Getting ready to “rightsize”? there’s a lot to think about when you’re buying a new home — and once you’ve found your ideal home, the last thing you want to worry about is the cost of insuring it. Fear not! Here are 7 money-saving tips to help you get the right coverage at the right price.
- Newer is better. Keep in mind that many insurers give discounts on newer homes. The reason — most new builds come with some sort of warranty and repairs aren’t generally an issue for the first few years of ownership. That means fewer claims.
- Stay mortgage free if you can- If you’ve are able to set aside a large down payment or have access to savings, or a line of credit, consider opting for a less expensive home and go mortgage-free. You would be eligible for a Mortgage Free discount from your insurer..
- A higher deductible. Choosing to pay a higher deductible in the event of a claim may help to reduce the premiums you pay. The key is to choose a deductible amount you’re comfortable paying if you need to make a claim down in future.
- Bundle up. Purchase your home and car insurance policies from the same insurer to take advantage of multipolicy discounts.
- Embrace your age. Insurance companies love mature homeowners — and what’s not to love? Insurers generally consider the 45 and older clients to be more responsible and financially established. This means an age discount and savings for you.
- Home improvements to consider include installing a security system to reduce your risk of damage and theft. In addition, a sump pump or a backwater valve (or both!), help reduce your chances of making a water damage claim. Most insurance companies will reward your efforts with a discount and can help lower the cost of your insurance.
- Compare with the help of a broker. Why pay more than you have to? A broker will listen to your needs and find coverage options at varying price points for you to choose from — and they can help point out other discounts and opportunities for savings that you might not be aware of. There’s no upfront cost to you for these consultations, either.
Feel free to contact Vikas Ramrakha by email at email@example.com or by phone at 416-558-3061.