Simple Ways to Save on Your Insurance Costs
Insurance is one thing you hope you never have to use, but you won’t want to be without if you need it. To balance these two realities, then, it’s important to do all you can to save on your insurance costs, so you don’t end up overpaying during those times when you have your policy in force but don’t need to make a claim.
To ensure you’re saving all that you can, here are a few simple tips to help you save on your insurance costs.
Think About Deductibles
With any insurance policy, your deductible is the amount that you are responsible to pay for a covered event before your insurance coverage kicks in.
This variable is one of the biggest factors in determining your premium.
One of the easiest ways to save on your insurance costs is to raise your deductible, meaning you’ll be responsible for a larger portion of the costs of a covered event.
If you don’t have enough money saved up, this can cause financial hardship, should a covered event actually occur.
However, if you do have the money saved, this can be a great method to save on insurance costs.
Add Some Reinforcements
Insurance providers, such as the Philadelphia Contributionship, like to know you’re doing all you can to protect your home and your family.
That’s why adding a security system can, in many cases, help you save money on your insurance.
There are two factors that figure into this lower cost structure.
First, of course, is the fact that your home is less likely to be burglarized if you have an alarm system.
Most burglars want a quick smash-and-grab job, which becomes extremely difficult with an alarm in place.
The second factor is the idea that the police or other emergency responders will be able to respond to an emergency at your home more quickly if you have an alarm, meaning any loss that does occur will be minimized.
Watch Your Credit Score
Due to privacy restrictions, most insurance companies have very few data points they can use to help them determine your individual level of risk.
One data point they are authorized to use, however, is your credit score and history.
Looking at your history of financial responsibility, they can extrapolate a sense of your overall responsibility, which represents your level of risk to them.
If you maintain a solid credit history, then, you could find yourself eligible for some major savings on your insurance.
Check Your Address
While the cost of homeowner’s insurance certainly shouldn’t be the factor that ultimately determines where you move, it does pay to at least do some research before you make this commitment.
Different neighborhoods come with different insurance rates, meaning a move of just a few miles could save you a bundle.
If you’re down to two similar homes, then, it may make sense to get insurance quotes for both properties to see which one can save you the most money.
An Open Conversation
The best insurance companies have their customers’ best interests in mind at all times.
This means it’s important to have an open and ongoing conversation with your insurance agent to ensure they’re up-to-date with what’s going on in your life as it pertains to your insurance needs.
This will help you maintain the proper level of coverage and will ensure you have a friend you can count on should you face a difficult situation.
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Category: Insurance
