Everybody likes to save money, and condo insurance is no exception. Insurance companies have different rates and insure risk at different prices. There are ways to reduce premiums, including:
Shop around – It always pays to shop and compare. At EasyInsure we work with more than 45 insurance partners, and we shop the market for you! We save you time and find competitive rates in only about 5 minutes!
Bundle and save – If you can use the same insurance company for your condo and auto insurance policies, you will receive a discount on both. Additionally, if you own multiple properties and they are insured by the same provider that can result in savings as well.
Being claims-free – If you have been claims-free for several years, your rates won’t be impacted and you may be entitled to reduced premium amounts. Before filing a claim, review whether a claim is financially worth it in the long run and if it will affect your future premiums.
Review your coverage annually – Your coverage needs may change over time which may allow you to adjust the amount of coverage you need.
Increase your deductible – Assuming more of the risk and increasing your deductible will likely result in a lower premium.
Are you retired? –Some insurance companies offer savings to individuals who are retired. Be sure to inform your insurer if you’ve retired.
Customer loyalty – Have you been with the same insurer for a long time? This may help qualify you for additional savings.
Risk mitigation – Learn if your building has a maintenance strategy or a reserve fund. If steps have been taken to mitigate risk, let your insurer know.
Mortgage free – If you’ve paid off your condo, you will likely qualify for insurance savings.
Increase security – A monitored alarm system not only makes your unit safer, but it also may qualify you for savings.
Ask about discounts – Your insurer may offer discounts for being an alumnus or a member of a professional group.
Pay annually – Insurers sometimes offer a better rate if you pay for your policy annually, since it doesn’t involve as many administrative costs.