Heading into the holidays, we’re going to be throwing out some money saving tips for you. I asked a friend of mine, Colt Sampson, about how home owners can save on their insurance and he wrote a post for the blog! Colt is an honest insurance agent, and will go out of his way to help you, so listen to his advice and get a quote from him, just to see where you are in your insurance. Here is his post:

Your home is your sanctuary. It’s a place to relax, enjoy the simple things, and watch your family grow and thrive. The longer you live in your home, the more memories you’ll have—and the more equity you’ll build.

There are two main kinds of coverage that are included in a basicHomeowner’s Policy:

  • Property: To protect your home and its contents.
  • Liability: To protect yourself financially against costly claims and lawsuits.

It’s a good idea to review your policy annually to determine if you have enough coverage or in some cases too much coverage. Your Agent can help you customize your coverage to keep up with your changing needs and your budget.

The basic Homeowner’s policy can help protect your home and personal property against losses caused by:

  • Fire or lightning
  • Windstorm or hail
  • Explosion
  • Riot or civil commotion
  • Impact by aircraft
  • Impact by vehicle
  • Smoke
  • Vandalism or malicious mischief
  • Theft
  • Falling objects
  • Weight of ice, snow, or sleet
  • Sudden water discharge from plumbing or appliances
  • Sudden tearing/bulging of heating or cooling systems
  • Freezing of plumbing system
  • Artificially generated electrical current (power surge)
  • Breakage of glass

There are also endorsements that can be added to protect against earthquake, flood, and the loss of expensive personal items such as jewelry, guns, computers, etc.

Now for the good stuff, how to save money on your Homeowner’s…

One factor that determines your premium is the year of your home. Newer homes are less expensive to insure. Also the amount of claims you file will affect your premium. The higher the risk, the more the insurance company has to charge to cover it. Making small claims sometimes offset and you may be charged more by the insurance company in the long run. Working closely with an Agent in these situations to see how the claim will affect your policy will benefit you.

Another great way to save money is to have an adequate smoke alarm and in many instances a burglar alarm. The insurance companies look at homes protected with these items as lower risk and will reward you for it.

As a general rule, the best way to save money and know you have the right coverage in place is to have an active agent working on your behalf. They will review your coverage and situation, give you advice and recommendations that are in your best interest, and will go to bat for you when you need them most.

If you don’t have a great Agent that’s willing to do these things, I recommend you find one.

Best of luck protecting what matters most to you.

Colt Sampson, MBA, Financial Bodyguard