|
1. Protect your house. Add storm shutters, reinforce your roof and modernize heating, plumbing and electrical systems to reduce risk of water and fire damage. Ask your insurance agent for suggestions—you may be able to negotiate a lower premium if you make your home less vulnerable. (In Florida, homeowners can apply for free wind inspections. The "My Safe Florida Home" program also offers matching grants of up to $5,000 to help owners make their homes safer. Go to www.MySafeFloridaHome.com or call 866-513-6734 for more information.)
2. Research. Contact your state insurance department to find insurers in your state—the National Association of Insurance Commissioners (www.naic.org) has contact information. The NAIC also has the history of rate increases for insurance companies and complaints against them.
3. Compare prices. Check the financial stability of insurers by going online to rating companies such as A.M. Best (www.ambest.com) and Standard & Poor's (www.standardandpoors.com). Get price quotes from three insurers.
4. Increase your deductible. The higher your deductible—the amount of money you pay toward a loss before your insurance company pays a claim—the lower your premium should be.
5. Use discounts. Buy your home and auto policies from the same insurance company for a discount of up to 15 percent; that is, if your auto insurer is still selling property insurance in your area.
|
Email This Page To A Friend
Print This Page