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Insurance can be a very complex and often confusing for someone who is not an expert.   Insurance premiums are determined by actuaries who use very integrated math computations to calculate what the premium should be.  Although we, as insurance agents, don’t set the rules and rates we can calculate premiums and provide you with a few key tips on how you can make insurance more affordable for you and your family:

1.  Higher deductibles:  This means that you will be required to pay a higher deductible whenever you file a claim, but will most often allow you to a pay a lower annual premium in return.


2.  Unnecessary coverage:  Make sure that you are covered properly but not over-covered.  Discuss with your agent to see if you have too much coverage or optional coverages that you may not need.


3.  Don’t file small claims:  It is recommended that you analyze each situation before filing a claim because it could in turn increase your overall annual premium for the next few years.  Agents should never tell a client they can’t file a claim, but just to make sure it is worth filing.  In addition, it can be beneficial to inquire about past claims on a home you are looking to buy as this could be a rating factor on a Homeowner’s Policy.


4.  Bundling:  It’s always a great idea to purchase your home and auto through the same carrier because it allows you to receive the multi-policy discount.  However, not all carriers offer more than one line of insurance.  Even purchasing multiple policies through the same agency will often give discounts.


5.  Good Credit:  Insurance companies are using credit more and more now to help determine risk factors and it may impact your premium.  Below is more information about how credit checks could affect you.

a.  Soft Inquiry: What insurance companies use in order to check your credit but should not affect your credit score.

b.  Hard Inquiry: What mortgage companies use to check your credit.  These typically show up on your credit report and can affect your credit score.


6.  Maximizing discounts:  Alarm system, hip roof, wind mitigation features, loyalty, multi-policy, etc.  It never hurts to just ask – you may get additional discounts you didn’t think of.


7.  Shop around:  It can be a good idea to shop around, but not usually smart to change carriers often unless it really benefits you with better coverage or lower premium. 

As you can see there are many ways that you can use what is offered to help develop a policy that fits your own specific needs.  As an independent insurance agency our extremely knowledgeable and experienced agents would love the opportunity to review your policy with you and discuss anything you may be interested in changing.  Don’t let insurance be a financial burden for you and your family this year by giving our agency a call at (843) 839-9229 to discuss any questions you may have regarding your policy. 

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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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