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The following tips are offered to help folks save money and offset higher
premiums:
 | Raise your deductible. Covering smaller losses could mean a substantial
saving on a homeowner’s insurance premium. Hiking your deductible from the
standard $250 to $500 could save you 12 percent, according to Insure.com, a
consumer insurance website. A 1,000 deductible can save you up to 24
percent, $2,500 can mean a saving of up to 30 percent and a $5,000
deductible can result in a savings of up to 37 percent. If you raise you
deductible, bank some of the premium savings so that you'll have the money
for minor home repairs. |
| Buy all insurance policies from the same company in order to receive a
multiple policy discount. |
| Avoid frivolous claims. Submitting a legitimate claim after years of
paying premiums is justifiable, but frequent claims may mark you as a high
risk. Consider paying for smaller losses to avoid related premium surcharges
or even the chance of nonrenewal. |
| Review your policy annually. Correct and/or update the information.
Double-check the information regarding how far your home is from a water
source such as fire hydrant, as well as the location of the nearest fire
station. If you carry an insurance endorsement on an item that's
depreciated, reduce or eliminate the endorsement that covers it. Although
there are more cases of under-insuring rather than over-insuring, make sure
you land is not included in the amount of insurance coverage you buy. Land
is part of your home's market value but does not need to be insured. |
| Stay with your insurer. Some insurers reduce premiums by 5 percent after
three to five years, and up to 10 percent if you remain a policyholder
longer. |
| Keep tabs of your credit. An Insurance Bureau Score (IBS) is a snapshot of
your insurance risk picture based on information in your credit report. Some
companies take insurance scores into account when assessing a potential
homeowners insurance risk. IBS reflects your credit payment patterns over
time, with more emphasis on recent information. |
| Ask about available discounts. Some companies provide discounts typically
in the 8 to 15 percent range for new construction, since newer homes are
built to updated building codes and standards. Some insurers offer discounts
for monitored home security systems. As noted earlier, if you've had your
home insured with the same company or agency for several years, you may also
be eligible for an additional premium discount. |
To prevent losing coverage:
| Protect your home against typical perils. By preventing losses and claims,
you can also help to keep the cost of insurance down. These include: |
| Keep fire extinguishers in fire-prone areas such as the kitchen and
laundry. |
| Replace old, faulty wiring and make sure to tell your insurer. |
| Regularly check your roof, down spouts and pipes for clogs or leaks. |
| Discourage crime by using exterior lights at night and deadbolt locks. |
| Repair loose railings, steps or walks. |
| Avoid filing claims for small loses, such as those just above your
deductible. |
Call 740-388-8111 Today to receive a Free
Cost Saving Estimate from
Evans-Moore Insurance Agency.
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