How to save on Condo Insurance
With real estate prices increasing every day, we understand that condo owners need to save on their regular expenses. Liberty Quotes has worked with our qualified condo brokers to determine the 5 best ways to save on insurance.
1. Increase your deductible
If you are willing to pay more in the event of a claim then this will lower your monthly condo insurance premium. Work with your broker to come up with the right deductible that meets your situation, it needs to be something your are comfortable paying in the event of a claim. In your financial planing, save enough to cover the deductible in an account that you have access to so that you don’t find yourself unable to pay the deductible in an emergency.
2. Bundle and Save
You can bundle your insurance with you auto, cottage, and boat insurance. Putting everything with one insurer can save you money and Liberty Quotes can find the insurance provider that can provide full coverage. Most insurers are willing to offer discounts if you insure different policies with them.
3. Claim Free
The longer you go without submitting a claim, the lower your condo insurance rates will be be. Condo owners have limited square footage, and less issues can arise compared to standard home insurance. Small space means limited items, and often owners can cover expenses out of pocket instead of submitting a claim. This maintains a good insurance record, and keeps your monthly insurance rates lower.
4. Buy a newer condo
The age of your condo building has an impact on your rates. Newer condo buildings have improved infrastructure that can help prevent fire and theft risks. Are you shopping around for a condo? Contact Liberty Quotes and we can suggest specific buildings that have lower condo insurance rates.
5. Shop Around
Different insurance providers will include different types of coverage, which impacts your annual insurance rates. It pays to shop around and thats where Liberty Quotes can help. We have access to Ontario’s best condo insurance providers. Talk to a Liberty Quotes Broker to make sure you have the right coverage for your situation.
Liberty Quotes can help you find the right condo insurance. The goal is to protect your investment and your valuables without spending all of your money.