MrInsurability June 17, 2016 No Comments

Staying with the Same Insurer

MrInsurability.comThe last in our tips on saving money on your homeowner’s insurance is to stay with your same insurer.

If you’ve been with an insurance company for a number of years, then you may receive a discount for being a long-time policy holder.

A typical discount is around 5% for being with the same company for 3-5 years and 10% for 6 or more years. Although these discounts sound great and they are, you should check your price against some of the other companies every few years, just to be sure that you truly are getting a good deal!

Your independent insurance agent can be a great help to you with this process, as he/she has contracts with several insurance carriers and is always in a position to secure you the best deal possible!

 

 

MrInsurability June 16, 2016 No Comments

The Importance of a Good Credit Record

MrInsurability.comHaving a good credit history will definitely cut your insurance costs!

Today, more and more insurers are using your credit history as one of the factors used in determining what your premiums will cost you.

In most states, the insurance company is required to inform you if any of the information on your credit report caused them to charge you a higher rate on your premiums.

Should this happen, you will want to immediately find out what credit reporting agency was used and begin the process to verify the information that the insurer used to make their determination.

There are a few things that you can do to try to maintain a good credit rating. These include things like: paying bills on time, keep credit balances low and don’t maintain more credit than you really need. Be sure to check your credit record on a regular basis and have any incorrect information removed as soon as possible.

As always, your independent insurance agent can help you to get the best possible rates on your insurance coverage!

MrInsurability June 14, 2016 No Comments

Ask About Other Discounts

MrInsurability.comIn an effort to control the cost of your premium, don’t be afraid to ask about discounts. Remember the saying,”you have not because you ask not”?

We have already looked at some of the ways to qualify for discounts, but that’s far from all there is.

You will want to keep in mind that insurance companies offer many types of discounts, but they don’t all offer the same ones. Also, the discounts are not the same in every state.

Just one example of these different discounts applies to senior citizens. Since you are retired and stay home more, you are likely to take better care of your house. You would be around more, which hinders burglars and you could even spot a fire sooner, before much damage occurred.

A number of companies are offering up to a 10% discount to retired persons over the age of 55, on their homeowner’s coverage.

If you are still working, there are several insurance carriers that offer discounts to employers and professional associations, that offer group insurance programs, even for homeowner’s insurance. You will often find a better deal going through one of these organizations.

It is always best to consult your independent insurance agent to find out about all of the possibilities that you are eligible for.

 

 

MrInsurability June 13, 2016 No Comments

Improve Home Security

MrInsurability.comOne overlooked factor in saving money on homeowner insurance premiums has to do with home security.

Now, we’re not just talking about burglar alarms. Things like smoke detectors, CO2 detectors and even dead bolt locks, can lower your premium costs!

Many companies offer at least 5% discount for any of those things that I just mentioned.

Going a little further, if you install a burglar alarm, fire alarm or sprinkler system that is monitored at the police dept, fire dept or some other type of monitoring station, you can look for a 15-20% reduction in your annual premiums.

A couple of important points to remember with these types of systems is that they are not cheap and not all systems qualifies you for a discount.

If you decide to take the step and install one of these types of systems, be sure to first consult with your independent insurance agent to find out which systems qualify and how much the savings would be. You can then make an educated determination as to whether purchasing one of these systems would be in your best interest.

 

MrInsurability June 11, 2016 No Comments

Disaster Proof Your Home

MrInsurability.comOne of the best ways to lower the cost of insuring your home is to try to make it disaster proof. The fist step to take would be to contact your independent insurance agent and find out the recommended steps to take, to make your home more resistant to disasters like tornadoes, hurricanes, windstorms or other natural disasters.

You may be able to noticeably reduce your premiums by doing things like reinforcing your roof, redoing it with stronger materials, adding storm shutters and so on. If you own an older home, you can try to update important structural parts, to make them far more sturdy.

Additionally, updating heating, electrical and plumbing systems, in order to prevent potential fire hazards or flooding problems, can also be a great savings to you.

MrInsurability June 10, 2016 No Comments

Buying All of Your Coverage from the Same Insurer

MrInsurability.comMany insurers that sell multiple types of insurance, such as homeowner’s auto and life, for example, are set up to offer the purchaser a discount of anywhere from 5-15% off of the normal costs, just for choosing to buy multiple policies from the same company.

The important thing, as the purchaser, is to always check to be sure that you really are saving money, as opposed to purchasing some of those policies separately somewhere else.

Your independent insurance agent can help you as he/she has agreements with multiple insurance carriers, which allows you to check many different carriers all in one visit!

MrInsurability June 7, 2016 No Comments

Your Home’s Value vs the Cost to Rebuild

MrInsurability.comSome people get very confused when trying to determine how much property insurance they need. It’s important to remember that the property (land) that your house sits on is not going to get stolen or damaged by fire, hurricane, tornado, etc. Only the building itself gets damaged.

So, when determining the proper amount of homeowner’s insurance that you should have, you only base it on the cost of rebuilding the home itself.

Also, whatever you paid for your house or whatever the current value might be, has nothing to do with how much it costs to rebuild it. Don’t pay higher premiums for coverage that you don’t need.

It’s always a wise choice to consult your independent insurance agent to get the most up-to-date information, as well as being able to have multiple choices to choose from, providing you the best possible coverage at a price that you can afford!

MrInsurability June 5, 2016 No Comments

Raising Your Deductible

MrInsurability.comDeductibles are the amount of money that you have to pay toward a loss, according to the terms of your policy, before your insurance policy kicks in and pays your claim.

The higher your deductible is, the more money that you save on your premium. In today’s day and age, most insurance companies will recommend that you have a deductible of at least $500.00.

If you are in a position to be able to afford more of a deductible, raising your deductible to $1,000.00 can save you as much as 25% off the cost of your premium.

One important fact to keep in mind, when buying your homeowner’s insurance, is that if you live in an area that is prone to disasters, your policy may include separate deductibles for different types of disasters.

Some good examples of what we mean is that if you live on the east coast, you may well have a separate deductible for windstorm damage. If you live in an area known to have earthquakes, you’ll have an earthquake policy with its own deductible and if you happen to live in an area known for hailstorms, you will likely have a separate deductible for hailstorm damage.

As always, its best to consult your independent insurance agent, to get all of the facts and to learn about all of your options.

 

 

MrInsurability May 26, 2016 No Comments

Saving on Homeowner’s Insurance

MrInsurability.comThe price that you pay for your homeowner’s insurance can vary by as much as hundreds of dollars, depending upon the insurance company that you choose to do business with! There are a few things that you can do to help make your search for the right coverage and the right insurance company a little easier. Let’s take a look at some of these things!

The first thing that you can do is to take some time and shop around, before you make any commitments. Ask friends and family members who they use and the types of experiences that they’ve had.

You can check the National Association of Insurance Commissioners website at naic.org to get helpful information on the kinds of coverage that you should have, what you should pay and even see complaints about insurance companies.

You can also check the web for your state’s department of insurance. They often have a lot of valuable information that is free to you! Then there is the Yellow Pages and yes, even they are online. There are also consumer guides and online insurance quoting services. Last, but not least, there is your local independent insurance agent. An independent agent represents multiple companies, not just one, so you can get several prices all in one place!

We know that everyone looks for good prices, but you need to look for more, when it comes to your insurance. For example, is the company financially stable? What is their customer service rating? To get this kind of information you can use consumer magazines, as well as companies like Standard and Poors, found at standardandpoors.com or the AM Best Company, found at ambest.com.

Next time. we’ll look at another thing that you can do to make sure that you get the best insurance coverage for your money!