With inflationary factors driving price increases for homeowners insurance, a lot of families may be wondering what they can do to help keep costs under control. In this article, we’ll talk about some basic things to consider as well as some things to be aware of if you are comparing options.
Work with an Independent Insurance Agent
The easiest thing most customers can do is simply work with an Independent Insurance Agent. They represent multiple insurance companies on the marketplace and can help you compare options while still making sure you are covered appropriately. The right Insurance Agency will be committed to having a long-term relationship with you and making sure you are receiving the best value on your insurance portfolio in the years to come.
Bundle your home and auto policies together
Almost every insurance company on the market offers a bundled discount for insuring your home and auto policies together. Contact an independent insurance agent to help you look at options for bundling those policies together. The account discount is worth up to 20% on both the auto and the home side with some companies. There are other benefits too such as having only one deductible if there is a hailstorm that impacts your home and cars at the same time.
Don’t shop on price alone
For most families, their home is their largest asset so you want to make sure it’s covered appropriately. Make sure the insurance agency you are dealing with takes the time to answer all your questions and helps address any concerns. A rate that seems too good to be true is usually exactly that.
Consider increasing your deductible
Most insurance companies in Kansas have at least a minimum deductible of $1,500 but it may make sense to consider increasing that to $2,500. Your insurance agent should be able to give you some comparison figures and help you consider options. For very large homes, a deductible at the $5,000 level is now sometimes the sweet spot of coverage and value.
Pay attention to how your roof is insured
If you are shopping for insurance, make sure you are not being quoted with a “roof replacement schedule” instead of full replacement cost. That means a claim for wind or hail on your roof would only be paid on a reduced schedule for every year the roof ages. We see a lot of customers shopping for insurance that are not given the appropriate education when it comes to this important piece of coverage and are just sold on the cost savings. They may not realize what they had been sold until they have a roof claim that only pays for half of the cost to replace it.
Working with families as their trusted insurance advisor is what we do every day. Connect with us for an insurance review to make sure you are receiving the best rate possible.
At Flury-Hinderks Insurance, customer education is very important to us, and we are happy to take the time to review coverage and provide counsel for our customers. If you do not have a great relationship with your current insurance agency. Connect with us for an insurance portfolio review today.
