Here are just a few suggestions:
- Most people insure their home for the cost to buy a new home. When deciding how much to insure your home for, don’t include the value of the land. Only the cost of rebuilding.
- Inquire about special discounts with your present insurer. Are you eligible for a long time customer discount? Can you get a discount for also having your automobile insurance with them? Do they offer a discount to you if you are over the age of 55?
- Ask your employer if they offer a group coverage rate. Just like health insurance, some employers offer home and auto coverage at a discounted group rate.
- Call around! Even through your present insurer may offer long term discounts, it still may be a far better value to go somewhere else.
- Is your home safe? Ask you insurer to do an evaluation of your home and if they give a discount on insurance if this is done. (Smoke Detectors, Burglar Alarms, Carbon Monoxide Detectors)
- Raise your deductible to $1,000 or maybe $2,000 if your insurer will let you. This maybe able to save you over 20% on your monthly payments.
Finally, review the insurance company’s financial rating. You want to hire a company that has an A+++ rating to insure that the company is strong enough, that if there should be a major disaster, that they will be able to pay your claim.
Todd Clark – broker
Kastings & Associates