(376,1,'2020-05-25 22:00:24','2020-05-25 22:00:24','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><span style=\"color: #000000;\"><strong>How an Insurance Company Determines Your Premiums</strong></span></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; color: #000000;\"><img src=\"http://smartinsurance.tips/wp-content/uploads/2020/05/My-Post-1024x536.png\" width=\"1024\" height=\"536\" alt=\"\" class=\"wp-image-374 aligncenter size-large\" /></span></p>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; color: #000000;\">Do you know your insurance score? Most people don\'t even realize they have one until they receive an adverse action notice in the mail notifying them that, based on their </span><a href=\"https://www.investopedia.com/terms/i/insurancescore.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\"><span style=\"color: #000000;\">i</span>nsurance score</a><span style=\"font-size: 14px; color: #000000;\">, they don\'t qualify for the lowest pricing available from their insurance provider.</span><span style=\"color: #000000;\"></span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">To help you decipher what all this means, we\'ll go over what the insurance score is, how it\'s calculated, and some things you can do to improve it.</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Adverse Action Notice</span></h2>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">If you receive an insurance adverse action notice there are some steps you will need to take to find out why you received a low insurance score. First follow your letter\'s instructions to call a 1-800 number to receive a free copy of your </span><a href=\"https://www.investopedia.com/terms/c/creditreport.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit report</a><span style=\"color: #000000;\">, which affects your insurance score. Typically within a few weeks, you will be sent a consent form that requests a detailed proof of identification, including photocopies of your driver\'s license, your Social Security number, and your insurance information.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp theme-whatyouneedtoknow mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<h3 id=\"mntl-sc-block-callout-heading_1-0\" class=\"comp mntl-sc-block-callout-heading mntl-text-block\"><span style=\"color: #000000;\">KEY TAKEAWAYS</span></h3>\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<ul>\n<li><span style=\"color: #000000;\">Insurance companies use credit scores and history to determine your premium on insurance. </span></li>\n<li><span style=\"color: #000000;\">It is very difficult to pinpoint exactly how to get the best insurance score but it is possible to improve it. </span></li>\n<li><span style=\"color: #000000;\">Adverse action notices are sent by insurance companies to notify buyers of why they don\'t qualify for a lower price on their insurance. </span><span style=\"color: #000000;\"></span></li>\n</ul>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You send this back to the insurance company, which will normally summarize your credit rating and how it is used to calculate your insurance score. If you contact your insurance company, it will likely tell you that 99% of its clients do not qualify for the company\'s lowest rate, and to qualify, your credit must be absolutely perfect.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">In other words, even if you carry no balances on your credit cards, own your home, are completely debt-free, and have a credit rating in the high 700s, you\'re still unlikely to have an insurance score that qualifies you for the lowest available insurance rate.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"native_1-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">So what exactly is this insurance score, and what is its purpose?</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Your Insurance Score Is and How It Is Calculated</span></h2>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">An insurance score is a rating used to predict the likelihood a customer will file an </span><a href=\"https://www.investopedia.com/terms/i/insurance_claim.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance claim</a><span style=\"color: #000000;\">. This score, as noted above, is based on an analysis of a consumer\'s credit rating, and the method for calculating it varies from insurer to insurer. While many companies use proprietary formulas to calculate the scores, the factors used in the calculation include the customer\'s outstanding debt, length of </span><a href=\"https://www.investopedia.com/terms/c/credit-history.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">credit history</a><span style=\"color: #000000;\">, payment history, amount of revolving credit versus the amount of credit in the form of loans, available credit, and monthly account balance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\"></div>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Unlike a credit rating, which uses personal financial information to determine your ability to repay debts, insurance scores do not factor in your income. This omission means it is very possible for you to be penalized for taking out a large loan or charging a large amount on your credit cards each month even if your income is more than enough to cover the expenses. (For related reading, see: </span><a href=\"https://www.investopedia.com/articles/pf/08/car-insurance-costs.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\"><em>12 Car Insurance Cost-Cutters</em></a><span style=\"color: #000000;\">.)</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Why Insurance Scores Are Used</span></h2>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance companies justify the use of insurance scores by citing studies showing a</span><span> </span><a href=\"https://www.investopedia.com/terms/p/positive-correlation.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">positive correlation</a><span style=\"color: #000000;\"> between credit scores and insurance claims. At some level, this may seem to make sense. At the level of minor traffic accidents, for example, it is reasonable to argue that individuals with poor credit are more likely to file claims, if for no other reason than because they lack the funds to make repairs on their own.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Of course, if we look at the logic behind insurance scores we might want to look at it also from a business perspective: insurance scoring is quite profitable, especially since almost nobody qualifies for the lowest pricing tier.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\"> </span></div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block finance-sc-block-callout mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp theme-important mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">Keep in mind insurance premiums are a</span><span> </span><a href=\"https://www.investopedia.com/terms/r/recurringrevenue.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">recurring revenue</a><span style=\"color: #000000;\"> stream for insurance companies, and the scores help justify higher premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How to Minimize the Impact on Your Wallet</span></h2>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">A perfect insurance score, in the eyes of an insurance company, represents a client with the lowest possible risk of filing a claim, so since the probability of filing a claim is based on credit, good credit is the key to a high score.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">A good credit report can have such a large impact on your</span><span> </span><a href=\"https://www.investopedia.com/terms/i/insurance-premium.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance premium</a><span> </span><span style=\"color: #000000;\">that you can, for example, have a flawed driving record but good credit and pay less for your car insurance than a driver who has a perfect driving record but bad credit. Keep in mind, however, that your insurance score is not the only factor that determines your premium (you can ask your insurer for more details on what the other factors are).</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">While it is unlikely your insurance score will ever be perfect, there are a few relatively painless steps you can take to improve your score. To keep your insurance score high, be sure to pay all of your bills on time and limit the number of credit cards that you apply for and open. (Read: </span><em><a href=\"https://www.investopedia.com/articles/00/091800.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">The Importance Of Your Credit Rating</a><span style=\"color: #000000;\">.</span></em><span style=\"color: #000000;\">)</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">But, paying your bills on time isn\'t enough. As mentioned above, your insurance score is adversely impacted by large monthly credit card expenditures, even if you pay off your entire balance each month. To help your insurance score, you can minimize your credit card use. While it can prove unreasonably inconvenient to stop using your credit card entirely, most of us can find ways to cut down. You may find the effort needed to perfect your spending is not worth what may amount to relatively small savings in premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The use of credit history to determine insurance premiums is quite alarming to many consumers, particularly to those who have never filed an insurance claim but still don\'t qualify for the lowest available pricing.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\">\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Unfortunately, insurance scoring is a standard practice among the nation\'s largest insurers. With that in mind, the best way to help keep your insurance premium low is to keep your</span><span> </span><a href=\"https://www.investopedia.com/terms/c/credit_score.asp\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">credit score</a><span style=\"color: #000000;\"> high. Take the same amount of caution with your credit score as you would with your driving—being responsible with both can save you serious amounts of money in insurance premiums.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">You can read the full article <a href=\"https://www.investopedia.com/articles/pf/05/insurescore.asp\">here</a>.</span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></p>\n</div>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How an Insurance Company Determines Your Premiums','','inherit','closed','closed','','366-revision-v1','','','2020-05-25 22:00:24','2020-05-25 22:00:24','',366,'http://smartinsurance.tips/366-revision-v1/',0,'revision','',0),(380,1,'2020-05-25 22:30:12','2020-05-25 22:30:12','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"post-headline \" style=\"text-align: justify;\"><strong>How much the average homeowner pays for insurance in the US, by state and home value</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://i.insider.com/5ec7ff5a5af6cc656050b68c?width=1200&amp;format=jpeg\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Whether you\'re shopping for a refrigerator, a couch, or a car, one of the first things you\'ll want to know is how much the item \"normally\" costs. And with these types of physical products, it\'s usually relatively easy to do a little online research to get a solid price baseline.</span></p>\n<p><span style=\"color: #000000;\">But it\'s not so easy to do that with intangible products like homeowners insurance. Apart from taking the time to ask all your friends, family, and neighbors what they pay in premiums, it\'s hard to know if the quote you\'ve received is outrageous or a steal.</span></p>\n<p><span style=\"color: #000000;\">Thankfully, there\'s a lot of data available that can help you set realistic expectations for your homeowners insurance cost. In this article, we\'ll look at how much the average homeowner is paying in homeowners insurance premiums, the factors that affect your specific policy, and ways to save.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n<nav role=\"navigation\" data-analytics-module=\"jump-to\" class=\"table-of-contents\"></nav>\n<h2 id=\"the-average-cost-of-homeowners-insurance\" class=\"toc-header-element\"><span style=\"color: #000000;\">The average cost of homeowners insurance</span></h2>\n<p><span style=\"color: #000000;\">According to the most recent release of the Homeowners Insurance Report by the National Association of Insurance Commissioners (NAIC), the average annual premium in the United States in 2017 was $1,211. </span></p>\n<p><span style=\"color: #000000;\">The 2017 average premium — the most recent data available — was a 1.6% increase from the 2016 average of $1,192. Premiums have been steadily rising over the past decade. In 2012, the national average premium was $1,034 and in 2008 it was even lower at $830.</span></p>\n<p><span style=\"color: #000000;\">Your home\'s value plays a large role in how much you pay in insurance premiums. Here\'s how much homeowners insurance costs on average by home value in the United States, according to the NAIC:</span></p>\n<table border=\"1\" cellpadding=\"10px\">\n<tbody>\n<tr>\n<td><span style=\"color: #000000;\"><strong>Estimated Home Value</strong></span></td>\n<td><span style=\"color: #000000;\"><strong>Average Premiums for an HO-3 Policy</strong></span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$49,999 and under</span></td>\n<td><span style=\"color: #000000;\">$633</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$50,000 to $74,999</span></td>\n<td><span style=\"color: #000000;\">$745</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$75,000 to $99,999</span></td>\n<td><span style=\"color: #000000;\">$814</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$100,000 to $124,999</span></td>\n<td><span style=\"color: #000000;\">$870</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$125,000 to $149,999</span></td>\n<td><span style=\"color: #000000;\">$918</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$150,000 to $174,999</span></td>\n<td><span style=\"color: #000000;\">$960</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$175,000 to $199,999</span></td>\n<td><span style=\"color: #000000;\">$997</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$200,000 to $299,999</span></td>\n<td><span style=\"color: #000000;\">$1,092</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$300,000 to $399,999</span></td>\n<td><span style=\"color: #000000;\">$1,252</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$400,000 to $499,999</span></td>\n<td><span style=\"color: #000000;\">$1,467</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$500,000 and above</span></td>\n<td><span style=\"color: #000000;\">$2,149</span></td>\n</tr>\n</tbody>\n</table>\n<p><span style=\"color: #000000;\"><em>*The above table uses data from the NAIC.