While living in Canada certainly comes with its benefits, the reality is, it is still an expensive place to hang your hat.

That’s why finding ways of both sustaining our income, has become a top priority for many BC residents.

It likely also comes as no surprise that two of the main contributors to the high cost of living is homeownership and maintaining and operating our vehicles. From climbing gas prices to high-reaching home heating, cooling and renovation costs, not to mention the many more daily financial challenges – we certainly have been feeling these burdens much more as of late.

Turning our focus back on the bright side for a moment, Canadians are also highly resourceful people. We continue to look for realistic avenues where we can reduce our expenses.

That said, one main way you can do this is by exploring ways to save money on your insurance.

With insurance being pretty much a given, let’s visit some additional ways you can save on your insurance – as well as how your insurance broker can help you along the way.

With home insurance typically being one of the most expensive areas of coverage you will face, you also have the potential to reduce your costs.

A lot can change in a year, so it is best to evaluate your insurance on a yearly basis to ensure you have the right amount of coverage for your needs.

This is a great opportunity to lower your fees by removing areas of coverage that simply might no longer be needed. In many cases, there is no point in paying more for your policy by over-insuring your home and personal belongings.

By taking an active approach, you can review your policies regularly with the help of your broker. Not only can they go through the finer details of your policy with you, they can also shop around and find the best coverage options for your specific needs.

When it comes to reducing your car insurance, BC companies don’t compete for insurance, so auto policy rates are typically the same across various brokers. Fortunately, you can still save some money by doing everything you can to avoid accidents and by practicing safe driving as this can lower the amount of claims you are likely to have to make.

If, for example, you are someone who is unlikely to have to make claims very often, one additional step you can take to reduce your insurance costs is to increase the amount of your upfront deductible payment.

It is again a good idea to discuss your options with your insurance broker, as they can recommended a plan that is both realistic and unique to your individual driving situation.

While some similar steps can be taken to reduce your insurance across the board, another beneficial method of lowering your car insurance costs, is to look for discounts that you may be eligible for. Some of these include: low-kilo-meter, safe technology, senior savings, and experienced driving discounts.

In terms of both home and car insurance policies, you may also want to consider bundling both of them together – saving you some additional money in the process.

By reviewing your insurance annually for all insurance areas, your broker will help to ensure you have the most suitable insurance coverage that will adequately address many of top financial concerns.

The most important take away here is that, when it comes to the dark cloud that is the current costs of living – you do have options to save money at a time where it really matters. You just have to know where to look, and in this case, who to ask for help.