Buying your first home is often filled with lots of excitement. However, there’s also a lot of financial burden that comes along with the joy. Finding ways to save money becomes a priority for many new home buyers. In such cases, you should look for Cheap Homeowners Insurance Alberta that offers adequate coverage to protect your investment at an affordable cost.
How Much Does First Home Insurance Cost?
Typically, a home insurance will cost anywhere between $900 to $2000 per year, based on what you insure. Generally, there are many discounts like claim-free discount, loyalty discount, age discounts, etc. which might not apply if you’re a new home owner. Thus, it’s even more important to speak to your broker to find ways to make your insurance cheaper. Another thing to keep in mind is to get an insurance quote before you close the deal on your house so that you are aware of the potential costs.
Factors that are Making Your Home Insurance More Expensive:
• If you don’t take advantage of bundling policy and buy your car and home insurance from different companies. Sometimes, it may seem like your car insurance is costlier with your home insurance company and thus, you continue with your previous auto insurance provider. However, when you’re buying a home insurance, get your car insurance moved to the same company and you’ll save a significant amount of money on your home insurance.
• If you didn’t have an insurance on your previous residence or there is a big gap in your insurance history.
• If you have been cancelled by an insurer provider for non-payment. Your car insurance might also count in this case.
• If your home has special features like a swimming pool or any special materials used in construction. Also, if you’re staying in an area with a lot of claims or high risks of floods or tornadoes and wind damage, you’ll end up paying more.
Do’s and Don’ts of Getting Cheap Homeowners Insurance Alberta
• Don’t leave buying homeowners insurance to the last minute. If you don’t spend enough time researching and analyzing the policy, you’ll definitely end up paying a lot more.
• Don’t assume that the cost of your home insurance will be the same as the previous owners. A lot of personal information is required to get the right quote.
• Do consider a mortgage insurance through an insurance broker rather than taking it from your mortgage lender to save some money
• Don’t skip your home inspection. It can actually help you save money in the long term. The inspection will also offer tips to repair your home to get discounts on insurance rates.
• Don’t skimp on coverage to save money. Discuss your needs with a broker and ensure that you cover all your important assets.
• Do consider establishing an insurance history to get some additional discounts from your provider
• Be honest and realistic when you fill the details to get an insurance quote. It will help you plan your expenses for the future.
If you’re looking for cheap homeowners insurance Alberta, doing some research and strategizing a few ideas can help you save hundreds of dollars on your premiums.