</em></span></p>\n<p><span style=\"color: #000000;\"><em></em></span></p>\n<h2 id=\"the-average-cost-of-homeowners-insurance-by-state\" class=\"toc-header-element\"><span style=\"color: #000000;\">The average cost of homeowners insurance by state</span></h2>\n<p><span style=\"color: #000000;\">Where you live will also impact your cost of homeowners insurance. If you live in an area with high real estate values, this also means that it would cost more to replace your home if it were destroyed. So the NAIC says that average premiums tend to be higher in densely populated areas.</span></p>\n<p><span style=\"color: #000000;\">Second, your potential exposure to catastrophe plays a significant role in what you pay for homeowner\'s insurance. If you live in an area that\'s prone to hurricanes, earthquakes, or tornadoes, you can expect to pay more than someone who lives in an area with less risk of experiencing a natural disaster.</span></p>\n<p><span style=\"color: #000000;\">Here\'s the average annual homeowners insurance premium by state, according to S&amp;P Global Market Intelligence:</span></p>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"10px\">\n<colgroup>\n<col width=\"168\" />\n<col width=\"204\" /></colgroup>\n<tbody>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" state=\"\"><span style=\"color: #000000;\"><strong>State</strong></span></td>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" average=\"\" annual=\"\" premium=\"\"><span style=\"color: #000000;\"><strong>Average Annual Premium</strong></span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" alabama=\"\"><span style=\"color: #000000;\">Alabama</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1116=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,116</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" alaska=\"\"><span style=\"color: #000000;\">Alaska</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1002=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,002</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" arizona=\"\"><span style=\"color: #000000;\">Arizona</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :966=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$966</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" arkansas=\"\"><span style=\"color: #000000;\">Arkansas</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1091=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,091</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" california=\"\"><span style=\"color: #000000;\">California</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :966=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$966</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" colorado=\"\"><span style=\"color: #000000;\">Colorado</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :994=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$994</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" connecticut=\"\"><span style=\"color: #000000;\">Connecticut</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1058=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,058</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" delaware=\"\"><span style=\"color: #000000;\">Delaware</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1172=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,172</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" district=\"\" of=\"\" columbia=\"\"><span style=\"color: #000000;\">District of Columbia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1047=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,047</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" florida=\"\"><span style=\"color: #000000;\">Florida</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1117=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,117</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" georgia=\"\"><span style=\"color: #000000;\">Georgia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1137=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,137</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" hawaii=\"\"><span style=\"color: #000000;\">Hawaii</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :977=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$977</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" idaho=\"\"><span style=\"color: #000000;\">Idaho</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :966=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$966</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" illinois=\"\"><span style=\"color: #000000;\">Illinois</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :924=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$924</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" indiana=\"\"><span style=\"color: #000000;\">Indiana</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :906=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$906</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" iowa=\"\"><span style=\"color: #000000;\">Iowa</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :918=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$918</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" kansas=\"\"><span style=\"color: #000000;\">Kansas</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :908=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$908</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" kentucky=\"\"><span style=\"color: #000000;\">Kentucky</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1106=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,106</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" louisiana=\"\"><span style=\"color: #000000;\">Louisiana</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1108=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,108</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" maine=\"\"><span style=\"color: #000000;\">Maine</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :989=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$989</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" maryland=\"\"><span style=\"color: #000000;\">Maryland</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1212=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,212</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" massachusetts=\"\"><span style=\"color: #000000;\">Massachusetts</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1031=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,031</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" michigan=\"\"><span style=\"color: #000000;\">Michigan</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :919=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$919</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" minnesota=\"\"><span style=\"color: #000000;\">Minnesota</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :951=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$951</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" mississippi=\"\"><span style=\"color: #000000;\">Mississippi</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1099=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,099</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" missouri=\"\"><span style=\"color: #000000;\">Missouri</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :897=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$897</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" montana=\"\"><span style=\"color: #000000;\">Montana</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :948=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$948</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" nebraska=\"\"><span style=\"color: #000000;\">Nebraska</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :907=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$907</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" nevada=\"\"><span style=\"color: #000000;\">Nevada</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :933=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$933</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" new=\"\" hampshire=\"\"><span style=\"color: #000000;\">New Hampshire</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1049=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,049</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" new=\"\" jersey=\"\"><span style=\"color: #000000;\">New Jersey</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1052=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,052</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" new=\"\" mexico=\"\"><span style=\"color: #000000;\">New Mexico</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :949=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$949</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" new=\"\" york=\"\"><span style=\"color: #000000;\">New York</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :952=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$952</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" north=\"\" carolina=\"\"><span style=\"color: #000000;\">North Carolina</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1118=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,118</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" north=\"\" dakota=\"\"><span style=\"color: #000000;\">North Dakota</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :906=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$906</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" ohio=\"\"><span style=\"color: #000000;\">Ohio</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :895=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$895</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" oklahoma=\"\"><span style=\"color: #000000;\">Oklahoma</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1114=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,114</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" oregon=\"\"><span style=\"color: #000000;\">Oregon</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :950=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$950</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" pennsylvania=\"\"><span style=\"color: #000000;\">Pennsylvania</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1003=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,003</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" rhode=\"\" island=\"\"><span style=\"color: #000000;\">Rhode Island</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :982=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$982</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" south=\"\" carolina=\"\"><span style=\"color: #000000;\">South Carolina</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1126=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,126</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" south=\"\" dakota=\"\"><span style=\"color: #000000;\">South Dakota</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :898=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$898</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" tennessee=\"\"><span style=\"color: #000000;\">Tennessee</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1118=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,118</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" texas=\"\"><span style=\"color: #000000;\">Texas</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1140=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,140</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" utah=\"\"><span style=\"color: #000000;\">Utah</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1025=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,025</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" vermont=\"\"><span style=\"color: #000000;\">Vermont</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1004=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,004</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" virginia=\"\"><span style=\"color: #000000;\">Virginia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1181=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,181</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" washington=\"\"><span style=\"color: #000000;\">Washington</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :986=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$986</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" west=\"\" virginia=\"\"><span style=\"color: #000000;\">West Virginia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1101=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,101</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" wisconsin=\"\"><span style=\"color: #000000;\">Wisconsin</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :903=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$903</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" wyoming=\"\"><span style=\"color: #000000;\">Wyoming</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :966=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$966</span></td>\n</tr>\n</tbody>\n</table>\n<p><span style=\"color: #000000;\"><em>*The above table uses data from S&amp;P Global Market Intelligence.</em></span></p>\n<p><span style=\"color: #000000;\"><em></em></span></p>\n<h2 id=\"most-expensive-states-for-homeowners-insurance\" class=\"toc-header-element\"><span style=\"color: #000000;\">Most expensive states for homeowners insurance</span></h2>\n<p><span style=\"color: #000000;\">Here are the states where annual homeowners insurance premiums are least affordable, on average, according to S&amp;P Global:</span></p>\n<table dir=\"ltr\" border=\"1\" width=\"764\" cellspacing=\"0\" cellpadding=\"10px\">\n<colgroup>\n<col width=\"100\" />\n<col width=\"165\" /></colgroup>\n<tbody>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" state=\"\"><span style=\"color: #000000;\"><strong>State</strong></span></td>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" average=\"\" annual=\"\" premium=\"\"><span style=\"color: #000000;\"><strong>Average Annual Premium</strong></span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" maryland=\"\"><span style=\"color: #000000;\">Maryland</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1212=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,212</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" virginia=\"\"><span style=\"color: #000000;\">Virginia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1181=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,181</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" delaware=\"\"><span style=\"color: #000000;\">Delaware</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1172=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,172</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" texas=\"\"><span style=\"color: #000000;\">Texas</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1140=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,140</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" georgia=\"\"><span style=\"color: #000000;\">Georgia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1137=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,137</span></td>\n</tr>\n</tbody>\n</table>\n<p><span style=\"color: #000000;\"><em>*The above table uses data from S&amp;P Global Market Intelligence.