How to Save on Your Insurance

shutterstock_140150212The cost of insurance varies greatly depending on several key factors. While there are many considerations when determining which insurance policy fits your needs and budget, you might be surprised on how you can save money.

The best way to save on insurance is to shop around for the best policy. By trusting The Insurance Center for all of your insurance needs, we can do the shopping for you. As an independent insurance agency we are able to shop multiple insurance carriers to find you the right policy at the right price.

Here are come other ways you can save on your insurance:

Raise your deductible: Deductibles are the amount of money you have to pay toward a loss before your insurance company starts to pay a claim. The higher your deductible, the more money you can save on your premiums.

Bundle your policies: When you combine multiple policies, such as your home and auto with one insurance company you can save on your annual premium.

Improve your home security: You can usually get discounts for a smoke detector, burglar alarm or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20 percent if you install a sophisticated sprinkler system and a fire and burglar alarm that rings at the police, fire or other monitoring stations.

Maintain a good credit record: Establishing a solid credit history can cut your insurance costs. Insurers are increasingly using credit information to price homeowners insurance policies.

Review the limits in your policy and the value of your possessions at least once a year: You want your policy to cover any major purchases or additions to your home, but you do not want to pay for coverage you do not need. If you purchased an expensive item five years ago and it is no longer worth what you paid for it, you will want to reduce or cancel your floater.

Make your home more disaster resistant: Take steps to make your home more resistant to windstorms and other natural disasters. You may be able to save on your premiums by adding storm shutters, reinforcing your roof or buying stronger roofing materials.

Seek out other discounts: Companies offer several types of discounts. For example, since retired people stay at home more than working people they are less likely to be burglarized and may spot potential disasters sooner. Retired people also have more time for maintaining their homes. If you are at least 55 years old and retired, you may qualify for a discount. Other potential discounts you may be eligible for include:

  • Multi-car discounts– Insuring multiple vehicles on one policy
  • Good student discount– Students in good standing
  • Safe driving discount– Maintaining a spotless driving record
  • Low mileage discount – Drive fewer miles per year than the average motorist
  • Vehicle safety discount – Having certain safety devices installed in your vehicle
  • Claims free discount– Having a record without accidents or claims for an extended period of time
  • New/Renovated Home Discount– If your home was built or substantially renovated recently

There are many ways to save money on your insurance. Call The Insurance Center at 603.542.2551 to speak with your agent to find out which discounts you may qualify for.