HOMEOWNERS Insurance FAQ'S
Because your premium
is based partly on the level of risk the insurance
company must take, there are things you can do to
lower your premium. Installing deadbolt locks (to
discourage theft), fire extinguishers, smoke alarms,
and burglar and fire alarms that alert your local
police and fire stations can often save you up to 15
percent on your premium. Check with your agent
before purchasing any of these items to see if your
insurance carrier has specific requirements to
qualify for the discount.
Many insurers also
offer discounts if you insure both your home and
automobile with the same company. Another way to
save may be to increase the deductible on your
homeowners policy. If your deductible is $100, it
means that you agree to pay this amount first, and
your insurance company will pay for damages that
exceed this deductible. By increasing your
deductible from $100 to $250, or even $500, this
decreases the insurance company's risk, which may
mean a savings in your premium.
Also, it pays to shop
around for insurance coverage just like anything
else. Of course, you may want to keep in mind that
the extent of coverage also determines the premium
cost so the cheapest policy is not necessarily the
best. Your agent can help you evaluate the different
policies and companies to find the one most suitable
for you.
(This information is provided to Badger Mutual Insurance Company
by the Independent Insurance Agents and Brokers of America, Inc. and is
used with their permission. For more information like this visit
www.independentagent.com)
