Controlling Insurance Costs

Controlling Homeowner Insurance Costs

by Art Glasgow, Peck-Glasgow Insurance

What can you do if your premiums go up? 

Why did the cost of my policy increase?  That is a familiar question that insurance agents hear on a regular basis.

Insurance premiums are tied to costs for labor, materials and medical care.  As these prices go up, it takes more insurance dollars to pay claims.  Another cause may be the number of claims on your policy.  When losses are high, risk may be higher than originally estimated; premium adjustments may be needed to offset the increased risk accepted by your insurance company. 

Yet another cause of increased premium may not have anything to do with your individual risk.  Catastrophe losses such as major weather events, including hail, hurricane’s, and tornado’s can cause great losses and the insurance company’s often have to adjust their premium to recover losses and reserve properly for future losses.

You can help control insurance costs!  Here’s how to help keep your insurance costs down:

  1.  Choose higher deductibles.  It’s expensive to try to fund small losses with insurance.  Reduced premiums for higher deductibles

       are much more cost effective in most cases.

  2.  Be safety conscious and install saftey devices.  In many cases, you may even earn credits toward premiums.  Those who are loss

       free get the best rates.

  3.  Stay with an insurance company with low operating costs.  This can benefit you with a competitive rate.

  4.  Seek the advise of an Independent Insurance agent such as Peck-Glasgow Insurance.

Get the best value for your money!  At Peck-Glasgow Insurance, we promise to keep your premiums as affordable as possible.  You may find a lower price, but through our agency, you will get the best buy!  Quality coverage, excellent claims service, and experienced, professional agents who can design and service your entire insurance program.