When you first obtain the keys to your condo, you're already down thousands of dollars. You need to figure out how you're going to bribe your buddies into helping you move all your stuff. The last thing you'll need is much more stress from additional bills coming the right path. This is where condo insurance is necessary.
Even though you might not wish to purchase condo insurance, the reality is that you'll require it. You'll be in a whole lot worse shape if something unexpected happens and you are responsible for a large chunk on your own. Plus, many condo associations in Canada need you to carry insurance for the unit.
It does not mean you need to break your budget to become properly covered, though. Here are five methods for you to save on condo insurance:
1. Lift up your deductible
Have you considered raising your deductible? If you're willing to pay more out of pocket when something goes completely wrong, this will lower your monthly condo insurance premium. Just attempt to stick to a number that you're comfortable with. Conserve enough to pay for the deductible in an account you have use of so you don't find yourself scrambling in an emergency.
2. Get multiple policies with one insurer
You may also batch your insurance with your life insurance and car insurance. Putting everything with one insurer can help you save money overall. Most insurers are willing to offer discounts if you purchase multiple policies with them.
3. Possess a clean record
The longer you decide to go with a clean record, the lower your condo insurance costs are going to be. The good news about residing in a condo is perhaps you can not really have that much space to bother with covering. I have seen some pretty tiny condos with low room for anything. This means that oftentimes you are able to switch the small stuff up front without getting the insurance provider involved – and your rates low while being shielded from bigger disasters.
4. Purchase a newer place
When looking for a place, you should try to hire a company that's relatively new. I'm lucky in the sense that I've obtained a pre-construction condo the two times that I've become a homeowner. Along with residing in a brand new place, you can save money on insurance since the company will appreciate the fact that the structure is new.
5. Be choosy about the community that you simply live in
What kind of condo community are you planning on residing in? This can determine the rates you have to pay. Sometimes spending the extra bucks around the nicer condo will save you profit the long run since you can find lower insurance costs (for the car as well as your condo).
You do not have to go broke with condo insurance. The aim would be to protect your investment as well as your valuables without spending all of your money.