Even if it doesn’t always feel like it will, spring is going to get here, eventually. For many of us, this is a time to re-evaluate various aspects of our lives. All philosophical starting-over, “new year, new me” stuff aside, it is a great time to re-consider something as mundane as your home and auto coverage. You may not see how much has changed in your life since the last time you had your policies evaluated which can significantly impact your premiums. Some of them are less obvious than others.
For instance, with Homeowners:
- Have you remodeled your home? You don’t have to completely flip your house to make a difference. Even changing something like the type of siding or roofing can affect your premium. Importantly, that premium change can go either way depending on the new materials.
- Have you added or removed a swimming pool from your property? Swimming pools (and trampolines while we’re on the subject) are known as “attractive nuisances” – fun to have, but they involve risks.
- Did you recently get a dog? If so, it is a good idea to consult with your agent to see how it might affect your rate.
- Has your credit score changed? If you’ve improved your score, you may qualify for a discount on your insurance premiums.
- Have you started a business from home? There is a trend toward working from home, but many do not realize how their homeowner’s policy can be affected depending on the tools and materials related to your business that are kept within your home.
KEY TAKEAWAY: Homeowner’s insurance often covers the sum-total of everything contained within the house not just the structure itself. That sum can be very fluid over time.
Now let’s talk about Auto insurance.
- Have you gotten married since you last had your auto policy evaluated? Studies show that married people tend to have fewer accidents, so tying the knot can bring down the collective premium amount the two of you had been shelling out.
- Did you move to the country or a less densely populated area? Less traffic equals fewer accidents on average. Who knows if a slow pace really wins the race but it certainly may put a few dollars back in your piggy bank.
- Did you get a different job? People change jobs more often than they used to, so this is an easy one to overlook, speaking of fast-paced lifestyle. If your current job puts you on the road less often or if the distance of your commute shrinks, your premiums could go down.
- Has one of your children left the nest or purchased their own vehicle and insurance? If so, you should definitely consult an agent to find out what difference it will make for you.
- Did you recently turn 55? If so, you should ask about “experienced driver” discounts.
- Did you get a new car? This one sounds like a given, but it is not only the age and condition of the car affect your rates, but also size. Smaller cars are statistically more likely to be involved in accidents and more likely to be stolen.
- So you’ve got one of those little, likely-to-be-stolen cars? Have you installed a car alarm? Even if you have an older vehicle from before the dawn of the factory-installed anti-theft system, installing an alarm can bring down your premium.
KEY TAKEAWAY: A lot of it seems statistical and by the book, but it still comes down to personal responsibility at the wheel.
Horihan Insurance will give you a free quote whether you are a current client or not. We’d like to have to opportunity to earn your business or expand on our working relationship with you.
Give us a call at one of our southeast Minnesota locations for a consultation.