</em></span></p>\n<p><span style=\"color: #000000;\"><em></em></span></p>\n<h2 id=\"cheapest-states-for-homeowners-insurance\" class=\"toc-header-element\"><span style=\"color: #000000;\">Cheapest states for homeowners insurance</span></h2>\n<p><span style=\"color: #000000;\">Here are the states where annual homeowners insurance premiums are most affordable, on average, according to S&amp;P Global:</span></p>\n<table dir=\"ltr\" border=\"1\" width=\"762\" cellspacing=\"0\" cellpadding=\"10px\">\n<colgroup>\n<col width=\"100\" />\n<col width=\"165\" /></colgroup>\n<tbody>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" state=\"\"><span style=\"color: #000000;\"><strong>State</strong></span></td>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" average=\"\" annual=\"\" premium=\"\"><span style=\"color: #000000;\"><strong>Average Annual Premium</strong></span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" ohio=\"\"><span style=\"color: #000000;\">Ohio</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :895=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$895</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" missouri=\"\"><span style=\"color: #000000;\">Missouri</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :897=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$897</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" south=\"\" dakota=\"\"><span style=\"color: #000000;\">South Dakota</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :898=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$898</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" wisconsin=\"\"><span style=\"color: #000000;\">Wisconsin</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :903=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$903</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" indiana=\"\"><span style=\"color: #000000;\">Indiana</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :906=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$906</span></td>\n</tr>\n</tbody>\n</table>\n<p><span style=\"color: #000000;\"><em>*The above table uses data from S&amp;P Global Market Intelligence.</em></span></p>\n<p><span style=\"color: #000000;\"><em></em></span></p>\n<h2 id=\"the-factors-that-affect-homeowners-insurance-premiums\" class=\"toc-header-element\"><span style=\"color: #000000;\">The factors that affect homeowners insurance premiums</span></h2>\n<p><span style=\"color: #000000;\">As we\'ve already seen, your home\'s value and where it\'s located are two of the biggest variables that affect homeowners insurance prices. However, there are a few other factors that can drive your premiums up or down. </span></p>\n<h3><span style=\"color: #000000;\">Coverage levels</span></h3>\n<p><span style=\"color: #000000;\">The type of coverage you choose will impact the price that you pay for homeowners insurance. <strong>Cash value coverage</strong> is typically the most affordable. With this type of coverage, your insurance company will only pay what your property is worth minus depreciation, not what it would cost to actually <em>replace</em> your home and its belongings.</span></p>\n<p><span style=\"color: #000000;\">For more protection, you can choose <strong>replacement cost coverage</strong> instead. With this type of policy, your insurer will pay out what it would cost to repair or rebuild your home in today\'s dollars.</span></p>\n<p><span style=\"color: #000000;\">For example, if a tree fell through your house and destroyed your couch, a replacement cost policy would pay whatever it costs to replace the couch. But a cash value policy would only pay what the couch is worth today. And if the couch is several years old, its value could be much less than what you originally paid.</span></p>\n<p><span style=\"color: #000000;\">You can expect to pay more for replacement cost coverage, but it may be worth it to protect yourself against coverage gaps that can be caused by depreciation.</span></p>\n<h3><span style=\"color: #000000;\">Other variables</span></h3>\n<p><span style=\"color: #000000;\">Here are a few more factors that can affect the price of your homeowners insurance:</span></p>\n<ul>\n<li><span style=\"color: #000000;\"><strong>The deductible you choose</strong>: As a general rule, premiums go down as deductibles go up.</span></li>\n<li><span style=\"color: #000000;\"><strong>Age of your home</strong>: Older homes often require more work to rebuild to modern safety standards, so they can cost more to insure than newer homes.</span></li>\n<li><span style=\"color: #000000;\"><strong>Condition of your roof</strong>: If your roof is relatively new and in good condition you\'ll typically pay less than a homeowner with a roof that\'s old or built with lower-quality materials</span></li>\n<li><span style=\"color: #000000;\"><strong>Past claims</strong>: You can expect to pay more if you\'ve made several claims in the past or live in an area with a high claims rate.</span></li>\n</ul>\n<h2 class=\"toc-header-element\"><span style=\"color: #000000;\"></span></h2>\n<h2 id=\"how-to-save-money-on-homeowner\'s-insurance\" class=\"toc-header-element\"><span style=\"color: #000000;\">How to save money on homeowner\'s insurance</span></h2>\n<h3><span style=\"color: #000000;\">Add features to make your home safer</span></h3>\n<p><span style=\"color: #000000;\">If you\'re looking for ways to reduce your homeowners insurance premiums, think about ways you could improve the safety of your home. Adding any of the following safety features to your home could qualify you for a homeowners insurance discount:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Smoke detectors</span></li>\n<li><span style=\"color: #000000;\">Deadbolt locks</span></li>\n<li><span style=\"color: #000000;\">Fire extinguishers</span></li>\n<li><span style=\"color: #000000;\">Storm shutters</span></li>\n<li><span style=\"color: #000000;\">Security system</span></li>\n<li><span style=\"color: #000000;\">Sprinkler system</span></li>\n<li><span style=\"color: #000000;\">New or reinforced roof</span></li>\n</ul>\n<h3><span style=\"color: #000000;\">Bundle your insurance policies</span></h3>\n<p><span style=\"color: #000000;\">You may also be able to save on homeowners insurance by bundling your home and auto insurance policies together. </span></p>\n<h3><span style=\"color: #000000;\">Raise your deductible</span></h3>\n<p><span style=\"color: #000000;\">Finally, raising your deductible could reduce your premiums. But make sure that you don\'t set a premium that\'s higher than you\'d be able to pay without going into debt. And know that if you have a mortgage on your home, your lender may require that your deductible stay below a certain limit.</span></p>\n<h3><span style=\"color: #000000;\">Shop around</span></h3>\n<p><span style=\"color: #000000;\">The last variable that can impact the price you pay for home insurance is the company you choose. Premiums can vary widely by insurance company. So one of the best ways to save on homeowners insurance could be simply to make sure that you shop around before choosing an insurance provider.</span></p>\n<p><span style=\"color: #000000;\">Aim to get at least three to five quotes before choosing a home insurer. Or, to save time, you could use an online homeowners insurance shopping tool like Policygenius to compare dozens of insurance companies at once.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://www.businessinsider.com/personal-finance/average-homeowners-insurance-cost\">click here</a><span style=\"color: #000000;\">.</span></span></div>\n[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How much the average homeowner pays for insurance in the US, by state and home value','','publish','closed','closed','','how-much-the-average-homeowner-pays-for-insurance-in-the-us-by-state-and-home-value','','','2020-05-26 23:58:12','2020-05-26 23:58:12','',0,'http://smartinsurance.tips/?page_id=380',0,'page','',0),(381,1,'2020-05-25 22:30:12','2020-05-25 22:30:12','<!-- wp:divi/placeholder /-->','How much the average homeowner pays for insurance in the US, by state and home value','','inherit','closed','closed','','380-revision-v1','','','2020-05-25 22:30:12','2020-05-25 22:30:12','',380,'http://smartinsurance.tips/380-revision-v1/',0,'revision','',0),(389,1,'2020-05-25 23:00:15','2020-05-25 23:00:15','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">What Is Insurance Credit Scoring?</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"><img src=\"https://www.thebalance.com/thmb/PJYgiqsdb9ifVbC1DeWRfqnSeKw=/2121x1414/filters:fill(auto,1)/InsuranceScorehowitworks-5a42f332494ec90036720943.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">What makes a person really insurable? Is there a score that can help you understand how to get lower insurance prices or good deals on your insurance premiums?</span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Some companies use Insurance-Credit scoring, but there is no one score used by everyone.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">We review all the factors that go into how an insurance company determines your insurability, as well as provide insight into what kinds of things could help you bring your insurance prices down by understanding insurance scoring with a few simple tips.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Scoring and How It Works</span></h2>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">For years insurance companies have been experts at coming up with ways to figure out how likely it is that an accident or \"loss\" will happen, or analyzing what the risk is in a situation. Based on this assessment and using complex factors, insurance companies determine premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Some companies may use stability rating or micro rating, for example, which may combine aspects of credit rating, zip or postal code rating data (which focuses on location in known claims areas) or risks based on the infrastructure of the district (that impact claims). <span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\">1</span></span></p>\n<p><span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\" style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">These are all very complex, so as a base point, understanding how an insurance premium works, gives a pretty straightforward insight into your insurability or how an insurance company would score you as a potential client or risk.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Are the Factors?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Most people think about their basic loss experience, or the number of claims when they think about insurance rates.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance claims are not the only factors that come into play when an insurance company is assessing your insurability and the appropriate pricing for insuring you. Here are several factors that can impact your cost of insurance:</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ol>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Your Insurance History</strong></span><br /><span style=\"color: #000000;\"> How long you have been insured, if you have paid your premiums consistently, if you have ever been canceled for non-payment by an insurance company. </span></li>\n<li><span style=\"color: #000000;\"><strong>Your General Financial History and Behavior</strong></span><br /><span style=\"color: #000000;\"> Although credit scoring is not used with all insurance companies or in all states, many insurance companies may ask for your permission to check your credit. Having declared a recent bankruptcy or poor credit may affect what kind of policy you qualify for. </span></li>\n<li><span style=\"color: #000000;\"><strong style=\"font-size: 14px;\">Your Driving Record, and Claims History<br /> </strong>How many tickets or moving violations you have on your driving record can impact your insurability and cost of your car insurance. Some insurance companies have underwriting guidelines that will not allow them to insure you when you have too many claims or tickets, in these cases, you may have to go to a high-risk insurer or pay much higher costs.</span></li>\n<li><span style=\"color: #000000;\"><strong style=\"font-size: 14px;\">How You Use Your Car<br /> </strong>If you do high mileage or use your car for business, this will also play into your car insurance rate<span style=\"font-size: 14px;\">. For example, if you have several drivers on one car, the risks of having an accident increases because the car is on the road a lot more than if just one person is driving to and from work every day. Higher mileage may pay higher rates due to increased usage or mileage even though the primary driver is only driving to and from work a very short commute every day; the annual mileage will help the insurance company understand how often the car is on the road. The more a car is on the road, the more likely an accident is to occur.</span></span></li>\n<li><span style=\"color: #000000;\"><strong style=\"font-size: 14px;\">Your Personal Information<br /> </strong>Every insurance company has different target clients. For example, if a company is trying to appeal to seniors, then just being a senior may make you \"score higher\" with the insurance company who is trying to appeal to senior-aged clients. Another example is insurance companies who are trying to attract university graduates, professionals or people living in certain neighborhoods.</span></li>\n</ol>\n</ol>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<blockquote>\n<p><span style=\"color: #000000;\">The moment your personal profile falls into what the insurance company is looking to insure, your insurability and \"score\" or appeal with that insurance company increases and your price will be competitive.</span></p>\n<p>&nbsp;</p>\n</blockquote>\n</div>\n<h2 id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Do All Insurance Companies Use the Same Insurability Criteria?</span></h2>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">No, there is no one \"insurance score\" that all insurance companies use.