By Mike Vincent
Have you noticed your homeowners insurance premiums increasing in the last few years?
Many homeowner policies in Oklahoma have increased nearly double in the last couple of years alone. Oklahoma was in the top 5 states for the highest home insurance rates. This is due to our frequent hail storms and tornadoes in the last several years. While your premium is important, be very cautious on how you lower the premiums. And, be wary of any agent just selling the price and not coverages. Here are a few ways to bring the premiums down.
Raise deductibles. Higher deductibles result in lower premiums because the company is spared the expense of handling small losses that fall below the deductible.
Install an Alarm System. Many insurance companies will give you a discount if you have a monitored alarm system on your home. Many will also give you a discount even if you have an alarm and it isn’t monitored.
Contact an Independent Insurance Agent. Independent insurance agents represent several insurance companies for which to shop around for you.
Improve your Credit Score. Insurance companies are placing an ever increasing priority on how good your credit is. This can determine what “tier” you fall into their rating system. This could make the most significant difference in the premium you get these days.
There are several other considerations homeowners have when they buy insurance. Do you have expensive pieces of jewelry, collectibles, guns? Do you run a business out of your home? Are you a landlord? Do you own boats? Operate a home day care center? You may need special coverages for all of these. To identify your coverage needs and determine the cost of insuring them, speak with an experienced insurance agent which has been in the business for a while. Don’t let the new agents get an education on your hard earned assets.
Homeowner’s insurance is not just another expense. It is a vital part of a homeowner’s financial plan. We all work hard for what we have. Protecting your home and other assets is essential.
Call your agent to review your coverages and options. If you have more questions you can always call my office and we would be happy to help.
Mike Vincent is co-owner of Wesco Insurance Agency in Yukon.