5 Ways to Lower Your Home Insurance Premium
Most of us don’t understand insurance until we really immerse ourselves and study it. That’s why there are insurance agents there to help. We understand that insurance sometimes makes absolutely no sense whatsoever, and so we are there to help you make sense of it all. It’s frustrating when all you see are increases, but there are ways to decrease your premium.
1. Improve your credit score – Most insurance is based off of credit, so improving your credit score will definitely help your premium. When I ran a quote for my new home, I noticed a $300 difference between running the quote in my name versus my husband’s name.
2. When you replace your roof, let your agent know – This is a big one. Even if you have a claim, most companies will not automatically update the year your roof was replaced. It is imperative that you let your agent know so that they can update your policy for you. Also, if you have a certificate from your roofer stating that it has a special hail resistant classification, it can potentially give you a discount.
3. What’s in your back yard? – Most companies have a list of dog breeds that they will not accept, but did you know that there are companies that will not accept trampolines? Also, if you have a swimming pool and it has a slide attached, some companies consider it to be unacceptable. All of these provide a liability exposure and that is why companies shy away from them. Check with your agent to see if your policy provides coverage for any of these risks.
4. Check with an independent agent – Independent agents have the capability to shop with multiple companies and are not exclusively tied down to one company, such as State Farm, Farmers, etc. This is beneficial for you, as the consumer, as it provides an opportunity to check your premium with the current market.
5. Be honest with your agent – If you have a risk that you are trying to conceal and an inspector goes out to your house to take pictures, they take the information back to the company. If the underwriters find out that you have an unacceptable risk, then they are able to cancel or non-renew your policy. It is helpful if you are up front and honest with your agent so that we are able to find the best policy that suits your needs.
We understand that insurance can be frustrating and that is exactly why we are here to help. We are here to help you understand your policy and advise you on the options we are able to provide.
If you are interested in a quote, please give us a call today. We are always happy to review your coverages with you!