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CLWZ9JOP0OkCFZ3IYgodfEoDSA\">\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"><span style=\"color: #000000;\"><span style=\"font-size: 14px; text-align: left;\">There are only guidelines and common aspects of factors each insurance company will use depending on their own business strategy. Each insurance company has</span><span style=\"font-size: 14px; text-align: left;\"> </span>actuaries and underwriters who determine rates<span style=\"font-size: 14px; text-align: left;\">. Your \"score\" would be viewed differently with each of them, based on their underwriting criteria. </span></span></div>\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div>\n<p><span style=\"color: #000000;\"><span style=\"font-size: 14px; text-align: left;\"><br /> O</span><span style=\"font-size: 14px;\">ne factor that will help get you a good price with many insurance companies, regardless of their business plan or target clients, is having a high</span><span style=\"font-size: 14px;\"> </span>insurance credit score<span style=\"font-size: 14px;\">. </span></span></p>\n<p><span style=\"color: #000000;\">Studies have shown that having high credit scores are indicators of financial stability, and financial stability has been shown to be a good indicator of how likely a person is to make a claim.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\"></div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Credit-Based</span></h2>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">According to the Insurance Information Institute, thinking that your credit score has nothing to do with your insurance is a myth. </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How Do You Figure It Out?</span> </h2>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">There is no one score that will apply to all insurance companies because they all use different ratings.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Using different rating structures is one-way insurance companies can compete in the marketplace. Each insurance company identifies areas they think they can do well in, and go after that kind of client. You can become familiar with your credit score though.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Determination</span></h2>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The National Association of Insurance Commissioners (NAIC) explains that there are a few different companies that provide Insurance-Credit Scores to insurance companies. For example, according to the NAIC, this is what FICO provides insurers when they are asked for the insurance credit score:</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">Payment History</span></li>\n<li><span style=\"color: #000000;\">Outstanding Debt</span></li>\n<li><span style=\"color: #000000;\">Credit History Length</span></li>\n<li><span style=\"color: #000000;\">New Credit Applications</span></li>\n<li><span style=\"color: #000000;\">Credit Mix (type of loans, credit cards, revolving credit, etc.)</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Those factors can change fairly quickly, so if you are hit with high insurance rates one year, and it happened to be the year you had maxed out all your cards and had to get a new car, so we\'re applying for credit a lot, 6 months to a year later your insurance credit score <em>could change completely</em> when things settle down.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp theme-experttipwarning mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">If any of your credit score factors change, an insurance premium that uses credit-based insurance scoring may also change as the situation settles down or stabilizes always be sure and follow up on this at the time of your renewal, or anytime you get a chance to revise your rating.</span></p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"> All of these factors are confusing. If all insurance companies had one way to look at things it would make things much easier for consumers. On the flip side, it might eliminate healthy competition because there would be no competitive advantage. It would also eliminate the opportunity for you to get lower rates when your profile is better than average.</span></p>\n<p> <span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Online Tool: What Is \"Insurability Score\"</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">One company has come up with an easy online tool that gives an \"<strong><em>Insurability Score</em></strong>\", but it is important to note that this is not a rating factor in itself used by insurance companies. It is not the same as the insurance credit score or insurance-credit scoring. The <strong><em>Insurability Score</em></strong> is a tool developed by <strong><em>The Zebra</em></strong> to help consumers understand their general insurance profile on a basic level by asking questions and providing a \"score\". According to <strong><em>The Zebra</em></strong>, this gives users unique insight into behaviors and factors that affect their auto insurance risk.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Different Ways Insurance Companies Score You</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">We\'ve gone over several different ways insurance companies may \"score\" you to:</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">determine your insurability</span></li>\n<li><span style=\"color: #000000;\">give discounts</span></li>\n<li><span style=\"color: #000000;\">use credit score and insurance payment history</span></li>\n<li><span style=\"color: #000000;\">offer better insurance rates and lower prices</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The most important factor in figuring out how insurable you are is to understand what criteria are important to the insurance company.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Once you understand how they will be rating you, you can try and renegotiate rates when the factors are in your favor and improve factors that are hurting you or find another insurance company willing to offer you better prices.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\"><span style=\"color: #000000;\">To read the full article,</span> </span><a href=\"https://www.thebalance.com/what-is-insurance-credit-scoring-4156729\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What Is Insurance Credit Scoring?','','publish','closed','closed','','what-is-insurance-credit-scoring','','','2020-05-26 23:55:10','2020-05-26 23:55:10','',0,'http://smartinsurance.tips/?page_id=389',0,'page','',0),(390,1,'2020-05-25 23:00:15','2020-05-25 23:00:15','<!-- wp:divi/placeholder /-->','What Is Insurance Credit Scoring?','','inherit','closed','closed','','389-revision-v1','','','2020-05-25 23:00:15','2020-05-25 23:00:15','',389,'http://smartinsurance.tips/389-revision-v1/',0,'revision','',0),(388,1,'2020-05-25 22:55:10','2020-05-25 22:55:10','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">Admitted vs. Non-Admitted Insurance</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: center;\">\n<p style=\"text-align: left;\"><span></span></p>\n</div>\n<div align=\"center\" style=\"text-align: left;\"><span></span></div>\n<div align=\"center\" style=\"text-align: left;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><img src=\"https://www.thebalance.com/thmb/8s-_5W4aGoYXCZXDJFb6UugJhUo=/2121x1414/filters:fill(auto,1)/financial-advisor-having-a-meeting-with-clients-1063753064-3ded3bf256b64495a3a127ecce13145f.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>Most people are insured through their home insurance or other insurance with admitted insurance companies. However, there are also non-admitted insurance options for certain special cases. Insuring yourself with an admitted insurance company vs. a non-admitted insurance provider can have its advantages and disadvantages. Normally you would not end up insured with a non-admitted insurer before your broker, or insurance representative has already checked if you have options with an admitted insurance company.<span> </span></p>\n<p><span class=\"mntl-sc-block-adslot mntl-sc-block-adslot-inline\"></span>Here are the basics of understanding what is non-admitted insurance, as well as some advantages.</p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What is Non-Admitted Insurance?</span></h2>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Non-admitted insurance refers to an insurance company that is not licensed with the state to provide insurance. However, just because the non-admitted insurance carrier is not licensed as an insurance provider in the state (or country), it does not mean it is not allowed to operate in the State. A non-admitted insurance carrier may provide coverage through a state-licensed agency, broker or representative.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>A non-admitted insurer does not have to follow the same criteria in underwriting, rate setting, and coverage as admitted insurance carriers.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Non-admitted insurance is also sometimes referred to as \"Excess and Surplus Insurance\" or \"E&amp;S\" or \"Surplus Lines.\"</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Where You Find Non-Admitted Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Non-Admitted insurance can apply to many types of insurance products. Some examples are:</p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<ul>\n<li><a href=\"https://www.thebalance.com/how-to-choose-best-home-insurance-coverage-4016846\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">Home insurance</a><span> </span>where an area is considered a high-risk zone (for example where the risks of<span> </span><a href=\"https://www.thebalance.com/home-and-car-insurance-for-tornado-damage-4026154\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">tornado</a>, hurricanes, and<span> </span><a href=\"https://www.thebalance.com/wildfire-insurance-what-damage-is-covered-by-insurance-4173951\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">wildfires<span> </span></a>are high)</li>\n<li>Specialty line insurance, like professional liability insurance, or high-value home insurance</li>\n<li>High-risk insurance like in the case of earthquake insurance</li>\n<li>Insurance for people who do not meet standard underwriting criteria, for example, those with insurability issues, too many claims, or if a standard insurance company cancels a policy and will not renew.</li>\n<li>Insurance for non-US citizens, or certain supplemental health insurance policies like long-term care</li>\n</ul>\n</ul>\n<p><span class=\"mntl-sc-block-adslot mntl-sc-block-adslot-inline\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Non-admitted insurance is a key component in the insurance industry because it answers the need for specialty insurance coverage and/or higher risk insurance needs. Without non-admitted insurance, many people would be unable to get insurance coverage and may not be able to finance homes or be insured after a string of \"bad luck.\"</p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Advantages of Non-Admitted Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Since rates are not regulated by the state, insurers do not have to submit their rates. Further, the policy forms and product offering not regulated by the state</p>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>These insurers can offer coverage options that help states extend coverage in high-risk markets. As an example, this can help with people who need to use<span> </span><a href=\"https://www.thebalance.com/fair-plan-policies-2645392\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">Fair Plan Insurance</a>—a state-mandated insurance making coverage available to those living in high-risk areas. Some of this coverage may be with non-admitted insurers or Excess and Surplus carriers.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Because surplus lines insurance products are not subject to rating regulations at the state level, they can have an advantage over admitted insurers because they have the freedom to be more creative and responsive about the types of coverage they offer.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Depending on the situation and type of insurance of the non-admitted insurance product, the rates may be more expensive than a standard insurer\'s rates but may provide insurance coverage that a standard insurer would not be willing to provide.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Difference Between Admitted vs. Non-Admitted Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>The State provides protection to consumers who are insured with admitted insurance if the insurance company is unable to pay it\'s claims or losses, in the case of bankruptcy, for example. The biggest difference between the admitted insurer and the non-admitted insurer is that the non-admitted insurer does not have that financial backing from the State.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Are These Insurers Higher Risk?</span></h2>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Non-admitted insurers can set their rates and are not subject to the local regulations on rate issues. It may allow the insurer to collect the appropriate premiums by charging the rate appropriate to the risk, which in turn may help them to be more profitable in general. It may give these non-admitted insurers strong financial stability. You should always check the<span> </span><a href=\"https://www.thebalance.com/a-m-best-insurance-rating-organization-1969740\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">financial stability of an insurance company</a>, whether admitted or not.</p>\n<p>&nbsp;</p>\n<p>&nbsp;</p>\n</div>\n<p><span>To read the full article, <a href=\"https://www.thebalance.com/what-is-non-admitted-insurance-4571008\">click here</a>.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Admitted vs. Non-Admitted Insurance','','inherit','closed','closed','','385-revision-v1','','','2020-05-25 22:55:10','2020-05-25 22:55:10','',385,'http://smartinsurance.tips/385-revision-v1/',0,'revision','',0),(385,1,'2020-05-25 22:36:47','2020-05-25 22:36:47','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">Admitted vs. Non-Admitted Insurance</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\" hover_enabled=\"0\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: center;\">\n<p style=\"text-align: left;\"><img src=\"https://www.thebalance.com/thmb/8s-_5W4aGoYXCZXDJFb6UugJhUo=/2121x1414/filters:fill(auto,1)/financial-advisor-having-a-meeting-with-clients-1063753064-3ded3bf256b64495a3a127ecce13145f.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /><br /><span></span></p>\n</div>\n<div align=\"center\" style=\"text-align: left;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Most people are insured through their home insurance or other insurance with admitted insurance companies. However, there are also non-admitted insurance options for certain special cases. Insuring yourself with an admitted insurance company vs. a non-admitted insurance provider can have its advantages and disadvantages. Normally you would not end up insured with a non-admitted insurer before your broker, or insurance representative has already checked if you have options with an admitted insurance company. </span></p>\n<p><span style=\"color: #000000;\"><span class=\"mntl-sc-block-adslot mntl-sc-block-adslot-inline\"></span>Here are the basics of understanding what is non-admitted insurance, as well as some advantages.