When buying a new luxury condo, you should consider the insurance rates. Although the premium for a condominium is lower than other types of insurance costs, it forms a significant part of the total expense. This is why finding ways to reduce your condo insurance costs can help you save a substantial amount. Read on to learn how you can save on your condominium insurance expenses.
How Much Does Condo Insurance Cost?
Your policy coverage and premium rates for your condominium will depend on a variety of factors, including the following:
- The location and neighbourhood of your luxury condo
- The type and quality of construction materials used to build your condo
- The coverage of the homeowner association’s policy
- Coverage options you choose for your unit
- The deductible amount in the policy
Tips to Reduce Your Condo Insurance Rates
When buying a luxury condo, it helps to remember that some savings depend on the condo corporation’s management when it comes to reducing insurance costs. However, being proactive can also help you save more. Here are a few tips to help you lower the insurance rates for your home:
- Improvements in Condo Security
Having a good security system can positively affect your premium amount. If you choose to improve the security of your unit by installing an alarm system or if your condo corporation decides to enhance the security by having a guard to watch the area, it can help lower the rates.
- Make Annual Payments
When you make yearly payments instead of a monthly amount, your insurer may offer discounts, thus lowering your premium.
- Quit Smoking
Insurers often reward non-smokers with better rates because they help reduce the risk of fire in a condo. If you can demonstrate that you quit smoking, you can save more on the premium.
- Become Long-Term Clients
Insurers often appreciate customers who stay with them for many years by offering discounts. Thus, if you have been a loyal customer for your insurance provider, you can ask about their loyalty discount.
- Compare Your Insurance Price
Be sure to compare your condo insurance policy rates annually, particularly before renewing your coverage. It helps to look for better offers that may be more beneficial to you.
- Pay Off Your Mortgage
Some insurers offer discounts to homeowners who pay off their mortgages. It helps to look into accelerated payments or ask if you can make any additional payments each year to pay it off early.
- Bundle Your Condo Insurance
Bundling insurance policies is a great way to reduce your premium amount. Most insurers will reduce your rates around 5% if you bundle your home and auto insurance.
Discover Our New Condos for Sale in Toronto
The Davies offers exceptional luxury condos in Toronto with amazing facilities. We provide carefully curated suites with beautiful views. We strive to provide everything you need for a comfortable and luxurious living. Some of our high-end facilities include direct-from-suite elevator access, a sophisticated lobby, underground parking and storage, 24/7 concierge services, and more.
If you are looking to buy a new luxury condo in Toronto, we can help. Feel free to reach out to us by calling 416-873-0862. You could also fill out our online form for more information about new condos for sale in Toronto.
Also Read: What You Should Know About Condo Insurance