The Benefits of Choosing Annual vs Monthly Tenant Insurance
When it comes to tenant insurance, deciding between annual or monthly payment options can impact how you manage your coverage and costs. In this article, we will explore the benefits of selecting an annual or monthly payment plan to help you determine which option works best for your needs.
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Annual Payments for Tenant Insurance
An annual payment plan involves paying for your tenant insurance upfront for the entire year, covering you for 12 months. This option provides the following benefits:
Cost Savings
Paying annually will save you 5% off your APOLLO tenant insurance policy, allowing you to reduce the total cost of your premiums over the year.
Convenience
With an annual payment, you only need to handle your premium once a year, eliminating the hassle of monthly payments and reducing the risk of missed payments.
Peace of Mind
By paying for your insurance upfront, you can enjoy peace of mind knowing that your coverage is fully paid for the year. This ensures uninterrupted protection without having to worry about making monthly payments.
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Monthly Payments for Tenant Insurance
A monthly payment plan allows you to spread your insurance payments across the year, while still maintaining a 12-month policy. This option offers benefits like:
Budget-Friendly Payments
Monthly payments make it easier to manage cash flow, as premiums are broken down into smaller, more manageable amounts that may align better with your monthly budget. Monthly payments provide flexibility without compromising the benefits of full-year coverage.
No Long-Term Commitment to Upfront Costs
While the policy term is 12 months, the monthly payment option ensures you're not required to pay the full premium at once, offering greater flexibility for renters with varying financial priorities.
APOLLO offers effortless tenant insurance designed to protect renters across Canada. Get your free quote in less than a minute and we’ll email your policy documents directly to your inbox.
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Originally published August 25, 2023, updated November 20, 2024
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