Home owners insurance is a delicate balance between coverage and cost. Ways to Find Hidden Savings:
Increase Your Deductible – The premium cost of your policy is lower with a deductible than without. Check your home owner insurance rate to see if they offer a higher-than-minimum deductible on your coverage. We recommend a deductible of at least $500. If you can afford to raise your deductible to $1,000, you may save as much as 25%. But remember, when filing a claim, you must pay that amount first and your insurance covers the remainder.
Improve Your Home Security – You can usually get discounts of at least 5% for a smoke detector, burglar alarm or dead bolt locks. Most of our companies offer to cut your premium by as much as 15% or 20% if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations. Please notify us if you add one of these systems to get your discount.
Updates On Your Home Can Save You $$$ On Insurance – If you own an older home, consider modernizing your heating, plumbing and electrical systems to reduce the risk of fire and water damage. The age of your roof can also affect your premium.
Don’t Confuse What You Paid For Your House With Rebuilding Costs – The land under your house isn’t at risk from theft, windstorm, fire and the other perils covered in your homeowner’s policy, so we don’t include its value in deciding how much homeowner’s insurance to buy. Notify us if you make upgrades or increase the size of your home so that we can increase your coverage for the improvements.
If you currently have multiple insurance policies with different companies, you should be eligible for a multi-line discount when you consolidate your policies with one company. This is something to also consider if you’ve recently gotten married and your spouse has separate policies for auto insurance, home insurance or life insurance.
Evaluate Actual Cash Value vs. Replacement Cost – Someone breaks into your home, stealing your stereo, television, camera and some of your other electronic toys. When you submit your claim, you find that your policy pays on the cash value of the property less depreciation. So, now when you go to the store and replace your old stereo system and TV with new ones you’ll be out some cash. This is a perfect example of when paying a bit more for replacement coverage versus the lesser cost cash value coverage may be worth it, especially if you’ve taken inventory of your belongings and realize how much it would take to replace everything you own.
Talk to your agent– Talking to your insurance agent may result in getting discounts on your insurance without sacrificing your level of coverage. Help Us Shop Your Insurance – A month before your renewal, you will receive a questionnaire from us. It is important you fill it out and return it to us as soon as possible. We call our renewals on a regular basis and review the questionnaire with you so that we can shop your homeowners to get you the best possible rate. It’s the smart way to ensure that the price you’re paying for your coverage is competitive and meets your current needs.