Looking for a new home, or building a new one, involves a huge list of decisions. Just when you think you have thought of everything, you remember a vital asset protector – house insurance! Don’t stress, our amazing Nanaimo team of insurance broker propellor heads have money-saving and time-saving tips for you:
New Versus ‘Second Hand’
Hands down, if you have the choice between an older home versus a newly constructed home, a newer home will get you a lower insurance premium as it attracts discounts. New builds come with warranties and guarantees. In addition, repairs aren’t usually needed for a few years, which means there are fewer claims to the underwriter.
Mortgage Versus Cash
If you are an astute saver and have collated the majority of a home’s purchase price, consider choosing a lower-priced home and avoid a mortgage. This might attract a discount from your insurance broker and keep your pocket padded.
Using the higher deductible factor relating to claims definitely reduces the premiums you pay. The higher the deductible, the less your insurance premiums will be. Of course, you need to balance the deductible versus the amount you can afford when making a claim down the road.
Keep claims for the serious, big-ticket items. Many insurers will award discounts for claims-free years. Assess whether a low-value claim is worth it or if it is going to cost you more in the long run.
No Ageism In Insurance
Underwriters favour mature property owners as they are generally more financially established and have lower-risk lifestyles. Enquire about discounts on your home insurance if you’re 45+.
It is beneficial, for your safety and home insurance premiums, to install a perimeter fence with a secure gate. Additionally, a company-monitored home security system with alerts to your phone will also increase safety and decrease loss. With a reduced risk of damage and theft, the underwriter will reward your efforts with a discount.
Maintenance is essential for the continued integrity of your home’s structure. Installing a sump pump in your basement or a backwater valve in your sewer line are examples of improvements that reduce risk – and reduce your home insurance premium, too.
Shopping around can take time, but it helps build your knowledge base on pricing levels and breadth of cover offered by different underwriters. An insurance broker can do this on your behalf after listening to your needs. They will also be far better at scanning the fine print, thereby avoiding disappointment for you at claim time when it counts!
A home insurance broker in Nanaimo will have commercial power over the underwriters that you don’t. This will help with rate negotiation and claim negotiation. For the most suitable, affordable insurance, give us a call, and we will help you secure your property now and in the future.