Homeowner's insurance, if you are a home owner you probably have a policy. If you have a mortgage on your home the bank requires it and if you don't it gives you peace of mind in case a catastrophic loss occurs.  Industry wide home insurance has been rising in costs.  We wanted to dedicate this newsletter to try to explain why all insurance companies are seeing an increase in premiums and what you can do to offset the increase.  We have also listed home insurance features that are found in an Erie Insurance home policy, that many other insurance companies do not include in their policies. 

 

Paying More for Homeowner's Insurance? Here's why...

Almost all insurance companies industry wide are having rate increases on their home insurance policies.  While we all feel the pinch, there is an explanation for the rate changes.  View the following link for a good explanation as why we all are paying more for home insurance.

 

 

How To Save Money on Your Home Insurance

1.  Raise your deductible- The higher your deductible, the less premium you will have to pay.

2.  Buy your home and automobile policies from the same insurer.

3.  Understand the costs.  The cost to rebuild your home is going to be different than what you paid for it.

4.  Secure your home.  Insurance companies offer discounts for smoke detectors, burglar alarms and sprinkler systems.

5.  Stay put.  Many companies offer discounts for  longer-term customers.

6.  Review your policy and the value of your possessions.  If you sold that pair of diamond earrings or other valuables which you have scheduled on your policy, be sure you are not paying for extra insurance..

 

 

Don't Just Compare Price

Occasionally customers ask us to review quotes from competitors. While Erie is usually very competively priced, you still need to make sure the quote you receive has comparable coverages to the Erie home policy.  Erie's home policies include some very important coverages that competitors policies do not.  Examples of these coverages include:

1.  Erie's Ultracover home policy offers guaranteed replacement cost. This means if we estimated it would take $150,000 to rebuild your home, but you have a claim and it is going to cost $180,000 to rebuild, Erie will pay up to the $180,000.  Most companies give you just replacement cost and would not give you anymore than the $150,000.

2.  Erie's Ultracover home policy offers comprehensive perils on dwellings and contents.  Most companies only give named perils on contents.  An example where that would come into play is, let's say you are painting and you spill a whole can of paint on your new sofa or on an expensive area rug.  With named perils you would have no coverage for any resulting damage, but with comprehensive perils you would.

3.  No limit for additional living expenses for 12 months.  Erie does not name a set limit for additional living expenses due to a claim.  Additional living expenses coverage pays for any extras you need to pay for due to the claim, ie, hotel room, rent, food money, etc.  Many insurance companies have a limit that will be paid for additional living expenses.

4.  Personal liability coverage includes personal injury liability.  Personal injury liability covers the policyholder from lawsuits filed over issues like defamation, libel and slander.  Many other carriers can not even endorse their policies to cover Personal Injury liability.    

 

Thank You!

 

Thank you for being great customers of Lawton Insurance Agency.  If you have any questions about the content of this newsletter, don't hesitate to contact us. Referrals are our best form of advertisement.  If you like our service please tell your friends and family members about us.  If you are not satisfied with our service, let us know.