How to save on homeowners insurance | So Good News
HARTFORD, Conn. (WFSB) – All this month Channel 3 Eyewitness News is offering tips on how to save money and make money in tough economic times.
One of the most expensive things for many, Homeowners Insurance.
But there are ways to lower your bill.
AROUND THE ROUND:
Homeowner’s insurance is an important negative but just like grocery shopping, you can save big by comparing prices.
“I think the first and most important thing is purchasing,” says Peter Kochenburger of the UConn Insurance Institute.
Experts we spoke to say the average consumer should shop around once a year, or somewhere else
Loretta Worters of the Insurance Information Institute says: “Every purchase is important because every company is different.
Because although there are different companies out there, which offer different prices, there are also different discounts and incentives that come out.
raise YOUR DEDUCTIBLE:
One of the easiest ways to lower your bills is to raise your down payment, which is what you pay if you have to pay it back.
Worters says: “The higher the cost, the more you save on your costs.
Make sure you have enough savings to cover any out-of-pocket expenses.
“Can I afford it, if there is a loss, I should say that I have a fine of one thousand dollars.” Can I afford to pay for it myself?,” says Kochenburger.
BITE THE MINIMUM ESSENTIALS:
Speaking of out-of-pocket expenses, skip the small expenses if you can.
On average, filing a single claim, from a stolen bike to water damage, will increase your monthly premium by 9%, according to a report released by insurancequotes.com.
“Insurance should be there for really big losses,” says Worters.
“If you don’t give a small report, it can have its advantages. You also want to make sure that you believe that the claims are not going to be very important,” says Kochenburger.
Need home and auto insurance? Load it. According to the Insurance Information Institute, this alone can save you up to 15%.
Also, feel free to ask your agent about any discounts.
You can get discounts from your college alumni association, your military, where you work, or not.
“If you are retired, one thing that insurance companies see is that the risk of fire is less. “Because you’re at home or there’s less risk of theft,” says Worters.
There are also lesser-known discounts, such as not having smokers in the home, which reduces the risk of fire.
Small extras like smoke detectors, fire extinguishers, fire extinguishers that usually don’t cost much, can lower your monthly payments, so you’re saving more money in the long run.
If you’ve already had that roof repaired or moved into a home with storm shutters, let your agent know.
Worters said: “If you make your home less vulnerable in the event of a disaster, that’s another way you can save money.”
DO NOT USE: Return of Exchange Rate
Although we’ve been talking about saving money, sometimes the extra money can save you thousands.
“I think the statistics are that two-thirds of homeowners are underinsured, that they don’t have enough money to cover their home,” says Carmen Balber with Consumer Watchdog.
“Yes you want to save money but you want to protect your money,” says Worters.
Ask your agent about full refunds. That coverage will take into account inflation and other cost increases.
Worters said: “Consumers really need to know this. “The main additions that include protection against inflation, the so-called rising costs of real estate and construction or legal regulations are things that you have to get.”
“Homeowners don’t save real money to rebuild and now that’s the biggest problem, because of COVID and the supply chain, the cost of labor has gone up,” says Kochenburger. They say you should request regular updates every 2 years.
“Your house might be worth $200,000 but it might take $300k to rebuild, the labor costs are going up,” says Kochenburger.
It’s a small difference, but an important one.
Worters said: “If you don’t have that kind of coverage, then you may have less insurance.”
Kochenburger says insurance companies have numbers on actual rebuilding costs, county by county, so don’t hesitate to ask.
“They have this knowledge and it’s useful and it’s not a bad place to start,” says Kochenburger.
Have rebuilding rules.
Buildings are becoming more expensive due to climate change.
If you have a new home, it’s not a big deal, but, “if you’re keeping an old home insurance, make sure your estimate includes meeting current building standards,” says Balber.
Last but not least insurance.
Every home owner needs it, but if yours doesn’t, our experts agree, it’s usually a few dollars but it can protect what you own.
Follow the same rules:
The importance of the burden.
Increase your deductible.
Reduce your access limit.
Look for discounts.
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