(NC)—You can’t put a price tag on the peace-of- mind your home insurance offers you. Or can you?
It’s true that you can sleep soundly at night knowing that your home, possessions and property are covered, and that your legal liability for injury or property damage to others is covered, but premiums are sometimes expensive. How does one lower insurance premiums without losing sleep?
James Savage, executive vice president of Western Financial Group, a leading western Canadian provider of insurance services, points out that we do have options when it comes to home insurance, as follows:
• Shop around. Get quotes from several insurance carriers. Insurance brokers, such as Western, will do the legwork for you, obtaining quotes from several insurance companies and providing you with a comparison so that you can choose the best option.
• Ask about discounts. Some insurance providers offer discounts if you bundle your home and auto policies, if you have a security system, if you stay with that company for a certain number of years, or if you have a sprinkler system. Find out what types of discounts each insurance provider offers.
• If you’re in the process of buying a home, choose wisely. The age of a home’s heating, plumbing and electrical systems, and the construction and location of your home can make a difference in your premium. Talk with an insurance broker about ideal home characteristics.
• Consider a higher deductible. Your deductible is the amount you pay out of pocket toward a claim before your insurance begins to pay. Raising your deductible—from $500 to $1,000, for example—will reduce your monthly premium. Make sure the deductible is a number you’re comfortable with, though.
• Conduct an annual review of your policy. You might find areas in which you can reduce your coverage. For example, if your possessions have depreciated, you might choose to lower your policy limits in that area.