A Covington homeowners insurance strategy you can use is Transfer of Risk
You can transfer more of the risk to you when you take a higher deductible
The insurance company does not want you to make small claims
I see it every day….claims payouts as low as $500
When you work with the best Covington insurance broker they help explain the that a homeowners insurance policy is not a maintenance policy or a home warranty policy
You only want to use your homeowners insurance policy for large financially devastating claims
When you take care of the small damage losses your insurance company will reward you with a lower insurance rate
The transfer of the risk from the insurance company to you
The deductible is the amount the insurance company deducts from the claim check
The higher the deduction on the claim check, the lower rate you pay for home insurance
You are telling the insurance company that you will take care of the amount of the deductible which could be 1000, 2500, 5000 or 10,000
$10,000 is a large deductible option but you will be rewarded with a possible annual savings of $1000 with some insurance companies
Go five years without a making a claim and selecting a 10,000 deductible has saved you $5000 over 5 years
DO YOU MAKE COVINGTON HOMEOWNERS INSURANCE CLAIMS?
If you are someone that doesn’t make claims,
you need to consider a higher all other perils deductible.
All other perils deductible is any claim that is not a hurricane or named storm.
Here are some common home insurance claims where the all other perils deductible would apply
-Water claims (not flood which is rising water from outside)
-Busted water heater
What’s this all about?
Transfer of risk is not just a homeowners insurance strategy for wealthy individuals
This is something you can do as well
You can save a considerable amount of money over time by taking on a higher deductible and moving some of those savings to increase your car insurance liability and make sure you have the insurance protection in place to protect you, your family, your investments, your assets and most importantly your future earnings
And remember only take on the amount of risk you can handle
Insurance is used to protect you from a financially devastating event
Raise your deductible to a level that would not hurt you financially
If a $1000 loss is a financially devastating event,
don’t raise your deductible higher to save money on your Covingtion home insurance rate
Insurance is to help you sleep at night knowing you are protected,
not to keep you up at night wondering if a claim is covered
It is best to use the best insurance broker to help you find the insurance protection you need at the value you want
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