6 Simple Ways to Lower Your Condo Insurance Rates

Condo insurance can be a lot to handle, but you always can influence its' premiums. The first thing you should look into when you are looking for ways to lower your condo insurance costs is your condo itself. There may be ways you can make your condo less of a risk to your insurer, thereby securing yourself a lower rate. Here are a few examples of the steps you can take to make your condo a lower risk, thus granting you access to lower condo insurance costs.

1. Renovation of the building: Chances are, your condo corporation is going to make some changes to the building while you own your condo, and it's important that you let your insurance provider know that these changes are happening. You can't expect that information to be automatically updated to your provider, and you may be surprised to learn that you could actually be eligible for lower condo insurance rates as a result of the renovations. For instance, if your condo corporation decides to upgrade the roof of the building, the risk of water damage to your unit as a result of a leaky roof becomes significantly lower, and that can result in lower condo insurance costs.
2. Change your deductibles: Can you afford to pay a bit more out-of-pocket if the condo is damaged? Increasing your deductibles will save you a bit every month. Check to see if the money you'll save is worth it.
3. Security enhancements: Your insurance costs are based on the risk to which your building is exposed. Lowering that risk means lowering the cost of insurance, and one way to lower that risk is by improving the security of the building and unit. Your condo corporation may decide to improve or add an alarm system to the building, or they may hire a security guard to patrol the property. If they do, your premiums may be positively impacted along with your personal safety.
4. Firefighting infrastructure: Another significant risk to your building is fire. However, as your condo development grows, the city, town, or municipality may decide to install an additional fire hydrant, or maybe even place a fire station closer to your building. This makes it easier for fire fighters to respond quickly and effectively, thereby increasing your building's security against significant fire damage. Let your insurer know if this is the case as it could result in significantly lower premiums.
5. Pay annually: It may seem daunting to opt to have a bigger lump sum of insurance costs come out of your bank account all at once, but you can actually lower your annual payment by doing so. Choosing to pay annually instead of monthly significantly lessens the amount of administrative work that needs to go into processing your insurance, and that can result in discounts.
6. Stop smoking: You already know that smoking will increase your life insurance premiums, but smoking increases the risk to your condo as well. The risk of your unit catching fire greatly decreases as soon as you quit smoking, so if you can demonstrate to your insurance provider that you've smoked your last cigarette (or cigar), you can start collecting savings.

There is much more ways to lower condo insurance rates , than you can imagine. You can take proactive steps to lower the risk your condo faces by making changes to your condo, or you can notify your insurance provider of the changes your condo corporation is making to improve the building's structure, design, fire safety and security. Contact CondoEssentials representatives to get the best condo insurance in Canada.