Homeowners Insurance: Tips for Lowering Your Premium While Staying Properly Covered
We get it. Most people aren’t excited to purchase insurance but realize the importance of protecting their assets and, in turn, their peace of mind. We’re sure you’ve dealt with insurance providers that simply want to make their commission and don’t seem to want to educate you on your needs and your coverage options. We believe in exact opposite here at Burke, Bogart & Brownell, Inc. A well-informed client is a happy client and sharing our knowledge and expertise with those we serve is at the core of our business model.
It’s a really good idea to ask your agent questions to understand the protection you have prior to any sort of disaster or claim. There are many varying factors that are considered when carriers determine your premium. Here are suggestions to get you started on lowering your homeowners insurance premium:
Increase your deductible by deciding how much you can realistically afford to pay out-of-pocket if filing a claim becomes necessary. Let’s say you have a minor incident, like a hole in the drywall. If you can absorb the cost of fixing the hole, then you are wasting a significant amount of money by having a deductible below $500. Consider raising your deductible, and if you’re unsure of what deductible to choose on your homeowners policy, contact your agent for assistance.
Do you have an alarm system? What about a water shut-off device? How old is your roof? You can lower your costs by making improvements to your home. The costs of installing these items may be offset by the savings available to you.
You can make your home safer by identifying potential hazards, like trimming trees around your home and cleaning out your gutters. Here in South Florida, we highly recommend hurricane-proofing and updating your roof, especially in today’s insurance market. The cost of the update and value added to your home may very well be offset by the reduced premium pricing.
Staying up-to-date on your homeowners policy is a smart way to save and keep yourself aware of the ways you are covered and any gaps. We recommend reviewing your policy annually and notifying your agent of any changes to your home.
Most times, you get what you pay for, so it’s important to make sure you’re still properly and adequately covered. We find that most people that are not in the industry of insurance aren’t 100% sure they are getting the coverage they need or if they’re overpaying. An account executive at Burke, Bogart and Brownell would be happy to discuss your specific needs and address any concerns you may have, honestly and professionally. Policy limits, deductibles and coverage terms are all worthy of receiving your attention and time to review.
We hope you’ve found some insight into lowering your premium on your homeowners insurance policy. While saving money and keeping your premium low is important, being properly covered will save you more in the long run should a problem arise and a claim need to be filed.
Contact us by email or give us a call if you’d like to learn more about your homeowners insurance coverage, protecting your assets, reducing your premiums and other insurance related questions you may have. We are always happy to share our knowledge and expertise.