Purchasing insurance is an investment, and one you shouldn’t take lightly. By doing your research, you can get the coverage you need without paying more than you should have. Here are 9 ways you can shop smart to get the best insurance rate.
- Shop around – Do your research by obtaining quotes from various insurance providers. Make sure to ask about any special packages or value added services.
- Bundle if you can – Ask your car insurance provider for a home insurance quote if you own a car. Companies usually offer discounts when you “bundle” your home and car insurance.
- Perform routine maintenance checks – Preventative measures can go a long way to helping you lower your premiums and avoid insurance claims. Install a fire alarm, reinforced roofing, a backwater valve, storm shutters, sump pumps and a fire sprinkler system. Upgrading your electrical, heating and plumbing systems may also help reduce your premium. The same applies for vehicles.
- Ask about special rates – Did you know if you’re over the age of 55, or are mortgage or claims-free, you’re eligible for discounts? Ask your insurance provider if you qualify for any additional discounts.
- Pay your premium annually – This helps you avoid potential service or interest charges.
- Don’t over-insure your home – Insure your home for what it would cost to rebuild it in the event of a loss. Don’t include the market price of the land in your home’s insured value, because when claiming actual loss to insured property, it doesn’t include the market value of underlying land.
- Review your list of employees – If you have a business, then you’ll have coverages specific to your employees, such as auto insurance and workers’ compensation. Review your list of employees to ensure you’re not paying for coverage you no longer need. For example, your auto insurer may also be charging a higher rate for a problem driver who no longer works for you.
- Evaluate your coverage every year – As your home and business evolve, so will your insurance needs. Evaluate your coverage on an annual basis to ensure it reflects your home and business’ current value, including upgrades, renovations and major purchases.
- Avoid terminating your insurance policy – Don’t cancel your insurance policy before the term is up – this may result in a cancellation charge. Wait until your policy is up for renewal. At TruShield Insurance, we offer same-day cancellation so you don’t have to worry about additional fees.
If you’re in the market for a new policy, keeping these tips top of mind will help you ensure that you’re getting the best rate possible.