Here are 6 things you can do to make sure you are not paying too much for your home insurance:
Increase Deductible- Many homeowners policies are written with a $500 deductible. Increasing to $1000 will save on average 10% - 13%. This simple change can help many reduce or eliminate this year’s increase in cost altogether.
Don’t File Small Claims- If a homeowner claim is under $1000 it probably doesn’t make sense to file it. Homeowners insurance companies track customer claims, and often a client can miss out on a “loss-free” discount even if a small claim of a few hundred dollars was filed.
Shop Around- There are over 75 different insurance companies that are actively marketing homeowner insurance in Massachusetts. Rates can vary dramatically from one insurer to another. If you haven’t researched the market in the past 24 months it makes sense to shop - call your independent insurance agent for help.
Package with Auto- When you buy insurance for your home and car from the same company you get a package discount. The insurer will usually discount BOTH the home policy and the auto policy.
Review your policy carefully- Please make sure you are getting all the discounts and credits you deserve. Insurers provide discounts for homeowner policies for newer homes, multiple policies, good credit, no losses, and even proximity to a fire hydrant. For auto insurance there are discounts they offer safe drivers and good students. Make sure that if your situation has changed that you let your insurer know immediately.
Home (and auto) insurance offered by your Employer? - Many large employers will offer employees the ability to pay for the auto and home insurance via payroll deduction. Payroll deductions make it convenient and affordable. Discounts range from 5% to 10% for most employer group home and auto insurance. You can visit the MA Division of Insurance website here to see the different group plans that are offered. (We can help your employer set up auto and home insurance via payroll deduction if they do not offer it now!)
If you have questions about your home insurance, or if you would like a quote for you home, auto, or business please give us a call at 1-888-882-2909.
Steve Donohue has been working in the wonderful world of insurance since 1992- that was when he had a full head of black hair…..