An insurance premium is the amount of money that you pay to receive insurance cover. Your premium is something that can be paid monthly, quarterly, or annually. You might come across wording that states 11your premium acts as consideration for the completion of an insurance contract between you and the insurer." The type of insurance you have determines how much your premium will be.

Insurance premiums differ for each person, and can also differ based on the amount of insurance coverage you have, your insurance history, your personal information, etc. There are many factors that impact your premium depending on the policy you have.

For example, if you have car insurance, your driving records (fines, violations, licensing matters, accidents, etc.) play a big role in the premium you pay. A 11cleaner" driver may pay a lower premium than a driver with a record consisting of accidents and violations.

Another example is for homeowners' insurance. These premiums are determined by the property's age, size, value, location, etc. Houses located in areas that are more prone to extreme weather conditions or in a higher-risk area in terms of crime, may tend to have higher insurance premiums.

When you own an apartment in a complex, the insurance premium for the complex is included in your monthly levy bill. This type of insurance covers only the structure and replacement value for the buildings and fixtures. As an owner you would still need to get a private policy for your home contents.

We all want to save as much money as possible, especially when we face tough times. At Tl Brokers, we always stand in the gap for our clients to make sure that they are getting the most value for money. Having a broker negotiate for you helps to achieve a more affordable premium for your insurance while keeping you covered.