Month: July 2016

Over the past several years, we’ve had our share of harsh winters, “hurricanes”, and hail storms. Because these events have really taken a toll on insurance companies in Pennsylvania, the price of homeowners insurance in PA has been on the rise. But that doesn’t mean you have to sit on your hands and watch your premiums go through the roof.

There are a number of things you can do to maximize the discounts you are getting and save money on homeowner’s insurance.

Maintain your flat roof – If you live in Philadelphia, or areas like Ridley, Aston, and other parts of Delaware County or Bucks County, there’s a solid chance you have a flat roof… and most homeowners insurance companies don’t like your flat roof (I know because I have one). Many insurance companies will flat-out refuse any home with a flat roof. For the insurance companies that will insure you with a flat roof, there are additional restrictions. They may turn down the insurance because the roof is older than 10 years or if you’ve had water damage in the past 5 years. Yearly maintenance of your roof and a record of resealing the roof every couple of years will go a long way in preventing losses. It also may give your agent the ability to push for some flexibility from an underwriter that might be on the fence about the account. The idea is to keep your home appealing to as many companies as possible to give yourself the best chance at a good price.

Keep your homeowners and auto insurance with the same company – Companies will give you up to a 20% discount for having both your homeowners insurance and auto insurance together. It’s very rare that I find a situation where it makes sense to separate a home and auto policy.

Carry a higher deductible – Homeowners insurance is not a maintenance policy. Whenever possible, you want to absorb the cost of a loss. Once you put in a homeowners claim, it can stay with you for up to 5 years. If you have 2 claims in that period, finding insurance is going to be very expensive. Because you aren’t putting in small claims, you should take advantage of the cost savings associated with a higher deductible.

Make sure your agent knows how secure your home is – You spend a decent amount of money every month to protect your home and family… make sure your agent knows it. There is a significant discount with most companies if you have central burglar and/or fire alarms in your house. So if you have ADT, AT&T, or any other security company monitoring your home, let your agent know… they won’t always ask. And if you are in a gated community, you’ll get an additional discount.

Association Discount – This is relatively new. It seems as if all new construction these days is townhome construction. Because the homeowners associations have professionals provide a lot of the maintenance and upkeep of your home, insurance companies see these homes as a safer bet. In the past couple years, some companies have started providing discounts for being part of a homeowners association… let your agent know if you are. Insurance for a townhouse in PA should be really cheap because much of the building can be protected by the master policy of your homeowners association.

You don’t need to sacrifice the quality of your homeowners insurance in order to save money. There are many other options. It’s important to talk to your agent and get his opinion about how to get you the best bang for your buck.

Call Risk Averse Insurance in Media, PA for a quote on your PA homeowners insurance and PA car insurance. We can also provide insurance for motorcycles, RVs, classic cars and any other “toys” you own.

Risk Averse Insurance is an insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

In Delaware County, car insurance rates can be pretty high because of how close we are to Philadelphia. Insurance companies are not allowed to outright deny you for living in a specific area, but they can charge you much higher rates. You’ll never have car insurance rates as cheap as they do in Chester County, but there are some things you can do to ensure you’re getting the cheapest car insurance quote available in Delaware County.

Keep your car insurance with the same company as your homeowners insurance – Bundling, as that lovable Flo from Progressive has coined it, can save you hundreds of dollars a year on car insurance. Companies will give discounts up to 25% for having home and auto insurance with them. It is very rare that I come across a situation in which it makes sense to put the homeowners and car insurance with different companies… typically only because of accidents or violations on the drivers.

Have your car insurance quoted frequently, but not too frequently – This is why it’s a good idea to have your insurance with an independent agent because they are not tied to one particular insurance company and can quote your car insurance every year or two. Car insurance companies change their rates frequently so a company could have the best car insurance rates one year and the worst rates the next. Be careful moving for a couple of dollars though because some companies offer loyalty benefits like decreasing deductible or accident forgiveness which can have significant value in the event of a claim.

