Carriers often give significant discounts for having both policies in one place. If you’re currently insured by more than one carrier, consider consolidating into one to reduce your monthly insurance expenses 10%-20%.
One major factor that affects your insurance premium is how much your car is actually out on the road. As your habits change, the risk of you having a claim also changes. If you are not driving as much as you were when you initially purchased your policy, it’s a good idea to speak with your agent about adjusting your expected mileage.
A simple way to reduce your monthly premium is to increase the deductible amount on the policy. This will increase your out-of-pocket expenses in the event of a claim, so it’s important you determine what the appropriate deductible is. If you decide to capture the additional savings now, you can always increase your deductible again at a later time.
If you have recently sold possessions or they have decreased in value, it may benefit you to reduce the amount of coverage you maintain for your personal property. In general, as you buy and sell items throughout the year, we advise you to review your personal property coverage amounts annually to ensure they still match your needs.
Insurance carriers review the condition of your home to determine the likelihood of a future claim. If you’ve made improvements to your home that make it safer or less vulnerable to damage, you may qualify for a reduction in your premiums. Below is a non-comprehensive list of changes to your home that may help you to lower costs:
Weather Resistant Upgrades
Additional Home Upgrades
If you are considering making any of the above updates, speak with your agent beforehand to understand your carrier’s requirements and the discounts you can expect.
People who are retired tend to spend more time in their home, making it less likely to be burglarized and more likely to be well-maintained. If you’ve recently retired, review your policy with an agent to see if you qualify for an additional discount. Life changes that may help you to lower your premium include:
Have you been with the same carrier for 3+ years? If so, you may see a discount on your next year’s policy. Though this varies from carrier to carrier, oftentimes they will reward homeowners who have held a policy with them for longer periods of time.