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Ways to Reduce Your House Insurance Premiums

House insurance is critical. However, it is an added cost that sometimes people forget about when purchasing a home. While it isn’t necessarily against the law in Canada to not have home insurance when you own a home, most if not all financial institutions and lenders will ask for proof of insurance before approving your mortgage and allowing you to close on your house.

Having home insurance is to your benefit. It can ease your mind, knowing that your insurance company will cover your losses in a disaster (with the right insurance coverage, of course), and you won’t have to spend a fortune replacing all your belongings. With that being said, there are two insurance terms that all homeowners need to be aware of: insurance premiums and the deductible.

What is an Insurance Premium?

An insurance premium is the amount you will have to pay for your insurance policy. Typically, you can either pay this as a lump sum at the start of the policy term, or in monthly installments. If you fail to pay your premium, you risk your insurance being suspended, in which case you won’t be covered in the event of an accident.

Complete article:  https://blog.remax.ca/ways-to-reduce-your-house-insurance-premiums/

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