Wednesday 28 October 2015
Just renew it? Don't you do it.
I know we all get busy and it's tempting to go with the fastest and easiest option, and that means just signing off on the renewal and sending it in.
But that is not always the best option.
When you get your mortgage or insurance renewal papers in the mail, you should contact a good, honest and independent mortgage or insurance broker to see what your other options are. Sometimes the renewal you get in the mail really is the best you're going to do. It was with my mortgage last time, so I signed the renewal. But you don't know until you look at the options.
And while my last mortgage renewal was a good deal, I have had the opposite happen with insurance. My insurance premiums actually went down one year and I was pleasantly surprised. But I still decided to practice what I preach and consulted my insurance broker to review my options. Even though my old policy premiums had gone down, he still beat them by about $800/year!
If I had simply signed off on the insurance renewal without checking my options, then I would have been paying quite a bit more than I could have. And although I did stick with my mortgage lender, at least I know comfortably that I got the best deal I would have at that time.
So yes, when it comes to mortgage and insurance renewals, don't just sign and send it in right away. At least have a discussion with a broker and be confident that you're not paying more than you have to.
If you'd like a referral to a trustworthy mortgage or insurance broker, drop me an email at email@example.com or call me directly at 905-512-4069. I'd be happy to help you out.