I’ve another tip to help save you money on your home and auto insurance – raising your deductible. So the deductible, of course, is how much you’re going to pay out of pocket if you have to file a claim. For instance, if you have a $250 deductible and you file a $1000 claim, you’re going to pay $250 and the insurance company will pay the other $750. If you can raise that deductible, you’re actually going to pay less on your premium ( so you’ll save money on your monthly or annual premium). But you have to be careful to not raise it too high because you don’t want to take on too much risk. You have to find the balance of how much risk your going to retain, and how much risk you’re going to transfer to the insurance company. It’s important to talk to your agent and figure out how much your property is worth, then set your deductible as high as is comfortable for your situation.
A higher deductible can also help keep you from filing claims for every little thing that might go wrong with your property. Claiming every little bit of damage or using your insurance policy as a repair/maintenance fund is going to impact your rates in the long run. If you don’t have an independent agent to help with your insurance needs, give us a call! You can reach me at (864)-448-0392, or start an online quote if you prefer.