Did you know that a simple review of your policy can save you money?
Time and time again you will have received your renewal and seen the rates increase, but your pay may not have. This can be tough and we understand, as we are insurance consumers as well as advisers for you. What you should ask yourself is, “Am I getting all I can from my insurance company?”
You may be thinking that call to your broker may cost you more rather than save you money. Some areas in which you may be able to take advantage of discounts could include the following:
- Upgrades to your roof, plumbing, wiring and heating
- Installation of a sump pump and/or back-water valve
- Being mortgage free
- Installing an alarm system
- Being a non-smoker
There are even some companies that provide discounts when completing a new evaluation of your home. Over the years the calculation tools used to determine the rebuilding cost of your dwelling have been refined. This enables insurance companies to properly insure your residence in case of a loss and to make sure you get back all that you are entitled to.
Avoid Insurance Gaps
While many homeowners, condominium owners and secondary homeowner policies provide you with guaranteed replacement cost, there is the possibility that the guaranteed replacement cost endorsement could be null and void if you have not recently completed an updated rebuilding evaluation.
Be sure to call your broker for more details on how the guaranteed replacement cost endorsement applies. There are always pros and cons in making the decision to take a look at how much you should be insured for. Ask yourself, “How important is it to me to have peace of mind knowing I am insured to value in the event of a loss?”
This is also a good time to see what other coverages are offered by your insurance company. So take a deep breath, pick up the phone and you never know how much you can save unless you call your broker.