Consider These Tips When Shopping for a New Homeowner’s Quote
Follow these tips to keep the Prices for Homeowner’s Insurance inline.
Shop around. Always get 3 quotes when you re-quote, start a project, or just shopping.
Don’t consider price alone. The insurance company may go online and see a satellite photo of your home and ad structures without your knowledge. If you don’t read the fine print, you could be overcharged.
Check financial rating of the Insurance company A.M. Best http://www.AMBest.com and Standard and Poor’s www.standardandpoors.com/ratings.
Lower Deductibles equal higher premiums. When you have a loss you will have to come up with the Deductible first before the insurance kick in. Save money by moving deductible to $1000 or $2500. Ask how much you will save on premiums by raising your deductibles.
The land and price you paid for your home should not be the amount of coverage. If you have a fire, windstorm, theft – your land will still be there. Earthquake Insurance is a whole different matter.
Take steps to save from having a disaster. Modernizing your Electronic Appliances, installing storm shutters, energy star products, etc.
Home security usually gives Homeowners a 5-15% discount.
Keep your Credit in Good order. Check your credit regularly and pay your bills on time.
Annually review your Homeowner’s Insurance + Get 3 quotes again every year. You never know where you might find a discount.
If you run a business out of your home, remember that the coverage is only $2,500 unless you add a waiver.
Check the website http://www.ca.gov and check if your Insurance Agent is Licensed in your state.
If you have a Retail or Store front Business You Need Business Insurance ~ AKA Commercial General Liability
Unfortunately this little Restaurant had a fire start inside around 2AM in the morning when no one was around. The restaurant is in a small strip mall. A Coffee shop that was open 24 hours across the street had a customer who saw the fire and alter the LAFD and all was saved around the restaurant and some things inside. Plus, the restaurant was covered with Business Insurance and Income Replacement.
When you are working with the Public, it’s your Life Savings, and you Income – you need Business Coverage. If you have Business Insurance – then you need to requote your Premium annually. Look —- Insurance Agents are lazy to not say most people are who keep receiving a check without having to do anything after the initial set up.
The average policy is approximately $1,000- $1,500. I have seen some as low as $300 and I am sure if something did happen you would have barely any coverage, plus not income replacement coverage. Depending on the type of business some Insurance Companies figure the policy dollar amount by sales and others by your payroll. If you are underinsured and have a fire your neighboring business could go after you for being under insured. If you are underinsured and in a strip mall your Landlord’s Insurance will more than likely have to come up with the extra Insurance Coverage. Business Insurance also covers, theft, someone tripping, or getting hurt in your place of business.
I would say almost every Company I have sold Business – Commercial General Liability Insurance has had to use the Insurance and it more than paid for the policy.
If you need to re-evaluate your Business CGL Policy or would like a quote please contact me. We can only help with quotes in California.