Everyone wants to know how they can save some money on their insurance. Fortunately some insurance savings secrets can increase the value of your assets in other paces. Here is our list of 10 insurance savings secrets:
1. Don't Make Small Claims: Insurance was designed to cover people for losses they couldn't afford to have. If your house burns down chances are you couldn't afford to rebuild it anytime soon, but if your window is broken you can probably afford to pay for it to be fixed. Claims have an effect on your loss history and can erase any discounts you may have received.
2. Report Fraudulent Claims: If you overhear a conversation about someone "upgrading" their personal belongings after making a claim you should report them. Those extra cost for someone's new gaming counsel or set of golf clubs has an impact on everyone else paying for their insurance. Why do honest people need to help pay for $32 billion each year?
3. Increase Your Deductible: The higher your deductible the greater the chances you will only make a claim in the event of a large loss. Higher deductibles will decrease the amount you pay for your insurance every year.
4. Choose Carefully: Both property and auto insurance can fluctuate drastically depending on the characteristics. For auto - if you drive a sports car you will pay more than someone driving a Honda civic. For property - if your home or business is in a flood or earthquake zone chances are you will pay more for your insurance.
5. Upgrade Your Property: If your property wasn't built in the last 20 years chances are there are some updates that are ready to be done. Upgrades to the roof, electrical, plumbing and heating can have an effect on your insurance. Not only can these reduce your insurance cost, but chances are they will increase the value of your property.
6. Protect Your Property: Crime can happen to anyone. The more you deter thieves from your property the greater the chances you wont get broken in to. This doesn't mean you need to build a moat around your property with a draw bridge. Installing a monitored security system can drastically reduce the chances of crime occurring and will most likely land you a discount on your insurance.
7. Reduce Fire Losses: Installing sprinklers in your home or business can be costly but will reduce the chances of a total loss in the event of a fire. Some more feasible fire protection discounts would include installing smoke detectors and living in close proximity to a fire hall or hydrant.
8. Know Your Values: Evaluating the cost of your home can be difficult but should be done in order to ensure you are insuring correctly. Insuring to Actual Cash Value instead of Replacement Cost can have a significant impact on your payout in the event of a claim.
9. Practice Risk Management: Are you doing things differently to prevent a loss to your vehicle or home? Even if you don't qualify for specific discounts, insurance companies are going to want to fight for your business if you can show them the chances of you having a loss are very low.
10. Talk To A Professional Insurance Broker: Purchasing the right insurance isn't easy but it doesn't need to be difficult. Working with the right insurance broker can have a major impact when it comes to protecting your belongings. Not only can a broker help you identify ways to save money but they can make sure you have the right insurance when a claim does occur.
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The Base Team
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