The Cost Of Your Insurance Has Gone Up. Now What?

Even though insurance companies want to keep prices manageable for all, there are sometimes factors
out of their control that can impact customers’ household costs. Fortunately, there are ways you can
make your home insurance costs more affordable.

When you receive your annual home insurance renewal, I encourage you to meet with your insurance
broker to determine whether any of the following tips can help you save money on your coverage:

 Consent to a credit check. If you have a good credit score, you may be eligible for a reduction
on your premium costs.
 Ask about product bundling. For example, you could be eligible for additional savings if you
purchase both home and secondary properties.
 Report updates to your home, such as a new roof or upgrades to home materials.
 Reassess the value of your belongings to ensure you have the appropriate amount of
coverage.
 Provide the age and type of your hot water tank. For example, do you have a storage tank or
are you tankless?
 Adopt a water leak detection system so you’re notified immediately when water enters your
home.
 Install a burglar and fire alarm.
 Provide the date you moved into your home.
 Increase your deductible. If you can manage a higher deductible, you will lower the cost of your
annual premium.
 Reduce your claim history by not filing claims for lower-cost fixes and replacements.
 Review your coverage options. Your broker can walk you through insurance coverage types
and help you determine which makes most sense for your needs and your budget.