This is about the seven different things that you can do to lower your insurance premium on your home insurance.
Raise your deductibles
$200 or $500 deductible is way too low, you need to increase that to $1000, maybe even higher. You don’t need to report claims under $1500 or $2,000. It depends on what your needs are, or your ability to cover that. Because any claim you turn in, you’re going to lose your claim-free discount. All insurance companies, almost all of them give you a claim-free discount. Whenever you lose that you’re going to pay more because that’s losing a discount. If they don’t give you a claim-free discount, then they will charge you for the first claim. That’s just the way the system works.
Apply adding safety features
The next thing is to add safety features like security systems, alarms, fire extinguishers, and different things like this. Make sure that your insurance company knows that if you get an alarm, it needs to be a central station alarm that rings a central station and then notifies the police, the fire department, and whoever else.
Paid in full discount
If you’re paying monthly EFT, automatic draft, credit card, set it up on full pay, most companies give you a discount. Some will even allow you to do a full-year policy and do it in two payments that are automatic, still get the same value. One of our carriers that does that is Safeco.
Improve your credit score
The credit score is one of those determinants that they look at. Statistically, it’s proven that people with higher credit scores have lower claims. So, therefore, people with higher credit scores get a better rate or a lower rate.
Make home improvements
There are things that you can do to your home that will ensure that you’re getting the best rate or that you can get with a company that’s going to have the best rates. There are different types of companies out there. And some of them will write home homes that have some little problems, maybe something is certain and old and dated, maybe the roof or the paint or different things like that is old and dated.
There are certain companies that will write that. Whereas if everything is updated, other companies will take care of writing that. In the state of Louisiana, there are a lot of insurance companies that won’t write your insurance unless your roof is 10 years or even 5 years newer. Make sure that you’re doing the updates that you need to to your home to take make sure that you’re getting the best rate.
Let an independent insurance agent help you!
Let them do the shopping for you. A lot of the captives out there, State Farm, Shelter, and others like that, they only have one option that they can do for you. An independent insurance agency represents a lot of insurance companies. They’ll look at you what your needs are, and what your different specifications are, and they’ll find the insurance company that’s going to give you the best coverage for the best rate. If something changes, they can go to another market that they have, and ensure that you’re still getting the best rate.
Some things change in life, like, maybe you get a new job, you need to move, maybe your credit score is better, or maybe not as good or you get a teenage driver. There are lots of different things that happen in life, as you go from first getting married to your children leaving home. An independent insurance agent can make sure that your coverage stays at its optimal coverage and also a premium for you all through those stages.
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Beaux Pilgrim, CEO