1. Raise your deductible. Covering smaller losses could mean substantial
savings on your homeowners insurance premium. Hiking your deductible from the standard $250 to $500 can save you 12%.
A $1,000 deductible can save you up to 24%, $2,500 can mean a saving of up to 30% and a $5,000 deductible can mean a savings
of 37%. If you raise your deductible, bank some of the premium savings so that you'll have the money for minor home
repairs.
2. Buy all insurance policies from the same company in order to receive a multiple
policy discount.
3. Review your policy annually. Correct and/or update the information.
Double-check the information regarding how far your home is from a water source such as a fire hydrant, as well as the location
of the nearest fire station. If you carry an insurance endorsement on an item that's depreciated, reduce or eliminate
the endorsement that covers it.
4. Avoid filing frivolous claims. Submitting a legititmate claim after years
of paying premiums is justifiable, but frequent claims may mark you as a high risk. Consider personally paying for smaller
losses to avoid related premium surcharges or even the chance of nonrenewal.
5. Although there are more cases of under-insuring rather than over-insuring,
make sure your land is not included in the amount of insurance coverage you buy. Land is part of your home's market
value but does not need to be insured.
6. Stay with your insurer. Some insurers reduce premiums by 5% after three
to five years, up to 10% if you remain a policyholder longer.
7. Keep tabs on your credit. An Insurance Bureau Score (IBS) is a snapshot
of your risk picture based on information in your credit report. Some companies take insurance scores into account when
assessing a potential homeowners insurance risk. IBS reflects your credit patterns over time, with more emphasis on
recent information.
8. Ask about available discounts. Some companies provide discounts typically
in the 8-15% range for new construction, since newer homes are built to updated codes and standards. Some insurers offer
discounts for monitored home security systems. As previously noted, if you had your home insured with the same company
or agency for several years, you may also be eligible for an additional premium discount.
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Please remember . . .
Brown
Ohio Insurance Agency will do everything possible to meet personally with you to discuss your insurance needs.
By
meeting our clients in person, our clients feel comfortable with their insurance needs and our clients feel they are getting
great insurance at a great price!