In 2017 alone we have had 3 tornados, Harvey, Irma, and devastating wildfires in California. $350b in claims!
With the algorithms that insurance companies use to determine home insurance rates, it’s impossible to know how future premiums will be affected. But it is safe to assume premiums will be going up. Here are a few steps that may offset some of that increase.
- Meet, in person with your agent & review your coverages. Find out what your limits are, for all your property and liability exposures. Make your agent work for your business. To arrive at personalized coverage your agent needs an in depth knowledge of your particular exposures & should make recommendations of how to respond. Being totally aware of your coverages, and any limits, avoids confusion if a claim occurs.
- Discuss what policy credits you are receiving and what additional credits are available.
- Have you had home reappraised for the rebuilding cost by the insurance company. There is no cost and you may be over insured.
- Review your protection devices from alarm systems, to water leak detection, a generator and even lightning rod. The better you are protected the more credits you will receive.
- The deductible should fit you. Raising the deductible will save on premiums.
- Consider combining your auto, home, valuables, and excess coverage together with a single insurer. You may pay less overall and the bundle will protect your future costs. This is especially important if you have coastal or second home properties that are more difficult to insure.
- If you have coverage with more than one insurer, make sure that the limits for Liability coordinate, or you could be left with gaps in the event of a large claim.
- Fine tune your coverage to address your personal exposures such as: domestic employees, nonprofit volunteer positions, or possibly a home business.