There is a simple principle that can be applied to almost all of your property and casualty insurance purchases that will save you premium dollars. Self insuring is that principle. The smart insurance shopper eventually grasps the concept of self insurance. The whole idea around self insurance is using deductible options and eliminating unnecessary coverage. The days of the $100 Collision deductible on auto insurance is fading fast and it should. The higher deductible saves you in premium dollars. That is what we call self insuring. When you change your deductible from $100 to $500 you are taking on the risk for the first $500 of physical damage. You can do the same on the homeowners policy. You will lower your premium and still be covered for any major loss.
You will save a ton of money in the long run. You dont have enough claims over a lifetime to warrant having a low deductible. You are paying the insurance company money for services they may never perform. You will save thousands of dollars by keeping your deductibles $500 or higher.
7 Sure-Fire ways of reducing your home insurance premium
Home security improvement: All insurance companies will happily offer you a discount for burglar alarms and smoke detectors. Homes with fire and burglar alarms that communicate with a third party monitoring company receive a higher discount on their insurance premiums.
When possible, choose a higher deductible:
To reduce your premium, it is best advised to increase the deductible to the extent you can afford. Your home insurance premium will fall by as much as 20% if you increase the deductible from $200 to $1000.
Multiple insurance Same provider:
If you consolidate your hom ..
There are a lot of optional coverages in auto and homeowners insurance that you may want to eliminate to save money. Most states have tort options. Tort is your right to sue. Full tort verses limited tort can sometimes be a difference of 20% in your auto insurance premium. Rental reimbursement and towing benefits are added onto auto insurance all the time. You may want to self insure for these and save premium dollars as well.
Americans for Insurance Reform Asks State Insurance Commissioners for Immediate Action on Insurance Rates
Contact: Joanne Doroshow, 212-267-2801, or J. Robert Hunter, 703-528-0062, both for Americans for Insurance Reform
NEW YORK, Sept. 19 /U.S. Newswire/ -- Americans for Insurance Reform (AIR), a coalition of over 85 consumer and public interest groups representing more than 50 million people, sent letters today to insurance commissioners in all 50 states, asking what they plan immediately to do to help those who are being gouged now and need your assistance right away.
These letters follow up AIR s letter of July 30, 2002, requesting insurance departments to undertake 14 different audits, ..
The insurance purchase can be easier and more affordable if you can grasp the mindset of self insuring. Your agent will welcome your thinking on this because most agents think self insurance is best for their customers.
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Source: http://www.isnare.com Greg HaehlCheap Home Owner Insurance - Self Insure And Save Money