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What is Non-Admitted Insurance?</span></h2>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Non-admitted insurance refers to an insurance company that is not licensed with the state to provide insurance. However, just because the non-admitted insurance carrier is not licensed as an insurance provider in the state (or country), it does not mean it is not allowed to operate in the State. A non-admitted insurance carrier may provide coverage through a state-licensed agency, broker or representative.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">A non-admitted insurer does not have to follow the same criteria in underwriting, rate setting, and coverage as admitted insurance carriers.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Non-admitted insurance is also sometimes referred to as \"Excess and Surplus Insurance\" or \"E&amp;S\" or \"Surplus Lines.\"</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Where You Find Non-Admitted Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Non-Admitted insurance can apply to many types of insurance products. Some examples are:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<ul>\n<li><span style=\"color: #000000;\">Home insurance where an area is considered a high-risk zone (for example where the risks of tornado, hurricanes, and wildfires are high)</span></li>\n<li><span style=\"color: #000000;\">Specialty line insurance, like professional liability insurance, or high-value home insurance</span></li>\n<li><span style=\"color: #000000;\">High-risk insurance like in the case of earthquake insurance</span></li>\n<li><span style=\"color: #000000;\">Insurance for people who do not meet standard underwriting criteria, for example, those with insurability issues, too many claims, or if a standard insurance company cancels a policy and will not renew.</span></li>\n<li><span style=\"color: #000000;\">Insurance for non-US citizens, or certain supplemental health insurance policies like long-term care</span></li>\n</ul>\n</ul>\n<p><span class=\"mntl-sc-block-adslot mntl-sc-block-adslot-inline\" style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Non-admitted insurance is a key component in the insurance industry because it answers the need for specialty insurance coverage and/or higher risk insurance needs. Without non-admitted insurance, many people would be unable to get insurance coverage and may not be able to finance homes or be insured after a string of \"bad luck.\"</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Advantages of Non-Admitted Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Since rates are not regulated by the state, insurers do not have to submit their rates. Further, the policy forms and product offering not regulated by the state</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">These insurers can offer coverage options that help states extend coverage in high-risk markets. As an example, this can help with people who need to use Fair Plan Insurance—a state-mandated insurance making coverage available to those living in high-risk areas. Some of this coverage may be with non-admitted insurers or Excess and Surplus carriers.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Because surplus lines insurance products are not subject to rating regulations at the state level, they can have an advantage over admitted insurers because they have the freedom to be more creative and responsive about the types of coverage they offer.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Depending on the situation and type of insurance of the non-admitted insurance product, the rates may be more expensive than a standard insurer\'s rates but may provide insurance coverage that a standard insurer would not be willing to provide.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Difference Between Admitted vs. Non-Admitted Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">The State provides protection to consumers who are insured with admitted insurance if the insurance company is unable to pay it\'s claims or losses, in the case of bankruptcy, for example. The biggest difference between the admitted insurer and the non-admitted insurer is that the non-admitted insurer does not have that financial backing from the State.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Are These Insurers Higher Risk?</span></h2>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Non-admitted insurers can set their rates and are not subject to the local regulations on rate issues. It may allow the insurer to collect the appropriate premiums by charging the rate appropriate to the risk, which in turn may help them to be more profitable in general. It may give these non-admitted insurers strong financial stability. You should always check the financial stability of an insurance company, whether admitted or not.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<p><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.thebalance.com/what-is-non-admitted-insurance-4571008\">click here</a>.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Admitted vs. Non-Admitted Insurance','','publish','closed','closed','','admitted-vs-non-admitted-insurance','','','2020-05-26 23:56:59','2020-05-26 23:56:59','',0,'http://smartinsurance.tips/?page_id=385',0,'page','',0),(386,1,'2020-05-25 22:36:47','2020-05-25 22:36:47','<!-- wp:divi/placeholder /-->','Admitted vs. Non-Admitted Insurance','','inherit','closed','closed','','385-revision-v1','','','2020-05-25 22:36:47','2020-05-25 22:36:47','',385,'http://smartinsurance.tips/385-revision-v1/',0,'revision','',0),(384,1,'2020-05-25 22:35:15','2020-05-25 22:35:15','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline\" itemprop=\"headline\" style=\"text-align: center;\"><strong>5 Trends That Will Reshape Customer Service Over the Next 5 Years</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<p><img src=\"https://i.insider.com/5ec7ff5a5af6cc656050b68c?width=1200&amp;format=jpeg\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Whether you\'re shopping for a refrigerator, a couch, or a car, one of the first things you\'ll want to know is how much the item \"normally\" costs. And with these types of physical products, it\'s usually relatively easy to do a little online research to get a solid price baseline.</span></p>\n<p><span style=\"color: #000000;\">But it\'s not so easy to do that with intangible products like homeowners insurance. Apart from taking the time to ask all your friends, family, and neighbors what they pay in premiums, it\'s hard to know if the quote you\'ve received is outrageous or a steal.</span></p>\n<p><span style=\"color: #000000;\">Thankfully, there\'s a lot of data available that can help you set realistic expectations for your homeowners insurance cost. In this article, we\'ll look at how much the average homeowner is paying in homeowners insurance premiums, the factors that affect your specific policy, and ways to save.</span></p>\n<p>&nbsp;</p>\n<nav role=\"navigation\" data-analytics-module=\"jump-to\" class=\"table-of-contents\"></nav>\n<h2 id=\"the-average-cost-of-homeowners-insurance\" class=\"toc-header-element\">The average cost of homeowners insurance</h2>\n<p>According to the most recent release of the<span> </span><a href=\"https://content.naic.org/article/news_release_naic_releases_report_homeowners_insurance.htm\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"20\">Homeowners Insurance Report</a><span style=\"color: #000000;\"> by the National Association of Insurance Commissioners (NAIC), the average annual premium in the United States in 2017 was $1,211. </span></p>\n<p><span style=\"color: #000000;\">The 2017 average premium — the most recent data available — was a 1.6% increase from the 2016 average of $1,192. Premiums have been steadily rising over the past decade. In 2012, the national average premium was $1,034 and in 2008 it was even lower at $830.</span></p>\n<p><span style=\"color: #000000;\">Your home\'s value plays a large role in how much you pay in insurance premiums. Here\'s how much homeowners insurance costs on average by home value in the United States, according to the NAIC:</span></p>\n<table border=\"1\" cellpadding=\"10px\">\n<tbody>\n<tr>\n<td><span style=\"color: #000000;\"><strong>Estimated Home Value</strong></span></td>\n<td><span style=\"color: #000000;\"><strong>Average Premiums for an HO-3 Policy</strong></span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$49,999 and under</span></td>\n<td><span style=\"color: #000000;\">$633</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$50,000 to $74,999</span></td>\n<td><span style=\"color: #000000;\">$745</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$75,000 to $99,999</span></td>\n<td><span style=\"color: #000000;\">$814</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$100,000 to $124,999</span></td>\n<td><span style=\"color: #000000;\">$870</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$125,000 to $149,999</span></td>\n<td><span style=\"color: #000000;\">$918</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$150,000 to $174,999</span></td>\n<td><span style=\"color: #000000;\">$960</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$175,000 to $199,999</span></td>\n<td><span style=\"color: #000000;\">$997</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$200,000 to $299,999</span></td>\n<td><span style=\"color: #000000;\">$1,092</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$300,000 to $399,999</span></td>\n<td><span style=\"color: #000000;\">$1,252</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$400,000 to $499,999</span></td>\n<td><span style=\"color: #000000;\">$1,467</span></td>\n</tr>\n<tr>\n<td><span style=\"color: #000000;\">$500,000 and above</span></td>\n<td><span style=\"color: #000000;\">$2,149</span></td>\n</tr>\n</tbody>\n</table>\n<p><span style=\"color: #000000;\"><em>*The above table uses data from the NAIC.</em></span></p>\n<p><span style=\"color: #000000;\"><em></em></span></p>\n<h2 id=\"the-average-cost-of-homeowners-insurance-by-state\" class=\"toc-header-element\"><span style=\"color: #000000;\">The average cost of homeowners insurance by state</span></h2>\n<p><span style=\"color: #000000;\">Where you live will also impact your cost of homeowners insurance. If you live in an area with high real estate values, this also means that it would cost more to replace your home if it were destroyed. So the NAIC says that average premiums tend to be higher in densely populated areas.</span></p>\n<p><span style=\"color: #000000;\">Second, your potential exposure to catastrophe plays a significant role in what you pay for homeowner\'s insurance. If you live in an area that\'s prone to hurricanes, earthquakes, or tornadoes, you can expect to pay more than someone who lives in an area with less risk of experiencing a natural disaster.</span></p>\n<p><span style=\"color: #000000;\">Here\'s the average annual homeowners insurance premium by state, according to S&amp;P Global Market Intelligence:</span></p>\n<table dir=\"ltr\" border=\"1\" cellspacing=\"0\" cellpadding=\"10px\"><colgroup> <col width=\"168\" /> <col width=\"204\" /></colgroup>\n<tbody>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" state=\"\"><span style=\"color: #000000;\"><strong>State</strong></span></td>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" average=\"\" annual=\"\" premium=\"\"><span style=\"color: #000000;\"><strong>Average Annual Premium</strong></span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" alabama=\"\"><span style=\"color: #000000;\">Alabama</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1116=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,116</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" alaska=\"\"><span style=\"color: #000000;\">Alaska</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1002=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,002</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" arizona=\"\"><span style=\"color: #000000;\">Arizona</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :966=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$966</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" arkansas=\"\"><span style=\"color: #000000;\">Arkansas</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1091=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,091</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" california=\"\"><span style=\"color: #000000;\">California</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :966=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$966</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" colorado=\"\"><span style=\"color: #000000;\">Colorado</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :994=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$994</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" connecticut=\"\"><span style=\"color: #000000;\">Connecticut</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1058=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,058</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" delaware=\"\"><span style=\"color: #000000;\">Delaware</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1172=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,172</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" district=\"\" of=\"\" columbia=\"\"><span style=\"color: #000000;\">District of Columbia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1047=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,047</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" florida=\"\"><span style=\"color: #000000;\">Florida</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1117=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,117</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" georgia=\"\"><span style=\"color: #000000;\">Georgia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1137=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,137</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" hawaii=\"\"><span style=\"color: #000000;\">Hawaii</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :977=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$977</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" idaho=\"\"><span style=\"color: #000000;\">Idaho</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :966=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$966</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" illinois=\"\"><span style=\"color: #000000;\">Illinois</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :924=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$924</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" indiana=\"\"><span style=\"color: #000000;\">Indiana</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :906=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$906</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" iowa=\"\"><span style=\"color: #000000;\">Iowa</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :918=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$918</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" kansas=\"\"><span style=\"color: #000000;\">Kansas</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :908=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$908</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" kentucky=\"\"><span style=\"color: #000000;\">Kentucky</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1106=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,106</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" louisiana=\"\"><span style=\"color: #000000;\">Louisiana</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1108=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,108</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" maine=\"\"><span style=\"color: #000000;\">Maine</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :989=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$989</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" maryland=\"\"><span style=\"color: #000000;\">Maryland</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1212=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,212</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" massachusetts=\"\"><span style=\"color: #000000;\">Massachusetts</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1031=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,031</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" michigan=\"\"><span style=\"color: #000000;\">Michigan</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :919=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$919</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" minnesota=\"\"><span style=\"color: #000000;\">Minnesota</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :951=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$951</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" mississippi=\"\"><span style=\"color: #000000;\">Mississippi</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1099=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,099</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" missouri=\"\"><span style=\"color: #000000;\">Missouri</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :897=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$897</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" montana=\"\"><span style=\"color: #000000;\">Montana</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :948=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$948</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" nebraska=\"\"><span style=\"color: #000000;\">Nebraska</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :907=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$907</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" nevada=\"\"><span style=\"color: #000000;\">Nevada</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :933=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$933</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" new=\"\" hampshire=\"\"><span style=\"color: #000000;\">New Hampshire</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1049=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,049</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" new=\"\" jersey=\"\"><span style=\"color: #000000;\">New Jersey</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1052=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,052</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" new=\"\" mexico=\"\"><span style=\"color: #000000;\">New Mexico</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :949=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$949</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" new=\"\" york=\"\"><span style=\"color: #000000;\">New York</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :952=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$952</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" north=\"\" carolina=\"\"><span style=\"color: #000000;\">North Carolina</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1118=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,118</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" north=\"\" dakota=\"\"><span style=\"color: #000000;\">North Dakota</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :906=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$906</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" ohio=\"\"><span style=\"color: #000000;\">Ohio</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :895=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$895</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" oklahoma=\"\"><span style=\"color: #000000;\">Oklahoma</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1114=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,114</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" oregon=\"\"><span style=\"color: #000000;\">Oregon</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :950=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$950</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" pennsylvania=\"\"><span style=\"color: #000000;\">Pennsylvania</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1003=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,003</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" rhode=\"\" island=\"\"><span style=\"color: #000000;\">Rhode Island</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :982=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$982</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" south=\"\" carolina=\"\"><span style=\"color: #000000;\">South Carolina</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1126=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,126</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" south=\"\" dakota=\"\"><span style=\"color: #000000;\">South Dakota</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :898=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$898</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" tennessee=\"\"><span style=\"color: #000000;\">Tennessee</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1118=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,118</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" texas=\"\"><span style=\"color: #000000;\">Texas</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1140=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,140</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" utah=\"\"><span style=\"color: #000000;\">Utah</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1025=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,025</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" vermont=\"\"><span style=\"color: #000000;\">Vermont</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1004=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,004</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" virginia=\"\"><span style=\"color: #000000;\">Virginia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1181=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,181</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" washington=\"\"><span style=\"color: #000000;\">Washington</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :986=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$986</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" west=\"\" virginia=\"\"><span style=\"color: #000000;\">West Virginia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1101=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$1,101</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" wisconsin=\"\"><span style=\"color: #000000;\">Wisconsin</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :903=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$903</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" wyoming=\"\"><span style=\"color: #000000;\">Wyoming</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :966=\"\" data-sheets-numberformat=\"{\" :2=\"\" 2=\"\" :=\"\" 0=\"\" :1=\"\"><span style=\"color: #000000;\">$966</span></td>\n</tr>\n</tbody>\n</table>\n<p><span style=\"color: #000000;\"><em>*The above table uses data from S&amp;P Global Market Intelligence.</em></span></p>\n<p><span style=\"color: #000000;\"><em></em></span></p>\n<h2 id=\"most-expensive-states-for-homeowners-insurance\" class=\"toc-header-element\"><span style=\"color: #000000;\">Most expensive states for homeowners insurance</span></h2>\n<p><span style=\"color: #000000;\">Here are the states where annual homeowners insurance premiums are least affordable, on average, according to S&amp;P Global:</span></p>\n<table dir=\"ltr\" border=\"1\" width=\"764\" cellspacing=\"0\" cellpadding=\"10px\"><colgroup> <col width=\"100\" /> <col width=\"165\" /></colgroup>\n<tbody>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" state=\"\"><span style=\"color: #000000;\"><strong>State</strong></span></td>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" average=\"\" annual=\"\" premium=\"\"><span style=\"color: #000000;\"><strong>Average Annual Premium</strong></span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" maryland=\"\"><span style=\"color: #000000;\">Maryland</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1212=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,212</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" virginia=\"\"><span style=\"color: #000000;\">Virginia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1181=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,181</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" delaware=\"\"><span style=\"color: #000000;\">Delaware</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1172=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,172</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" texas=\"\"><span style=\"color: #000000;\">Texas</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1140=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,140</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" georgia=\"\"><span style=\"color: #000000;\">Georgia</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :1137=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$1,137</span></td>\n</tr>\n</tbody>\n</table>\n<p><span style=\"color: #000000;\"><em>*The above table uses data from S&amp;P Global Market Intelligence.</em></span></p>\n<p><span style=\"color: #000000;\"><em></em></span></p>\n<h2 id=\"cheapest-states-for-homeowners-insurance\" class=\"toc-header-element\"><span style=\"color: #000000;\">Cheapest states for homeowners insurance</span></h2>\n<p><span style=\"color: #000000;\">Here are the states where annual homeowners insurance premiums are most affordable, on average, according to S&amp;P Global:</span></p>\n<table dir=\"ltr\" border=\"1\" width=\"762\" cellspacing=\"0\" cellpadding=\"10px\"><colgroup> <col width=\"100\" /> <col width=\"165\" /></colgroup>\n<tbody>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" state=\"\"><span style=\"color: #000000;\"><strong>State</strong></span></td>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" average=\"\" annual=\"\" premium=\"\"><span style=\"color: #000000;\"><strong>Average Annual Premium</strong></span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" ohio=\"\"><span style=\"color: #000000;\">Ohio</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :895=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$895</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" missouri=\"\"><span style=\"color: #000000;\">Missouri</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :897=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$897</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" south=\"\" dakota=\"\"><span style=\"color: #000000;\">South Dakota</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :898=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$898</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" wisconsin=\"\"><span style=\"color: #000000;\">Wisconsin</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :903=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$903</span></td>\n</tr>\n<tr>\n<td data-sheets-value=\"{\" 1=\"\" :2=\"\" 2=\"\" :=\"\" indiana=\"\"><span style=\"color: #000000;\">Indiana</span></td>\n<td data-sheets-value=\"{\" 1=\"\" :3=\"\" 3=\"\" :906=\"\" data-sheets-numberformat=\"[null,2,\" 0=\"\"><span style=\"color: #000000;\">$906</span></td>\n</tr>\n</tbody>\n</table>\n<p><span style=\"color: #000000;\"><em>*The above table uses data from S&amp;P Global Market Intelligence.</em></span></p>\n<p><span style=\"color: #000000;\"><em></em></span></p>\n<h2 id=\"the-factors-that-affect-homeowners-insurance-premiums\" class=\"toc-header-element\"><span style=\"color: #000000;\">The factors that affect homeowners insurance premiums</span></h2>\n<p><span style=\"color: #000000;\">As we\'ve already seen, your home\'s value and where it\'s located are two of the biggest variables that affect homeowners insurance prices. However, there are a few other factors that can drive your premiums up or down. </span></p>\n<h3><span style=\"color: #000000;\">Coverage levels</span></h3>\n<p><span style=\"color: #000000;\">The type of coverage you choose will impact the price that you pay for homeowners insurance. <strong>Cash value coverage</strong> is typically the most affordable. With this type of coverage, your insurance company will only pay what your property is worth minus depreciation, not what it would cost to actually <em>replace</em> your home and its belongings.</span></p>\n<p><span style=\"color: #000000;\">For more protection, you can choose <strong>replacement cost coverage</strong> instead. With this type of policy, your insurer will pay out what it would cost to repair or rebuild your home in today\'s dollars.</span></p>\n<p><span style=\"color: #000000;\">For example, if a tree fell through your house and destroyed your couch, a replacement cost policy would pay whatever it costs to replace the couch. But a cash value policy would only pay what the couch is worth today. And if the couch is several years old, its value could be much less than what you originally paid.</span></p>\n<p><span style=\"color: #000000;\">You can expect to pay more for replacement cost coverage, but it may be worth it to protect yourself against coverage gaps that can be caused by depreciation.</span></p>\n<h3><span style=\"color: #000000;\">Other variables</span></h3>\n<p><span style=\"color: #000000;\">Here are a few more factors that can affect the price of your homeowners insurance:</span></p>\n<ul>\n<li><span style=\"color: #000000;\"><strong>The deductible you choose</strong>: As a general rule, premiums go down as deductibles go up.</span></li>\n<li><span style=\"color: #000000;\"><strong>Age of your home</strong>: Older homes often require more work to rebuild to modern safety standards, so they can cost more to insure than newer homes.