Getting a home mortgage is a huge responsibility in and of itself. Regardless of how much you borrow to purchase a house for sale in the East Vancouver location you’re interested in, you need to make your monthly payments without stretching yourself too thin. That said, there’s another expense that you should never forget about: home insurance.
Most lenders will require you to have a homeowner’s insurance before they can approve your loan. However, just because you need to have one doesn’t mean you should go overbudget for it. Here’s how you can save on your rates while making sure your new property is adequately covered.
Raise your deductible
Depending on how much you raise your insurance deductible, you can lower your premium by as much as 10 percent. The higher deductible comes with the risk of paying more out of pocket in the event of a claim, but as long as you don’t have to file, then doing so can help you earn plenty of savings.
Adding more safety features to your home can help you reduce the amount you have to pay for home insurance. Updates such as a dead bolt locks, metal doors, smoke, fire, or burglar alarm system and the like can qualify you for reduced home insurance premiums. However, it will be wise to talk to a security professional first to find out which systems can yield the biggest discounts.
Bundle with your auto insurance
If you already have auto insurance, then it can be beneficial to bundle it with a home insurance for the house or houses for sale you intend to purchase. Since you’re purchasing more than one of their products, they’ll be more inclined to offer you discounts for one or all of your policies.
Stay with your current insurer
Sure, shopping around for the best policy can fetch you the best rates, but so can staying loyal to one provider. Confirm with your agent that you’re receiving all the discounts you’re qualified for, including repeat customer discount.
Found the right East Vancouver home for sale yet?
If you’re still looking for the perfect East Vancouver townhouses for sale to purchase along with the ideal home insurance company to work with, real estate professionals such as Real East Van can point you in the right direction, even guide you along the path if you’re willing.
(5 Ways To Save On Homeowners Insurance, Forbes.com)
(7 Ways To Save Money on Your Home Insurance, PopularMechanics.com)
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