Skip to main content

What can you do to combat the increase in insurance rates?

Insurance premiums can be a significant expense for many households, but they are an essential investment in protecting your financial future. However, that doesn’t mean you have to overpay for coverage. There are numerous strategies you can use to reduce your insurance costs while still maintaining adequate coverage. In this blog post, we’ll explore some effective ways to save on your insurance premiums without sacrificing the protection you need.

Review your coverage –

Make sure that you have the coverage you need and that you’re not paying for coverage you don’t need. By working with an independent insurance agency, you can shop around and compare rates to get the best value for your money. It’s important to review your insurance policy every year to ensure that you have the coverage you need.

Consider Bundling –

Many insurance companies offer discounts for bundling multiple policies, such as home and auto insurance. This can help you save money on your premiums. Additionally, bundling can also make managing your policies and claims easier, as you’ll have a single point of contact for all of your insurance needs.

Increase your deductible –

If you can afford to pay a higher deductible in the event of a claim, this can lower your insurance premiums.

Improve your credit score –

Your credit score can impact your insurance premiums. By improving your credit score, you may be able to lower your insurance premiums.

Be proactive about risk mitigation-

Living in Central IL, there are several steps you can take to mitigate risk and potentially lower your insurance premiums. Try these:

  • Invest in home improvements – By making certain home improvements, you can reduce the risk of damage to your property and potentially lower your insurance premiums. For example, installing a backup sump pump can help prevent damage from storms and floods.
  • Install a security system – Installing a security system can help deter theft and potentially lower your home insurance premiums. Many insurance companies are starting to offer discounts for homes with security systems.
  • Maintain your property – Regular maintenance can help prevent accidents and reduce the risk of damage to your property. This can include things like keeping your yard free of debris, trimming trees and bushes, and making sure your roof is in good condition.
  • Drive safely – Safe driving can help prevent accidents and reduce the risk of car insurance claims. Avoid distracted driving, follow traffic laws, and keep up with regular vehicle maintenance.

To summarize, while an increase in insurance rates can be aggravating, it is critical to be proactive in taking action to lessen the effects. By implementing some of these tips you can ensure that you’re getting the best value for your insurance dollar in 2023 and beyond.

If you are an existing customer wanting to review your current policy contact us here. If you are a new customer seeking better rates, fill out our quote form here.