</span></li>\n<li><span style=\"color: #000000;\"><strong>Condition of your roof</strong>: If your roof is relatively new and in good condition you\'ll typically pay less than a homeowner with a roof that\'s old or built with lower-quality materials</span></li>\n<li><span style=\"color: #000000;\"><strong>Past claims</strong>: You can expect to pay more if you\'ve made several claims in the past or live in an area with a high claims rate.</span><span style=\"color: #000000;\"></span></li>\n</ul>\n<h2 class=\"toc-header-element\"><span style=\"color: #000000;\"></span></h2>\n<h2 id=\"how-to-save-money-on-homeowner\'s-insurance\" class=\"toc-header-element\"><span style=\"color: #000000;\">How to save money on homeowner\'s insurance</span></h2>\n<h3><span style=\"color: #000000;\">Add features to make your home safer</span></h3>\n<p><span style=\"color: #000000;\">If you\'re looking for ways to reduce your homeowners insurance premiums, think about ways you could improve the safety of your home. Adding any of the following safety features to your home could qualify you for a homeowners insurance discount:</span></p>\n<ul>\n<li><span style=\"color: #000000;\">Smoke detectors</span></li>\n<li><span style=\"color: #000000;\">Deadbolt locks</span></li>\n<li><span style=\"color: #000000;\">Fire extinguishers</span></li>\n<li><span style=\"color: #000000;\">Storm shutters</span></li>\n<li><span style=\"color: #000000;\">Security system</span></li>\n<li><span style=\"color: #000000;\">Sprinkler system</span></li>\n<li><span style=\"color: #000000;\">New or reinforced roof</span></li>\n</ul>\n<h3><span style=\"color: #000000;\">Bundle your insurance policies</span></h3>\n<p><span style=\"color: #000000;\">You may also be able to save on homeowners insurance by bundling your home and </span><a href=\"https://www.businessinsider.com/personal-finance/best-car-loans-options\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"100\">auto insurance policies</a><span style=\"color: #000000;\"> together. </span></p>\n<h3><span style=\"color: #000000;\">Raise your deductible</span></h3>\n<p><span style=\"color: #000000;\">Finally, raising your deductible could reduce your premiums. But make sure that you don\'t set a premium that\'s higher than you\'d be able to pay without going into debt. And know that if you have a mortgage on your home, your lender may require that your deductible stay below a certain limit.</span></p>\n<h3><span style=\"color: #000000;\">Shop around</span></h3>\n<p><span style=\"color: #000000;\">The last variable that can impact the price you pay for home insurance is the company you choose. Premiums can vary widely by insurance company. So one of the best ways to save on homeowners insurance could be simply to make sure that you shop around before choosing an insurance provider.</span></p>\n<p><span style=\"color: #000000;\">Aim to get at least three to five quotes before choosing a home insurer. Or, to save time, you could use an online homeowners insurance shopping tool like </span><a href=\"https://policygenius.go2cloud.org/aff_c?offer_id=120&amp;aff_id=1592&amp;redirect_slug=businessinsider-homeowners\" target=\"_blank\" rel=\"noopener noreferrer\" data-analytics-module=\"body_link\" data-analytics-post-depth=\"100\">Policygenius</a><span style=\"color: #000000;\"> to compare dozens of insurance companies at once.</span></p>\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"></span></p>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.businessinsider.com/personal-finance/average-homeowners-insurance-cost\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How much the average homeowner pays for insurance in the US, by state and home value','','inherit','closed','closed','','380-revision-v1','','','2020-05-25 22:35:15','2020-05-25 22:35:15','',380,'http://smartinsurance.tips/380-revision-v1/',0,'revision','',0),(455,1,'2020-05-26 23:55:10','2020-05-26 23:55:10','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">What Is Insurance Credit Scoring?</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"><img src=\"https://www.thebalance.com/thmb/PJYgiqsdb9ifVbC1DeWRfqnSeKw=/2121x1414/filters:fill(auto,1)/InsuranceScorehowitworks-5a42f332494ec90036720943.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">What makes a person really insurable? Is there a score that can help you understand how to get lower insurance prices or good deals on your insurance premiums?</span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Some companies use Insurance-Credit scoring, but there is no one score used by everyone.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">We review all the factors that go into how an insurance company determines your insurability, as well as provide insight into what kinds of things could help you bring your insurance prices down by understanding insurance scoring with a few simple tips.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Scoring and How It Works</span></h2>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">For years insurance companies have been experts at coming up with ways to figure out how likely it is that an accident or \"loss\" will happen, or analyzing what the risk is in a situation. Based on this assessment and using complex factors, insurance companies determine premiums.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Some companies may use stability rating or micro rating, for example, which may combine aspects of credit rating, zip or postal code rating data (which focuses on location in known claims areas) or risks based on the infrastructure of the district (that impact claims). <span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\">1</span></span></p>\n<p><span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\" style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">These are all very complex, so as a base point, understanding how an insurance premium works, gives a pretty straightforward insight into your insurability or how an insurance company would score you as a potential client or risk.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Are the Factors?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Most people think about their basic loss experience, or the number of claims when they think about insurance rates.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance claims are not the only factors that come into play when an insurance company is assessing your insurability and the appropriate pricing for insuring you. Here are several factors that can impact your cost of insurance:</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ol>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Your Insurance History</strong></span><br /><span style=\"color: #000000;\"> How long you have been insured, if you have paid your premiums consistently, if you have ever been canceled for non-payment by an insurance company. </span></li>\n<li><span style=\"color: #000000;\"><strong>Your General Financial History and Behavior</strong></span><br /><span style=\"color: #000000;\"> Although credit scoring is not used with all insurance companies or in all states, many insurance companies may ask for your permission to check your credit. Having declared a recent bankruptcy or poor credit may affect what kind of policy you qualify for. </span></li>\n<li><span style=\"color: #000000;\"><strong style=\"font-size: 14px;\">Your Driving Record, and Claims History<br /> </strong>How many tickets or moving violations you have on your driving record can impact your insurability and cost of your car insurance. Some insurance companies have underwriting guidelines that will not allow them to insure you when you have too many claims or tickets, in these cases, you may have to go to a high-risk insurer or pay much higher costs.</span></li>\n<li><span style=\"color: #000000;\"><strong style=\"font-size: 14px;\">How You Use Your Car<br /> </strong>If you do high mileage or use your car for business, this will also play into your car insurance rate<span style=\"font-size: 14px;\">. For example, if you have several drivers on one car, the risks of having an accident increases because the car is on the road a lot more than if just one person is driving to and from work every day. Higher mileage may pay higher rates due to increased usage or mileage even though the primary driver is only driving to and from work a very short commute every day; the annual mileage will help the insurance company understand how often the car is on the road. The more a car is on the road, the more likely an accident is to occur.</span></span></li>\n<li><span style=\"color: #000000;\"><strong style=\"font-size: 14px;\">Your Personal Information<br /> </strong>Every insurance company has different target clients. For example, if a company is trying to appeal to seniors, then just being a senior may make you \"score higher\" with the insurance company who is trying to appeal to senior-aged clients. Another example is insurance companies who are trying to attract university graduates, professionals or people living in certain neighborhoods.</span></li>\n</ol>\n</ol>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<blockquote>\n<p><span style=\"color: #000000;\">The moment your personal profile falls into what the insurance company is looking to insure, your insurability and \"score\" or appeal with that insurance company increases and your price will be competitive.</span></p>\n<p>&nbsp;</p>\n</blockquote>\n</div>\n<h2 id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Do All Insurance Companies Use the Same Insurability Criteria?</span></h2>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">No, there is no one \"insurance score\" that all insurance companies use.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CLWZ9JOP0OkCFZ3IYgodfEoDSA\">\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"><span style=\"color: #000000;\"><span style=\"font-size: 14px; text-align: left;\">There are only guidelines and common aspects of factors each insurance company will use depending on their own business strategy. Each insurance company has</span><span style=\"font-size: 14px; text-align: left;\"> </span>actuaries and underwriters who determine rates<span style=\"font-size: 14px; text-align: left;\">. Your \"score\" would be viewed differently with each of them, based on their underwriting criteria. </span></span></div>\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div>\n<p><span style=\"color: #000000;\"><span style=\"font-size: 14px; text-align: left;\"><br /> O</span><span style=\"font-size: 14px;\">ne factor that will help get you a good price with many insurance companies, regardless of their business plan or target clients, is having a high</span><span style=\"font-size: 14px;\"> </span>insurance credit score<span style=\"font-size: 14px;\">. </span></span></p>\n<p><span style=\"color: #000000;\">Studies have shown that having high credit scores are indicators of financial stability, and financial stability has been shown to be a good indicator of how likely a person is to make a claim.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\"></div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Credit-Based</span></h2>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">According to the Insurance Information Institute, thinking that your credit score has nothing to do with your insurance is a myth. </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How Do You Figure It Out?</span> </h2>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">There is no one score that will apply to all insurance companies because they all use different ratings.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Using different rating structures is one-way insurance companies can compete in the marketplace. Each insurance company identifies areas they think they can do well in, and go after that kind of client. You can become familiar with your credit score though.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Determination</span></h2>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The National Association of Insurance Commissioners (NAIC) explains that there are a few different companies that provide Insurance-Credit Scores to insurance companies. For example, according to the NAIC, this is what FICO provides insurers when they are asked for the insurance credit score:</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">Payment History</span></li>\n<li><span style=\"color: #000000;\">Outstanding Debt</span></li>\n<li><span style=\"color: #000000;\">Credit History Length</span></li>\n<li><span style=\"color: #000000;\">New Credit Applications</span></li>\n<li><span style=\"color: #000000;\">Credit Mix (type of loans, credit cards, revolving credit, etc.)</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Those factors can change fairly quickly, so if you are hit with high insurance rates one year, and it happened to be the year you had maxed out all your cards and had to get a new car, so we\'re applying for credit a lot, 6 months to a year later your insurance credit score <em>could change completely</em> when things settle down.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp theme-experttipwarning mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">If any of your credit score factors change, an insurance premium that uses credit-based insurance scoring may also change as the situation settles down or stabilizes always be sure and follow up on this at the time of your renewal, or anytime you get a chance to revise your rating.</span></p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"> All of these factors are confusing. If all insurance companies had one way to look at things it would make things much easier for consumers. On the flip side, it might eliminate healthy competition because there would be no competitive advantage. It would also eliminate the opportunity for you to get lower rates when your profile is better than average.</span></p>\n<p> <span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Online Tool: What Is \"Insurability Score\"</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">One company has come up with an easy online tool that gives an \"<strong><em>Insurability Score</em></strong>\", but it is important to note that this is not a rating factor in itself used by insurance companies. It is not the same as the insurance credit score or insurance-credit scoring. The <strong><em>Insurability Score</em></strong> is a tool developed by <strong><em>The Zebra</em></strong> to help consumers understand their general insurance profile on a basic level by asking questions and providing a \"score\". According to <strong><em>The Zebra</em></strong>, this gives users unique insight into behaviors and factors that affect their auto insurance risk.