Can’t Afford Your Home Insurance Renewal? Read This!

The large number of storms and disasters throughout the U.S. over the past few years has caused some Denton home insurance premiums to rise more than many families might have anticipated. This rise, while understandable, can be difficult for some families’ budgets to sustain. If you've received a home insurance renewal that may be difficult or impossible for you to afford, here are a few tips to help.

• Compare the cost of other home insurance companies. While insurer loyalty is a great trait and can result in eventual discounts, if your insurance company has become unaffordable it could be time for a change. Work with an agent to compare rates for comparable coverage through many other companies to find out if there's one that's a little less expensive.
• Consider bundling. By bundling several insurance policies through one company you could receive discounts that stretch across multiple policies and save you more money than just on your home insurance premium. In addition, you make the process of claims and premium payments much easier.
• Raise your deductibles. If you have sufficient savings and can afford it, raising your deductibles is a good way to reduce your insurance premiums. When you raise your deductibles it's important to consider that one insurable incident could create the payment of several deductibles if it affects multiple assets.
• Check your policy limits. If the value of your assets have decreased or if rebuilding costs in your area have gone down then your home insurance limits might exceed the coverage that you actually need, resulting in a wasteful premium. Work with your agent to ensure that you have the proper limits for your asset value and rebuilding costs.
• Pay the premium in installments. You may not be able to afford to pay a lump sum annual premium to your insurer, but you might be able to swing it if you pay by installments. When you break down premiums it will result in an installment fee, but even with this additional fee it could make premium payment much more affordable.

We are happy to work with you in order to find discounts and other ways to reduce your home and other insurance premiums. For your insurance review, stop by or give us a call at 940-382-4700.