How To Pay Less For High-End Homeowners Insurance It’s common for the wealthy to live in houses worth a considerable amount. Moreover, it’s very likely that many of them have multiple residences. What’s also common is that many of them overpay for their homeowner’s insurance. And, it’s not just the wealthy that are paying too much. The wealthy and, for that matter most homeowners, tend not to pay a lot of attention to their homeowners policies. This can easily result in missing meaningful opportunities to lower the cost of these policies. There are a number of ways this happens. Most of the houses owned by the wealthy have security systems and many of them are periodically enhancing their systems. With respect to homeowner policies, the failure is usually in communicating these upgrades to the insurance companies. You’re likely to be able to get significant premium credits for advanced security systems. It’s common for the wealthy to remodel and update their homes. Too often this is not discussed or communicated for insurance purposes. You might be able to receive renovation credits for the home modifications. What can be very effective; and often ends up being a missed opportunity for the insured, is the agent’s ability to negotiate with the insurance company to improve the pricing on accounts with premiums over $25,000. Also, the insurance company’s re-tiering of the home can lead to the possibility of maintaining the same coverage, while resulting in lower premiums. The bottom line is that there are likely to be a number of ways to pay less for homeowners insurance. What’s necessary is for everyone to continually stay on top of the situation, not just consider the matter once a year when your policies are renewed and your premiums rise.
Posted on: Wed, 12 Jun 2013 12:35:38 +0000
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