Finding Better Insurance For Your Family

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Finding Better Insurance For Your Family

About a year ago I realized the insurance plan that my family currently had wasn't sufficient for our needs. It seemed like whenever anyone got hurt, we really struggled to pay the bill. Fortunately, a friend of mine recommended a better insurance plan that they had used before. We applied, and we were pleased when we were accepted. Our premiums were reasonable, and the coverage was amazing. I know we have benefited greatly from the new insurance. This blog is for anyone out there that is struggling to choose insurance or to select add-on options for their plan.


3 Ways To Save Money On Your Home Insurance

Do you need to purchase home insurance but are looking for ways to avoid paying too much money? Follow these money-saving tips so that you don't spend more than you have to.

Avoid Insuring The Home For Too Much Money

The purpose of insuring your home is to purchase a policy that will give you enough money to rebuild your home from the ground up if you were to have something catastrophic happen to it. The amount of money that this will cost is not based on how much you paid for the home but the actual construction costs or performing the rebuild. 

There is no simple answer to this question since different housing markets are going to value homes differently. One market may undervalue homes while another may overvalue them. All you want to do is look closely at the construction costs for your home and make sure that you have a policy that will let you rebuild the structure if necessary in a total loss scenario. With construction costs actually going up due to the cost of raw materials, you may even need to reevaluate your home insurance policy each year to make sure that your policy is enough.

Consider How Making A Claim Impacts Your Premium

Any time you think about using your home insurance, you should think about how making a claim is going to affect your home insurance premiums. While you definitely want to use your insurance for major repairs, you need to think about the smaller ones when making a claim could cause a claim-free discount to go away and increase your premiums. 

For example, if you have a $1,000 deductible and a $1,200 repair, it may be worth it to pay the $1,200 out of pocket. Making a claim will only save you $200 and could have a lasting impact on your premiums for several years. 

Notify Your Insurance Company Of Upgrades

Are you doing work to your home that will make it safer and reduce the risk to the insurance provider? For example, replacing an aging roof with a new one or upgrading the plumbing from galvanized steel to PEX. These are upgrades that can reduce the chance of a problem happening in the future, making your home less of a risk to the insurance provider.

Contact a local home insurance provider to learn more about how to save money and get discounts.