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Posted December 11th, 2012
In the last few years’ chances are very good you’ve noticed a hefty increase in the cost of your homeowner’s insurance. After years of crushing “storm” losses, combined with the loss of investment income, insurance companies have been forced into raising their rates to reflect the changing market place.
A number of news articles and blogs are suggesting that insured’s shop their policy for a carrier with a lower rate, but unfortunately this would probably be only a temporary solution. The problems are occurring industry-wide; and if an insurance company hasn’t raised their rates, they probably soon will.
Another problem with the idea of shopping the market is the prospect of loss of significant retention discounts and coverage rewards. Many companies waive deductibles after an insured is with them for a few years; and any savings in premium may be lost in the event of a claim.
Insurance is a complicated matter, which requires solutions to risks that an insured may never contemplate. While some are obvious, some insurance areas have specific coverages available for a particular risk. (ie… special property coverage for coin collections.). What may seem like a bargain price for insurance could leave your valuables without insurance coverage or very limited coverage.
Your local independent insurance agent can help you consider options that may be available. Whether it includes changing your insurance carrier, adjusting your deductibles, reducing your coverage or making sure you are taking advantage of all the savings a company offers . . . your independent home insurance agent can work with you to cut your insurance costs and maintain the coverage you expect. While she can’t guarantee that your premium will never go up, she can work with you to make sure the coverage remains adequate.