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What are the Best Ways to Keep My Home Insurance Premiums from Increasing?
October 17, 2019
There are several things you can do to minimize your home insurance costs.
The factors for New York State home insurance rating are less under the control of the insured than they are for auto insurance.
Some of the significant factors influencing your homeowners insurance rates include:
- Construction type - IE: Frame buildings rate higher than masonry.
- Year of construction - Newer homes share lower premiums.
- Proximity to fire protection - Homes near hydrants and fire departments pay less than those in outlying rural areas.
- Susceptibility to catastrophic losses - Areas susceptible to hurricanes, tornadoes, and wildfires, etc. will pay higher premiums.
- Your location’s loss history - If your current home has had prior losses, the past can follow a new buyer. Also, an area that has had a history of problems with arson, vandalism, or other types of losses will be negatively reflected in rates.
- Updates to utilities - Updates to the roof, plumbing, electrical and heating systems may help reduce premiums with some programs.
- Your credit/insurance score - Yep. Responsible use of credit can improve your insurance score and positively impact your insurance rates
- Bundling - Writing your auto and home insurance with the same company can result in significant savings for both lines of insurance.
- Shop - Shopping for home insurance is similar to the process of shopping for auto insurance. An Independent insurance agent offers options from multiple companies and may be your best opportunity to find the best fit for your situation.
If you have additional questions about how to save money on your New York State homeowners insurance premiums please feel welcome to call us at 607-324-7500. Or, if you are not a current client, you can request a quote from our agency right online here: https://www.ryanagency.com/request-a-quote
This article may have been originally published at Quora.com.
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“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
