By: Advocate Brokerage
The insurance marketplace is changing, and rates are rising. Today, we share tips on how to save on home and property insurance.
Ask your insurance Advocate about increasing your deductible to save on your monthly premiums. By taking on a slightly higher risk, you may be able to reduce your recurrent expenses.
Keeping your home well-maintained may help lower your insurance premiums. Let your agent know if you’ve recently replaced your roof or updated the security, heating, or electrical systems.
Many insurance carriers provide discounts if you pay your premiums in full at the beginning of your term. In addition, if you enroll in the insurance carriers Electronic Funds Transfer program, there are often discounts. Most importantly, this helps avoid inadvertent cancellations due to non-payment of premium which hurts your insurance credit, and causes your insurance rates to increase.
Consider paying out-of-pocket for small claims that are not significantly higher than your deductible. Insurance is intended to indemnify you for financially damaging events. If it is not significant, DO NOT FILE A CLAIM. Claims can increase the cost of insurance and trigger cancellations.
Review your policies at least once each year to eliminate unnecessary coverage for things like art, jewelry, and collectibles that you no longer own. Make sure the cars insured are cars your still own.
Insurance is not the place to spread your business around. Stick with one insurer and package your policies together. You may qualify for reduced premiums, deductibles, or even claims forgiveness.
Your credit score is linked to your insurability. Check your credit scores often and let your insurance Advocate know if you’ve had a significant score increase.
Confirm that your home insurance is for replacement cost, not current market value. While the real estate market dictates the market value of your home, replacement costs can be significantly higher. Make sure you have the right coverage.
If you’re planning a move in 2024, remember that your location matters. If you move into a rural area with a volunteer fire department, you may pay more than if you have quick access to emergency services. If you move into a coastal area, insurance can be very difficult to obtain and rates can be extremely high.
Your home is likely your biggest investment. Let us help you keep it safe. Contact Advocate Brokerage today and let our luxury home insurance specialists review or create a custom insurance package that makes sense for you.