Reader Question: Do I need a tenants insurance policy when I rent?

It Pays To Do Your Research When You Rent   A reader question about tenants insurance and whether you need it or not if you are a renter is a great question especially for those of you who are still not insured. The most important tip I would give is to read the terms and conditions before you agree to anything. One thing many of us do is sign on the dotted line or agree to a policy without reading it in full until it comes time that you might need it and find out you’re not covered. Dear Mr.CBB I’m moving out of my parents house for the first time into my apartment and was wondering if you could answer a question for me please. Do I need a tenants insurance policy when I rent? Thanks for any help you can give me. SG Dear SG, The easy answer is, Yes. Any time you rent an apartment, condo, town-house or house you need tenants insurance also called Renters Insurance. No matter what you think, you need it and don’t ignore the value of a cost-effective insurance policy. According to Insurance In Canada, Many Canadians 35 and under don’t have tenants insurance. When […]

Killing Your Mortgage In 3 Easy Steps

Killing your mortgage in 3 easy steps I was honoured when Mr. CBB invited me to share some mortgage tips on CBB.  It’s evident that he really values his readers so this is a real honour. I’m speaking from experience. Derek and I became mortgage free at 28 (we purchased our first home at 23, and built a new, bigger home when we were 25.)  These are the 3 most important actions we took in killing our mortgage early.  In the interest of full disclosure our current home is worth between $280,000 and $300,000.  It’s a lovely home, but the bank would prefer us in something bigger and more expensive. Pay your mortgage first and last. We’ve all heard the concept that you should pay yourself first. If you’ve been living under a rock, avoiding any personal financial advice, this means that you should set aside your savings as soon as you’re paid before you spend a dime.  The story goes that if you never have access to the savings you won’t miss it, and you’ll be forced to live within your means. This works unless you’re a credit addict, then cut up your cards and return to step one. Decide how much […]

Save Money On Your Next Mortgage Transaction

Buying a home is not a “buy now deal with it later” process rather one that should be researched properly before you get yourself into hot water. There is so much to learn and the buyer and seller that are best prepared are the ones that come out on top. Any time you are ready to make potentially one of the biggest investments of your life such as a mortgage loan take a moment to invest in yourself and your wallet.  Buying a home is a confusing, ever-changing process, with a lot of steps along the way.  All of those steps can end up costing you in cash and stress, so know where you are headed before you start the house hunt. Whether buying your first home, refinancing, or selling and buying, the following tips could help to save you money on your next mortgage transaction.  Speak to your Home Insurance person ahead of time; Lawyers/Notaries are required by the lender to prove you have Fire Insurance, most Insurance Agencies will charge an “Insurance Binder Fee” to supply the lawyer that information.  Call ahead and make sure they don’t charge you…or go to a different agency. When shopping for the […]