Smart Insurance Savings

It’s that time of year where insurance policies are coming up for renewal. Companies have been forced to increase rates, which in turn have begun impacting households all over. After reviewing our policies in depth with our insurance broker, we found ways to cut down on the rate hikes and saved almost $1200. Here are some things to consider & might be worth digging into with your insurance provider.

Smart Water Monitor and automatic shutoff Sensor -this can save up to $250 per year (Moen Flo Smart 900-006 can be purchased on Amazon).
Consider raising deductibles.
Make sure all your policies are with the same company. *Bundle pricing is usually best*
Have them re-pull your “insurance score.” Can be done every 3 years.
Don’t be so quick to shop around. Ask about “long term policy holder discounts.”—Sometimes companies give discounts if you’ve been a customer for an extended period of time. On that same note, if you switch companies, you’ll lose their extended customer status.
Have a security system? See if you get a discounted rate for better security of your home.
Ask about discounts if you are a first responder, doctor, lawyer, etc.
Before filing a claim…see how that may affect your rates in subsequent years. It might not be worth making a claim if the issue is small and you can pay for it now.
Is your house anywhere near a fire hydrant or fire station? Ask if where you are located gives you a better rate.
Check to see if you are in a flood zone. FEMA creates their maps based on distances from water sources. You may be located in a flood zone and be paying a higher rate. If so, you may be able to get your home out of the flood zone and flood insurance dropped.

As always, Team Hamilton loves to help with the buy/sell process, but we want to help you with making the best decisions regarding home ownership beyond the closing table. Reach out if you need a recommendation for a trusted insurance company or have any questions about how we personally just saved a huge chunk on our home insurance.