When reviewing your policy, first find the answers to these three questions:
Save money on homeowners or renter’s insurance. Deductibles and discounts are generally the easiest places to save money on this type of policy. Most companies offer discounts for people who have more than one type of insurance policy with them, and for people who have had few claims or are long-term customers. When it comes to the deductible, — which is the amount you have to pay if there is a loss, — usually the higher it is, the lower the premium. It’s normal to consider raising a deductible to save on premium, but remember, the bill will be that much more following a claim.
After reviewing the policy, call Johnsen Insurance and ask these 5 questions:
1. Is the coverage on my home and its contents adequate? Is it too much?
The home inventory will help this. If you have any special items like art, jewelry, memorabilia or collections (such as stamps or coins), mention that, too. These items may require special coverage. And, running a small business at home will affect the premium, so mention that.
2. Is my premium as low as I can expect it to be? Are there additional discounts available? Can /should I raise my deductible? What about mitigating against damage from local threats?
Mitigation or taking steps to reduce a potential loss before it happens can help limit your home’s exposure to certain local risks. Ask if there are risk mitigation programs and discounts available.
3. Are there any losses like flood or earthquake I need to worry about that are not covered in my current policy?
Neither floods nor earthquakes are covered by a standard homeowners or renter’s policy. There are optional insurance policies for both disasters. Ask about available options or visit www.Floodsmart.gov for details on flood insurance.
4. Would my long-term financial health benefit from an umbrella policy?
An umbrella policy provides excess liability limits and possibly other additional coverage above a homeowner’s or renter’s policy. For example, an umbrella policy can extend the liability to $1 million or more above the $250,000 limit of liability that might be in a basic homeowner’s policy. As your asset portfolio grows, your insurance company or agent may suggest an umbrella policy for better protection.
5. Has anything changed in my coverage in the last year?
Insurers may change policy terms at renewal, but they must notify you first. Read all notices and information sent from the insurance company. When talking with the agent, ask if there are any anticipated changes when the policy renews.
Everyone’s calendar books up quickly, so let us take care of something on your “TO DO” list with our Insurance Check-up. We want to be sure we’re meeting all of your insurance needs and providing you with the peace of mind you deserve.
A representative from our agency will contact you to:
Evaluate your insurance policies and verify that your most valuable assets are adequately protected.
Answer questions you have about your coverage and identify any discounts for which you may be eligible.