water damage, earth movement such as landslides or earthquakes, and losses related to illegal activities.

Because every home is different, optional coverages can be added to help address specific risks, such as:

• CAA Water Coverage³, which may include protection for overland water and sewer backup, depending on your policy.
• Service Line Coverage³ to help pay for repairs to underground water, sewer, electrical or communication lines.
• Additional protection for valuable personal items, such as jewellery.

Another increasingly popular option is Home Equipment Breakdown Coverage⁴, which helps protect important household systems and appliances from unexpected mechanical or electrical failures.

CAA Home Insurance includes Legal Expense Insurance⁵ at no additional cost. This coverage can help with reasonable and necessary legal expenses related to pursuing or defending an accepted claim, including lawyer fees, court costs, expert reports and other eligible expenses.

Understanding what your policy includes—and what optional protections are available—can help you build coverage that works for your unique needs and circumstances.

Speak with CAA Insurance today to help you find trusted coverage that fits your needs and the savings you deserve. Call 1-833-673-3030 or visit carp.ca/caa-home.

CAA Insurance⁶ is CARP’s Recommend provider for auto, home, travel, life and pet insurance.

_{¹ Auto & Property Insurance and CAA Tire Coverage are underwritten by CAA Insurance Company.
² To qualify for the discount you must be a current CAA Member in good standing (CAA Membership dues paid in full by membership expiry date). CAA Everyday Members maximum savings on auto insurance is 5%.
³ Underwritten by CAA Insurance Company. Claims administered by CAA Insurance Company.
⁴ Home Equipment Breakdown Insurance is underwritten by CAA Insurance Company. Claims administered by FM Boiler Re.
⁵ CAA Legal Coverage is underwritten by CAA Insurance Company. Claims are administered by ARAG Legal Solutions Inc. (ARAG).
⁶ Please visit carp.ca/caa to see a list of underwriters covering various CAA insurance products. Not all products are available in all provinces. Terms and conditions apply.
®/TM CAA trademarks are owned by, and use is authorized by, the Canadian Automobile Association.
Certain conditions, limitations and underwriting guidelines apply.}