Home insurance question, advice needed!!
Hello all, currently, I have my mortgage with RBC and paying for their HomeProtector insurance, the cost is 0.73 per every 1000 dollar of my outstanding mortgage of 130,000$, which works out to be around $170 per month, anyway, I would like some advice on some better alternatives in term of pricing and benefits. I think paying $170 is too expensive or am I wrong? any advice would be greatly appreciated.
details of the the rbc homeProtector insurance is as follow:
HomeProtector Life and Disability Insurance provides you with a secure financial safety net for your mortgage precisely when you and your family need it most.
* pays off your outstanding insured RBC Royal Bank mortgage(s) in the event of death (up to $500,000)
* pays your regular mortgage payment(s) in the event of a disability (up to $3,000 per month for a maximum of 24 months)
* preserves your personal insurance
* safeguards your savings for what they were intended
Papayaz
details of the the rbc homeProtector insurance is as follow:
HomeProtector Life and Disability Insurance provides you with a secure financial safety net for your mortgage precisely when you and your family need it most.
* pays off your outstanding insured RBC Royal Bank mortgage(s) in the event of death (up to $500,000)
* pays your regular mortgage payment(s) in the event of a disability (up to $3,000 per month for a maximum of 24 months)
* preserves your personal insurance
* safeguards your savings for what they were intended
Papayaz