5 Tips to lower your Laplace homeowners insurance rate

If you own a home in Laplace and you are looking for ways to lower your expenses including your homeowners insurance rate here are a few ways to accomplish lower rates

I put together a few things you can do to save hundreds off of your quote.

 

RAISE YOUR DEDUCTIBLE

When you raise your deductible (the amount deducted from a claim check) your insurance rate goes down

You want to raise your deductible to a level of affordability

If you only have $1,000 in your checking account,

you don’t want to take a $5,000 deductible

Your next claim would be a financially devastating event.

But if you have never made any claims other than weather related,

you need to begin to consider transfer of risk

You want to transfer more of the risk to you and away from the insurance company by considering a higher All Other Perils deductible (not hurricane or named storm)

When you take a low deductible, you are telling the insurance company to take on more of the insurance responsibility if you make a claim

When you do that, the insurance company charges you more on your Laplace homeowners insurance

 

BUNDLE YOUR AUTO, HOME, UMBRELLA AND FLOOD WITH ONE INSURANCE BROKER

When you work with the best Laplace insurance broker you get access to more discounts and more A rated insurance companies so you can lower your insurance expenses

Bundle your auto, home, umbrella and flood with the same agency and you will get discounts on your

 

The majority of homeowners insurance companies do not write all lines of insurance

but they will give discounts if all of the lines of business are with the same insurance broker

I talk to many customers who have their flood with one agent

Their auto insurance somewhere else

and their homeowners insurance with they purchased through some insurance broker their real estate agent recommended and they have no idea who their agent is or where they are located

 

IMPROVE YOUR HOME SECURITY

Two discounts available are monitored fire alarm and monitored burglar alarm.

There is a race to the bottom with pricing right now for security systems

The standard at one time was $40-$50/month for monitoring services

Today monitoring alarm companies are cutting prices against their competition and you are going to benefit

If you have not priced a new security system,

now is the time

No more landline needed

Some Laplace home insurance companies will offer large discounts for monitored security systems (up to $300 annually)

But don’t just do it for the discounts.

Protecting your family and your house with a monitored security system in Laplace is  just a responsible thing to do

 

ADJUST YOUR PERSONAL PROPERTY CONTENTS COVERAGE

 

For many years, homeowners insurance companies would provide you 50% of the home insured value for your personal property

It was packaged and there was nothing you could do

If you had a 400,000 house,

you would get $200,000 of contents coverage

Regardless if you could only prove you had $75,000 of property 

you had to take $200,000 of contents coverage,

but would only be paid for $75,000

 

 

Now you can adjust your contents coverage to the actual replacement value of your property

Determine the replacement cost of your property inside your house

Specialty items like jewelry, guns and collectibles have limitations so don’t include these items in the total value of your contents

You would need a personal articles scheduled stand alone policy

 

ADJUST THE INSURED VALUE TO THE REPLACEMENT COST

 

Due to the inflation guard endorsement on a homeowners policy,

the endorsement could make your insured value increase considerably if you have been with the same insurance company for a long time.

The inflation guard endorsement will automatically increase your insured value usually 1-3% every renewal in an attempt to keep up with the actual replacement cost to rebuild your house

A quick rule of thumb is to take $125-$165 x total square feet of your house to get an estimate of the cost to rebuild your house

$100 x 2465 square feet = $246,500 estimated replacement cost

This is just a quick guide to help you get an idea if your home is under or over insured.

A licensed home builder will give you a more accurate picture of the cost to rebuild your house.

 

What’s this all about?

Lowering your insured value on your home insurance policy to a point of under insuring your property is not a smart idea because you need enough money on the claim check to rebuild your house

When you are ready to work with Laplace homeowners insurance broker that can help you lower your insurance expenses and give you the protection you need complete the form below