How People in Port Coquitlam are Saving Money on Home Insurance
by adminHome insurance, we don’t really want to pay for it, but we certainly don’t want to get caught without it. When it comes to insuring your home, you have many options available to you for customizing your policy to suit your specific needs – and many times these options can help you reduce your premiums. Here are a few money saving tips you can try to help you get the best rate on the Port Coquitlam home insurance coverage that’s right for you.
Only Pay for the Coverage You Need
Many insurance providers will insure the contents of your home based on the value of your home. However, with some of the most expensive real estate in the country located here, many Port Coquitlam residents may be over insured for their belongings. If you don’t own a collection of expensive watches or luxury handbags, it may be worthwhile to take an inventory of what you do own, so that you can correctly insure your personal property and don’t end up over-insuring, and over-paying, for your home insurance.
Consider a Higher Deductible
Home insurance is meant to provide coverage for large losses; if you are financially capable, it may be in your best interest to consider increasing your deductible. Choosing a lower deductible will not only increase your premiums over the long term, but it may also tempt you to file an insurance claim for small losses, such as a lost iPad or stolen TV, which will in turn further increase your premiums. In many cases, for small losses, it is better to repair or replace on your own than to file a claim.
Don’t Over-Insure Your Home
Many people make the mistake of insuring their home for the price that they paid. However, depending on when the property was purchased, the price that you paid may be significantly more than the cost to re-build – which is the amount that you actually want to be insured for. Consider a home recently purchased for $950,000, this amount includes both the land and the dwelling, however if this house were to be completely destroyed in an accident, it would cost significantly less than $950,000 to re-build a comparable home. The cost to re-build is the amount that you want to be covered for. An experienced insurance agent or real estate professional can provide insight into what a new build would potentially cost, so you can get the right coverage for you Port Coquitlam home insurance.