Working as an insurance professional, my friends and family often ask me about insurance. I’m sure others out there have these same questions so I thought I would try to help answer them.
- How do I know if I am getting the best rate for my policy? I believe one of your best options for getting the best rate is to have an independent agent that represents multiple insurance companies. You can build a relationship with a local agent who will do the work for you in shopping your rates when you feel it is needed. Taking that a step further, finding a Trusted Choice® agent is even better as you can be assured they adhere to industry-wide best practices. Check out this video about the benefits of working with an independent agent.
- What’s the right deductible for me? Generally, the higher the deductible, the lower your policy premium. If you are willing to pay more out of your own pocket in the event of a claim, you’ll save money . If you plan to use your insurance for the ‘big stuff’, a higher deductible may be the way to go. According to the Insurance Information Institute (III), the average homeowner’s claim is $9,155 and the most frequent type of claim is a wind and hail loss. (1) Knowing what your potential out-of-pocket costs could be can help you decide what the right deductible is for you. This video will help further explain how deductibles work:
- What about insurance discounts? Don’t forget to ask your independent agent about discounts and credits that may be available to you. Many companies will offer a credit based on the length of time you’ve been with the company. There’s something to be said for loyalty! Another way to save money is packaging your home and auto policies together. Companies will often give discounts for installing loss prevention devices in your home such as a monitored alarm, smoke detectors, or whole house generator. Another key time to ask about discounts is when you add a newly-licensed driver to your policy Other discounts you may want to ask about include payment timeliness, and loss free credits.
Have other questions about your insurance? Your independent agent is your trusted advisor for answer to your questions. Contact them today!
(1) “Homeowners and Renters Insurance.” Insurance Information Institute. N.p., n.d. Web. 20 July 2016.