I recommend a complete audit of your homeowners, automobile and life insurance policies at least once every two years.
Insurance rates are market driven like everything else we pay for. They go up and down based on the conditions in the market place.
- Have your current insurance company re-quote all the policies they currently hold for you. Then contact another provider and ask them for a quote. Compare the results.
- Increasing your deductible is one of the quickest ways to reduce your rates.
- Tell your insurance provider you are reviewing / auditing all your policies and are looking for the most appropriate level of insurance at the best possible rate.
- Make sure you have the proper “replacement value” on your homeowners policy. Have your agent explain what that means if you are unsure.
- Ask your agent if there is another type of insurance that provides similar coverage at a lower price (example: Fire & Casualty).
- Your credit score affects your insurance rates in most cases.