Carry higher liability limits – This might sound counter intuitive but car insurance pricing can be very tricky. Car insurance companies use what are called pricing tiers, and there are more factors that go into these pricing models than you or I could ever imagine. However, you will typically be eligible for a better pricing tier if you carry a higher limit. TV and radio ads bombard consumers with ideas like “legal for less,” but carrying low limits of insurance can disqualify you from more competitive companies and also lead to higher car insurance rates when you look to shop around.

Carry higher deductibles– One of the toughest parts of an insurance agent’s job is making the recommendation to a client that she should not put in a car insurance claim after a small accident. After all, that’s why we buy insurance. However, small claims can cause significant increases in premium that cost the client more in the long run. So, in certain situations, that is exactly the recommendation that should be made. Because we’re not going to put in small claims, we should take advantage of the premium savings from carrying a higher deductible. Of course, everyone is in a different financial situation and should carry a deductible they can afford.

Insurance is a necessary evil and, in certain areas like Delaware County, car insurance can get pretty expensive. Next time you talk to your agent, give some of these ideas a try and you may find that your car insurance can be much cheaper than you realized.

Call Risk Averse Insurance today for quotes on your auto and homeowners insurance. We can also insure your motorcycles, RVs, classic cars and any other “toys” you own.

 

Call Risk Averse Insurancein Media, PA to discuss your auto insurance.

Risk Averse Insurance is an insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.

 

So you had to make a claim on your PA car insurance policy and now you’re nervous about the inevitable increase in premium that will come at renewal? Or maybe your premium has already been increased from claims you had in the past. In PA, auto insurance companies are legally allowed to surcharge you for up to 3 years after the claim (As if car insurance in Delaware County and Philadelphia weren’t too expensive already). That’s not the only pitfall though. When shopping your insurance, companies run 5-year driving records. Most companies will place you in a more expensive rating tier if there have been any claims within this 5-year period. Bottom line… this claim can affect you for up to 5 years.

However, this doesn’t mean you are doomed to pay astronomical car insurance premiums for 5 years. Now is the time to get a quote, and here’s why:

Some PA insurance companies rate claims more favorably than others.

Without getting too technical, insurance companies have to file rates with the PA Insurance Commissioner. Insurance companies cannot just charge you as much as they want on your individual policy. Company A might hit you with a 15% surcharge while Company B might only charge 8%, leading to a significant savings on your PA car insurance policy.

Accident Waiver

I have one PA insurance company that will overlook a claim in return for using its UBI (Usage Based Information) device for only 4 months. This device plugs into your car and tracks braking and acceleration habits of the driver, which gives the insurance company a good idea of what kind of driver you really are… rather than just focusing on the one claim you had.

Good Credit

Credit has an enormous impact on your insurance premiums. Possibly the greatest impact of all rating factors. If you have good credit, companies are eager to write your business. The benefit of your good credit score just might outweigh the accident on your record.

Changing Rates

This is especially for those of you who have been with the same insurance company for years. When a client walks into my insurance agency in Media, PA for a quote, and they tell me they have been with Allstate or State Farm for 10, 15, or 20 years, I can almost guarantee that I will be able to improve coverage and save them a significant amount of money on their home and auto insurance.

Rates are always changing. Over the past month, I have saved clients in this situation $2,600, $2,500, and $1,200 per year. Each of these accounts had claims. This is also a benefit of having your car insurance with an independent agent such as Risk Averse Insurance in Delaware County… we will shop your insurance for you periodically to make sure you are still getting the best rate.

The bottom line is, you shouldn’t feel trapped with your car insurance company just because you have some claims. You are not the only driver that has them. I would estimate that over 50% of the new business that I quote has some type of claims activity. In the majority of these cases, I am able to help clients save money on their car insurance without sacrificing coverage (you should never sacrifice coverage for a small premium savings).

Get an instant quote now or give us a call at 610-335-1139 to discuss your insurance.

Call Risk Averse Insurance in Media, PA for a quote on your PA homeowners insurance, and PA car insurance. We can also provide insurance for motorcycles, RVs, classic cars and any other “toys” you own.

Risk Averse Insurance is an insurance agency in Delaware County that specializes in providing high-quality insurance products at an affordable price.