Saving Money on Homeowners Insurance
Save Money on Your Alabama Homeowner Insurance
Art Glasgow, Peck-Glasgow Agency
Homeowners Insurance is a significant cost of home ownership. Still, the cheapest insurance premium is not always the best value. Policies are not “one size fits all”, and everyone’s needs are not the same! An Independent Insurance Agent, like Peck-Glasgow Agency can help you find the best premium and best value on Alabama homeowners insurnace. As an Independent Insurance Agent we can help you assess your needs and design the right policy for you! Below are a few items that may help you to reduce your premium cost for Alabama Homeowners Insurance:
1. Buy your home and auto insurance policies from the same insurer. Most companies offer a discount on both policies from 5- 15% if you buy two or more policies.
2. Maintain a good Credit History! Establishing a good credit history can significantly reduce your insurance costs. Insurers are
increasingly using credit information as a tool to price Alabama homeowners insurance policies. Pay your bills in a timely
manner, don’t obtain more credit than you need, and keeping low credit balances are good practices to follow. Also, check your
credit on a regular basis, and have errors corrected promptly.
3. Ask for available discounts! Discounts lower your premium. There are group discounts, multi-policy discounts, new home and
new purchase discounts, as well as home secutity and utility update discounts available with many insurance companies.
4. Raise your deductible! A deductible is the money you pay toward a loss before your insurance company starts to pay a claim.
The higher your deductible, the more discount you get! Most homeowner policies today are written with $1000-$5,000 deduc-
These are a few practical ways to decrease your premium cost. A few tips to increase the value of your coverage are to buy endorsements to inprove your coverage. Replacement Cost coverage reimburses you for the actual cost of replacing the property. Earthquake and sinkhole coverage are excluded from standard homeowner polices, but can be added back by endorsement. Flood coverage can be purchased as a seperate policy for those in a flood plain.
Another suggestion is to check your Insurance Company’s A.M. Best Rating. In today’s economic environment, the financial soundness of your insurance carrier is very important. The company’s claim paying abiltiy is what backs up that promise detailed in your policy. An A+ rating is preferrable.
Finally, work with an insurance professional that is caring, concerned and looking out for your needs. Not all insurance agents and not all insurance companies are alike. Insurance is definitely not a commodity! Please call Peck-Glasgow Agency to review your insurance needs at 877-287-7975.