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8 WAYS TO REDUCE YOUR MASSACHUSETTS HOME INSURANCE COSTS

Massachusetts property Insurance Costs have risen dramatically over the past few years.   Here are eight ways Loughlin Financial Group suggests for customers to save money.

1. INCREASE YOUR DEDUCTIBLE

Massachusetts insurance companies vary, but by increasing your claims deductible from $1000(common) to $2500 you could save between 10-20% on your annual premium.  One rule of thumb says that if you save the difference between the deductibles in premium decrease in three years its worth it

Remember, if you do change stick to it!

2. THINK ABOUT PAYING SMALL CLAIMS OUT OF POCKET

These days some insurance carriers apply a “surcharge” after only ONE claim is filed!   “Self Insuring” (paying out of pocket) small claims can result in premium savings when combined with a higher deductible choice. Viewing Homeowners Insurance as only being for catastrophic protection can in most instances be smart financial budgeting.

3. BUNDLE COVERAGES

Take advantage of “package pricing” by combining your Homeowners, Auto, and Umbrella policies with one company. Companies appreciate the extra premium and reward customers with package or bundling discounts of up to 20%.

4. REVIEW POLICIES ANNUALLY

Make sure to work with an experienced, independent agent who has access to a dozen or more carriers to comparison shop your policies each year.  It doesn’t always make sense to switch as companies offer “loyalty” discounts but companies DO differ in the competitiveness of their pricing from year to year and introduce new discounts all the time(especially true during the COVID Pandemic).   For example, did you know some companies offer a claims-free discount if no claims have been filed in several years?

5. AVOID HAVING HIGH RISK ITEMS ON YOUR PROPERTY

“Attractive nuisance” items like trampolines,  tree houses, and hot tubs carry significant risk and are factored into an insurance companies premium pricing. Often these items are no longer in use and owning them discourages the insurance carrier from writing the risk at all,  providing the most competitive pricing, or in some cases renewing the policy.

6. UTILIZE “SMART” HOME TECHNOLOGY

Installing devices such as a smart thermostat can protect your home from unexpected temperature changes and usually save energy as well.   Many Insurance Companies now offer discounts   or utilizing this technology as well.

7. INSTALL A HOME SECURITY SYSTEM

Statistics show that NOT having a home security system increase the odds of a break in by 200-300%. Many systems now offer protection for homeowners while AT HOME through the use of surveillance cameras, carbon monoxide protectors and automatic fire alerts. Water safety systems and water shutoffs can also be a good idea and cost saving.

Insurance companies like home protection systems very much for the obvious reasons and provide discounts of up to 20% for installing and using them

8. HOME REPAIRS AND MAINTAINANCE

Beyond the aesthetics and pride of ownership reasons, homeowners should consider updating roofs, HVAC systems,  windows, wiring and plumbing periodically.  Insurance companies factor all these items into pricing insurance premiums and very much do periodic inspection of properties, especially when considering a new application.  Having insurance non renewed or cancelled is a real problem.   You can’t shop around for better coverage and pricing if you’re afraid to show the company your home’s condition.

There are other ways to get the best Homeowners Insurance premiums.    Let LFG give you a no-obligation “Price Check” today!

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    Securities offered through Parkland Securities, LLC. Member FINRA/SIPC. Loughlin Financial Group is independent of Parkland Securities, LLC.