10 WAYS TO SAVE $$$$$$ ON
YOUR HOMEOWNER HOMEOWNER’S INSURANCE.
OWNING A HOUSE, is already the biggest expense you’ll probably ever have in your whole life--------so, you don’t need to add to the cost by paying to much for your new homeowner’s insurance. Right? RIGHT!
BUT, you also don’t want to scrimp an end up without even enough coverage to protect your new home and your most precious, irreplaceable family belongings. Right? RIGHT!
So, here, exclusively for ENQUIRER readers, are 10 sure-fire tips from the experts for safely saving on your homeowner’s insurance: (remember we used that 6 letter word; safely.)
ONE: DO YOUR HOMEWORK!
If you want a bargain (and if you’re still with me, you do), you’ve got to shop around. Talk to friends and associates and ask them what their experiences have been with different companies recently and why their happy with them.
Check ads and on-line insurance quote sites like:
You should also look up on the Internet:
It has as lot of useful information.(Links to state ins. Dept.)
DON’T, do not go for the lowest prices just for the sake of saving a dollar. (Remember the 6 letter word?) The local Better Business Bureau and AM Best or Standard & Poor’s will be most helpful also on checking on each companies financial standing. (You want them to pay you in the event of a loss, so, how big are they in the $$$$$$ department)
TWO; PAY FOR A HIGHER DEDUCTIBLE..
Paying a higher deductible can save you big $$$$$!
A deductible is your out-of-pocket expense BEFORE your insurance company “kicks in “ with their money to pay your claim. A zero deductible is going to result in a much higher annual premium.
Most respectable insurance companies will suggest a deductible of at least $500. (This also does away with most small, time-consuming claims, a nuisance to them) BUT, if you expect to have a $1,000 in your pocket at all times, and you up the deductible to $1,000, you could cut as much as 25% off your annual premium, partly because, the insurance company knows that makes you less likely to file a frivolous, time-consuming claim. (You want insurance for the big one)
THREE: INSURE YOUR HOME & CAR WITH THE SAME CO.
Many insurance companies will take from 5% to 15% off your premium if you also take out a car insurance policy with them. (They want to be your insurance company, your only insurance company)
FOUR: REDUCE YOUR RISK.
If you make your new home more damage resistant, your insurer will see you as less of a risk and charge you less.
(Remember they pay for losses, so reduce the risk.
Adding storm shutters, strengthening your roof, improving your landscaping, installing alarms (or alarm systems) upgrading your plumbing, upgrading electrical wiring adding metal supports in the garage interior, etc. creates the impression they feel comfortable with: and saves you a lot of $$$$$$.
FIVE: INSURE YOUR NEW HOME ONLY FOR THE COST OF REBUILDING.
Just because you paid $200,000 (or more) for your new home doesn’t mean you should insure it for that amount. If your home burns flat to the ground, you still have the ground. The insurance company doesn’t want to buy your house and land and so they will pay you for what you lost, after you submit proof of what you lost, which is your house.
Insure what you will lose, have it rebuilt, and save much $$$. (They will pay for the motel and watch your contractor.)
SIX: INSTALL SECURITY SYSTEMS.
If you fail to do anything under tip #4, still read this tip anyway. Most reputable insurance companies will cut 5% off your premium for a smoke/fire detector system, burglar system or something for just dead-bolt locks. If possible, consider installing an indoor sprinkler system and an alarm that rings at the police, fire or monitoring station for a normally generous discount of 20% annually.
SEVEN: LOOK FOR SPECIAL DISCOUNTS.
Some companies offer special rates to retirees because they are at home more than the working couples and are far more less likely to have their homes broken into.
If you’re over 55 and retired, you may get as much as 10% off your annual premium. But, it’s not just the elderly who may benefit----special discounts may also be available to non-smokers. non-drinkers, and other lower-risk individuals.
(Inquire of your agent, it may only save you $$$$$$.)
EIGHT: GET GROUP RATES.
Check social groups you belong to as well as your company for a group insurance program. Let everyone know you’re looking. You might find a better deal.
That includes any professional, alumni, church, political, or business group you belong to; or might join.
NINE: BUILD COMPANY LOYALTY.
Insurance companies want to keep good customers; it’s a whole lot cheaper and easier than always looking for new ones. When you have been with the same company for several years , without a claim, they will offer you a discount for your loyalty to keep your business. Normally, after 5 years, they offer the standard 5% rate break.
TEN: UPDATE YOUR POLICY. EVERY YEAR.
LET IT REFLECT THE TRUE VALUE OF BOTH:
YOUR HOME – YOUR POSSESSIONS.
If something you insured under your homeowner’s policy goes down, (very unlikely) after five years, you’ll want to reduce your coverage also. (It could happen. Maybe)
Church of the Science of God
La Jolla, California 92038-3131
© Church of the Science of GOD, 1993