by Robin Lewis - Robin Lewis Insurance
Shop with an independent agent:
Usually they have access to multiple companies, which allows them to get several competitive quotes, I recommend getting at least three competitive quotes. But don’t shop price alone, you want a company that is going to be there when you need them, one that will handle your claims and questions in a timely and professional manner.
Raise your deductible:
The deductible is the amount of money you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible, the more money you save on your premium. An increase in your deductible from $500 to $1,000 could save as much as 25% on your premium.
If you live in a disaster-prone area, your insurance policy may have a separate deductible for damage from major disasters. If you live near the coast in the East, you may have a separate windstorm deductible, if you live in a state vulnerable to hail storms, you may have a separate deductible for hail, and if you live in an earthquake-prone area, your earthquake policy may have a deductible.
Install safety features:
Such as burglar and fire alarms that are centrally monitored; you may also get credit for living in a secured/gated community. If you live in Florida or other wind prone areas, consider wind mitigation features such as hurricane shutters. Some of our customers have saved hundreds of dollars because they had a wind mitigation inspection and found that their homes had or they installed features to strengthen the home against wind damage.
If you live in an older home, consider updating the roof, heating, plumbing and electrical systems, this reduces the risk of fire and water damage, and could save money on your premium.
Review the limits of coverage:
Try to cover your house for what it would take to replace it in the event of a complete loss; the land is still going to be there and does not need to be covered. Covering the land may increase your premiums unnecessarily. Work with your agent to figure out the replacement cost versus the market value of your home.
Ask, ask, ask:
There may be other discounts available varying by company, for example, some give discounts if you are 55 or older; or if you buy several policies from the same company, such as your home and car insurance, or home and flood policies. Don’t be afraid to ask your agent or company if there are any other discounts that you may avail of.
Do you have additional tips? Or questions and comments? Please share below…