Since Super Storm Sandy insurance companies have become much stricter with underwriting guidelines especially if you live east of Riverhead or if your home is located close to salt water. Use these tips to get the best rate on your home insurance in Suffolk County on Long Island;
1.) Use the owner with best credit – Insurance companies today will run a “quick skim” of your credit. If you have excellent credit you will be eligible for the most competitive tier and therefore the best rate. Conversely, if your credit is poor you may be ineligible for homeowners insurance programs with the best rates. If there’s more than one owner on the property use the person with the highest credit rating to get the best rate. You could save hundreds of dollars per year with this simple trick.
2.) Keep claims to a minimum– This may sound obvious but try and avoid frivolous claims to get the best rate. Insurance policies today are designed for large catastrophic claims. Avoid putting in a claim unless it exceeds $2500. The insurance company’s position is frequency leads to severity.
3.) Keep a higher deductible– Keeping with logic; if you are going to avoid putting in claims under $2500, then you should have a $2500 deductible or higher. The savings are significant. Going from a $500 deductible to a $2500 deductible will save you at least 25% of your premium.
4.) Pay Premiums in Full– Pesky installment charges can range from $7-$12 per installment. Consider paying your homeowners insurance in full or out of a mortgage escrow account. Some companies will even offer a paid in full discount up to 10% of the yearly premium.
5.) Maximize Protective Devices-Installing an alarm system will save about 10% of your yearly insurance premium. Make sure it is linked to a central station monitoring company for both Burglar & Fire. You can also ask if your insurance company will offer a discount for a home camera system. Insurance companies are beginning to give nice discounts for these systems.
Lastly, check the entire market, ask for multiple policy discounts, and use the tips above to increase your savings and maximize coverages.
