Posted 1.16.13 @ 15:30
Insurance is one of the largest costs of owning luxury real estate in Oakville… but is there a way around it? Of course there is! You can save big on your insurance each month, but you’re going to have to know how to do it. Here we’re going to go over a few ways that you can save each month – some may apply, some might not. Condo owners will have lower insurance costs but need to make sure that they’re covering the contents of their homes with condo insurance. Let’s get started!
How’s Your Credit?
Many insurers will use your consumer credit score to calculate how much you’re going to have to pay on your insurance each month. Sounds crazy, but it’s true! You’re going to want to make sure that whatever kind of credit you have it’s the best it can be. Pay down some credit cards but don’t close them, keep on top of your credit and your debts and you’ll see big reductions in your monthly premiums.
Kid Living Away? You Can Cover Them Too!
Some insurers are going to let you cover your children’s dwellings even if they don’t live with you. You’ll want to talk to your insurer and see if they have this as a feature; if not you can always talk to an insurance broker and see if they can match you up with a company that can help you get your luxury Oakville real estate covered in a way that makes sense for you.
Pay Off Your Mortgage
No mortgage means lower premiums no matter where you live. It’s part of that credit “good customer” mentality. People that have their mortgages paid off aren’t going to have as many troubles with their homes. Even a 20% reduction in how much you owe can affect your monthly premiums.
Security Systems Pay
But not just the electronic kind. You’re going to want to have an up to date security system that also features fire and other disaster protection – these are pretty common and there are many that cater to upscale Oakville real estate too! You’re also going to want to make sure that you’re protecting your home against actual smoke, wind, vandalism and even some light liability. Your insurer will often give you a discount for buying extra insurance, since you’ll be a safer bet overall.
Put Down Roots
The longer you own your Oakville real estate the lower your premiums will be. If you’re in the same place longer you’re going to take more care of it. You’re going to keep on top of things, you’re not going to burn it down for insurance money (just kidding!) and they won’t have to worry about you being a high risk. This is why so many people save money month after month on their premiums.
Want to protect your Oakville luxury real estate but want to save on your premiums? Keep on top of things and talk to your insurer – they’re almost always willing to work with you.