P.J. Miller
Insurance for a home protects homeowners and their personal items in case of damage caused from a storm or theft to more major issues such as a fire. Partner P.J. Miller spoke to TheStreet to share ways homeowners can save money on their insurance premium.
1. Increase Your Deductible
“While a $500 deductible sounds more affordable, increasing it to $1,000 will trigger a rate reduction,” said P.J. “Be aware that you'll need to cover more of the cost in the instance of a claim, so be sure to set aside money, just in case.”
2. Combine Your Coverage
Check with your insurance provider if bundling your auto coverage with your home or renters' insurance policy can yield additional savings. “Showing your loyalty to one insurer could help you land a discount, especially if you have multiple policies,” P.J. said. “Renew your plan early and you could get a discount as well.”
3. Maintain a Good Credit Score
Most insurance carriers use credit as a portion of the rate-setting process in states where it is permitted. “While it is supposed to be a ‘portion’ of the rate calculation, most believe it plays a significant role in determining price,” P.J. commented.
4. Reduce Your Exposure to Perils by Upgrading Your Home
Install a security system, replace outdated plumbing and electrical systems, or install a new roof or energy efficient windows. “Speak with your insurer to confirm the upgrades make financial sense in comparison to the discount you'll be receiving,” P.J. said.
5. Speak With an Independent Insurance Agent
“Independent insurance agencies work with a range of carriers and can ‘shop around’ for homeowners to find a variety of insurance options,” P.J. commented. “There are often discounts and credits available within certain coverages and an agent could help you take advantage of these savings.”
Continue reading the full article to learn additional ways to save on your home insurance.
Questions about homeowners insurance? Contact Wallace & Turner at (937) 324-8492 in Springfield, (937) 652-8492 in Urbana, or info@wtins.com.