Columbia SC homeowner insurance is getting more and more expensive every year. Finding ways to save on your homeowner insurance can be tricky, but there are a number of things you can do in order to get different homeowner’s insurance quotes from various insurance companies.
You can easily fill out an online form from various insurance websites and get numerous quotes you can choose from. Whenever you use this particular service, make sure you compare the different quotes side by side so you find the best deal on similar quotes.
Often times there may be discounts you might qualify for on your Columbia SC homeowner insurance. You should ask about discounts since it also helps in narrowing down your choices of the most suitable policy for you. When planning to buy homeowner insurance, the following tips are ways you can lessen your premiums.
Columbia SC Homeowner Insurance Savings Possible With Improvements
One thing you can do to possibly save on your Columbia SC homeowner insurance is to make improvements to the general safety of your home. This can be done by incorporating various safety and security features in your house. For example, you can add dead bolts, burglar alarms, or motion detectors as a deterrent to any burglary attempts to your house. To prevent fire, install smoke detectors as well as fire alarms. Doing these things to promote security and safety can cut almost 15 percent off your premiums.
One big area that could affect your policy premiums as much as anything is your deductible. Generally, you should raise your deductible to the highest you can afford. Some insurers are changing deductibles from a set dollar amount to a percentage, which can often represent a sizable change in your premium, but be careful not to raise your deductible to a level you cannot afford, should you have a disaster strike and you lose your home. If you have a $300,000 home, raising your deductible to 5% means you’re responsible for the first $15,000 to rebuild. Can you afford that?
Also, houses that are well-maintained are likely to have lower insurance rates. It is therefore important to maintain your home in good condition since insurance providers are willing to cut down on the rates if they see your house has up-to-date equipment. Another way to take advantage of discounts is by installing a new roof if yours is over 20 years old.
Another way to reduce your cost is to maintain a good credit rating. Since a good credit score suggests that a person is responsible in more ways than one, insurance companies take that into consideration and normally offer lesser insurance premiums for better credit risks.
Combining policies with one company could considerably lower your cost. Most insurance companies offer different plans and packages if you insure your cars and home together. This requires more research and inquiries with the various insurance providers to make sure you’re comparing similar multiple policy discounts.
Make sure you have a full understanding of the coverages being offered by different insurance companies so you will know what all the charges being quoted will cover for your Columbia SC homeowner insurance.
Knowing if your Columbia SC home is adequately insured from peril or not is more difficult than it used to be.
According to a study released by the Consumer Federation of America (CFA), insurance companies are cutting coverage and paying fewer benefits for damage due to hurricanes, tornadoes, floods and other natural disasters.
The CFA report says that Columbia SC homes have seen an increase in premiums and a decrease in coverage. Homeowners are exposed to higher disaster payouts because they have less money available to help themselves.
Columbia SC Home Insurance Going Up?
As if rates weren’t already high enough, 11 states have recently received requests for homeowners’ insurance rate increases of 18 percent or more. It is expected that insurance commissioners will block many of these pending rate increases because of the financial burden it will place on homeowners. Many homeowners are already coping with severe financial difficulties in this bad economy.
The study concludes that the insurance industry has shifted from a calculated risk-taker to a risk-avoider. Not only have insurers insulated themselves from their historic share of hurricane risk, they have made no serious effort to cover risks associated with floods or terrorism, which are entirely backed by federal taxpayers.
Spring storms have already wrecked havoc on many areas not normally prone to major natural disasters. As if things weren’t bad enough, the Atlantic hurricane season begins June 1st. 2011 was one of the most expensive years in history for insurance claims, and this year is on track to match or exceed 2011.
Now would be a good time to check and see if your Columbia SC home is adequately covered in the event of natural disaster. Remember, homeowner insurance policies do not cover flood damage. You will need a separate flood insurance policy to cover damage from flooding. Talk to your insurance agent to see exactly what you are covered for, and what you may need to add to make sure your Columbia SC home is protected the way you think it should be.