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Different Ways Insurance Companies Score You</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">We\'ve gone over several different ways insurance companies may \"score\" you to:</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">determine your insurability</span></li>\n<li><span style=\"color: #000000;\">give discounts</span></li>\n<li><span style=\"color: #000000;\">use credit score and insurance payment history</span></li>\n<li><span style=\"color: #000000;\">offer better insurance rates and lower prices</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The most important factor in figuring out how insurable you are is to understand what criteria are important to the insurance company.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Once you understand how they will be rating you, you can try and renegotiate rates when the factors are in your favor and improve factors that are hurting you or find another insurance company willing to offer you better prices.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left;\"><span style=\"color: #000000;\">To read the full article,</span> </span><a href=\"https://www.thebalance.com/what-is-insurance-credit-scoring-4156729\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What Is Insurance Credit Scoring?','','inherit','closed','closed','','389-revision-v1','','','2020-05-26 23:55:10','2020-05-26 23:55:10','',389,'http://smartinsurance.tips/389-revision-v1/',0,'revision','',0),(393,1,'2020-05-25 23:10:53','2020-05-25 23:10:53','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">What Is Insurance Credit Scoring?</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"><img src=\"https://www.thebalance.com/thmb/PJYgiqsdb9ifVbC1DeWRfqnSeKw=/2121x1414/filters:fill(auto,1)/InsuranceScorehowitworks-5a42f332494ec90036720943.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\">What makes a person really insurable? Is there a score that can help you understand how to </span><a href=\"https://www.thebalance.com/ways-to-lower-home-insurance-costs-and-save-money-4175276\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">get lower insurance prices</a><span> </span><span style=\"color: #000000;\">or good deals on your insurance premiums?</span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Some companies use Insurance-Credit scoring, but there is no one score used by everyone.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">We review all the factors that go into how an insurance company determines your insurability, as well as provide insight into what kinds of things could help you bring your insurance prices down by understanding insurance scoring with a few simple tips.</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Scoring and How It Works</span></h2>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">For years insurance companies have been experts at coming up with ways to figure out how likely it is that an accident or \"loss\" will happen, or </span><a href=\"https://www.thebalance.com/what-is-insurance-underwriting-2645778\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">analyzing what the risk is</a><span> </span><span style=\"color: #000000;\">in a situation. Based on this assessment and using complex factors, insurance companies determine premiums.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Some companies may use stability rating or micro rating, for example, which may combine aspects of credit rating, zip or postal code rating data (which focuses on location in known claims areas) or risks based on the infrastructure of the district (that impact claims). <span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\">1</span></span></p>\n<p><span style=\"color: #000000;\"><span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"></span></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">These are all very complex, so as a base point, understanding </span><a href=\"https://www.thebalance.com/understanding-what-is-an-insurance-premium-4155239\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">how an insurance premium works</a><span style=\"color: #000000;\">, gives a pretty straightforward insight into your insurability or how an insurance company would score you as a potential client or</span><span> </span><a href=\"https://www.thebalance.com/homeowners-insurance-peril-2645726\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">risk</a><span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Are the Factors?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Most people think about their basic loss experience, or the number of claims when they think about insurance rates.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance claims are not the only factors that come into play when an insurance company is assessing your insurability and the appropriate pricing for insuring you. Here are several factors that can impact your cost of insurance:</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ol>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Your Insurance History</strong></span><br /><span style=\"color: #000000;\">How long you have been insured, if you have paid your premiums consistently, if you have ever been</span><span> </span><a href=\"https://www.thebalance.com/policy-canceled-for-non-payment-2645553\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">canceled for non-payment</a><span> </span><span style=\"color: #000000;\">by an insurance company. </span><span style=\"color: #000000;\"></span></li>\n<li><span style=\"color: #000000;\"><strong>Your General Financial History and Behavior</strong></span><br /><span style=\"color: #000000;\">Although credit scoring is not used with all insurance companies or in all states, many insurance companies may ask for your permission to check your credit. Having declared a recent bankruptcy or poor credit may affect what kind of policy you qualify for. </span></li>\n<li><strong style=\"color: #000000; font-size: 14px;\">Your Driving Record, and Claims History<br /></strong><span style=\"color: #000000;\">How many tickets or moving violations you have on your driving record can impact your insurability and </span><a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">cost of your car insurance</a><span style=\"color: #000000;\">. Some insurance companies have underwriting guidelines that will not allow them to insure you when you have</span><span> </span><a href=\"https://www.thebalance.com/what-is-a-car-insurance-surcharge-527252\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">too many claims or tickets</a><span style=\"color: #000000;\">, in these cases, you may have to go to a high-risk insurer or pay much higher costs.</span></li>\n<li><strong style=\"color: #000000; font-size: 14px;\">How You Use Your Car<br /></strong>If you do high mileage or use your car for business, this will also play into your <a href=\"https://www.thebalance.com/best-car-insurance-4158710\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"4\" style=\"font-size: 14px;\">car insurance rate</a><span style=\"font-size: 14px; color: #000000;\">. For example, if you have several drivers on one car, the risks of having an accident increases because the car is on the road a lot more than if just one person is driving to and from work every day. Higher mileage may pay higher rates due to increased usage or mileage even though the primary driver is only driving to and from work a very short commute every day; the annual mileage will help the insurance company understand how often the car is on the road. The more a car is on the road, the more likely an accident is to occur.</span></li>\n<li><strong style=\"color: #000000; font-size: 14px;\">Your Personal Information<br /></strong><span style=\"color: #000000;\">Every insurance company has different target clients. For example, if a company is trying to appeal to seniors, then just being a senior may make you \"score higher\" with the insurance company who is trying to appeal to senior-aged clients. Another example is insurance companies who are trying to attract university graduates, professionals or people living in certain neighborhoods.</span></li>\n</ol>\n</ol>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<blockquote>\n<p><span style=\"color: #000000;\">The moment your personal profile falls into what the insurance company is looking to insure, your insurability and \"score\" or appeal with that insurance company increases and your price will be competitive.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</blockquote>\n</div>\n<h2 id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Do All Insurance Companies Use the Same Insurability Criteria?</span></h2>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">No, there is no one \"insurance score\" that all insurance companies use.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CLWZ9JOP0OkCFZ3IYgodfEoDSA\">\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"><span style=\"color: #000000;\"><span style=\"font-size: 14px; text-align: left;\">There are only guidelines and common aspects of factors each insurance company will use depending on their own business strategy. Each insurance company has</span><span style=\"font-size: 14px; text-align: left;\"> </span></span><a href=\"https://www.thebalance.com/what-is-insurance-underwriting-2645778\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px; text-align: left;\">actuaries and underwriters who determine rates</a><span style=\"font-size: 14px; text-align: left; color: #000000;\">. Your \"score\" would be viewed differently with each of them, based on their underwriting criteria. </span></div>\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div>\n<p><span style=\"font-size: 14px; text-align: left; color: #000000;\"><br />O</span><span style=\"font-size: 14px; color: #000000;\">ne factor that will help get you a good price with many insurance companies, regardless of their business plan or target clients, is having a high</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.iii.org/article/what-does-my-credit-rating-have-do-purchasing-insurance-1\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"externalLink\" data-ordinal=\"1\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"font-size: 14px;\">insurance credit score</a><span style=\"font-size: 14px; color: #000000;\">. </span></p>\n<p>Studies have shown that having high credit scores are indicators of financial stability, and financial stability has been shown to be a good indicator of how likely a person is to make a claim.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\"></div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Credit-Based</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">According to the Insurance Information Institute, thinking that your credit score has nothing to do with your insurance is a myth. </span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How Do You Figure It Out?</span></h2>\n<p>&nbsp;</p>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">There is no one score that will apply to all insurance companies because they all use different ratings.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Using different rating structures is one-way insurance companies can compete in the marketplace. Each insurance company identifies areas they think they can do well in, and go after that kind of client. You can become familiar with your credit score though.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Determination</span></h2>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The National Association of Insurance Commissioners (NAIC) explains that there are a few different companies that provide Insurance-Credit Scores to insurance companies. For example, according to the NAIC, this is what FICO provides insurers when they are asked for the insurance credit score:</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">Payment History</span></li>\n<li><span style=\"color: #000000;\">Outstanding Debt</span></li>\n<li><span style=\"color: #000000;\">Credit History Length</span></li>\n<li><span style=\"color: #000000;\">New Credit Applications</span></li>\n<li><span style=\"color: #000000;\">Credit Mix (type of loans, credit cards, revolving credit, etc.)</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Those factors can change fairly quickly, so if you are hit with high insurance rates one year, and it happened to be the year you had maxed out all your cards and had to get a new car, so we\'re applying for credit a lot, 6 months to a year later your insurance credit score <em>could change completely</em> when things settle down.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp theme-experttipwarning mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">If any of your credit score factors change, an insurance premium that uses credit-based insurance scoring may also change as the situation settles down or stabilizes always be sure and follow up on this at the time of your renewal, or anytime you get a chance to revise your rating.</span></p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"><br />All of these factors are confusing. If all insurance companies had one way to look at things it would make things much easier for consumers. On the flip side, it might eliminate healthy competition because there would be no competitive advantage. It would also eliminate the opportunity for you to get lower rates when your profile is better than average.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Online Tool: What Is \"Insurability Score\"</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">One company has come up with an easy online tool that gives an \"<strong><em>Insurability Score</em></strong>\", but it is important to note that this is not a rating factor in itself used by insurance companies. It is not the same as the insurance credit score or insurance-credit scoring. The <strong><em>Insurability Score</em></strong> is a tool developed by <strong><em>The Zebra</em></strong> to help consumers understand their general insurance profile on a basic level by asking questions and providing a \"score\". According to <strong><em>The Zebra</em></strong>, this gives users unique insight into behaviors and factors that affect their auto insurance risk.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Different Ways Insurance Companies Score You</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">We\'ve gone over several different ways insurance companies may \"score\" you to:</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">determine your insurability</span></li>\n<li><span style=\"color: #000000;\">give discounts</span></li>\n<li><span style=\"color: #000000;\">use credit score and insurance payment history</span></li>\n<li><span style=\"color: #000000;\">offer better insurance rates and lower prices</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The most important factor in figuring out how insurable you are is to understand what criteria are important to the insurance company.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Once you understand how they will be rating you, you can try and renegotiate rates when the factors are in your favor and improve factors that are hurting you or <a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"color: #000000;\">find another insurance company</a> willing to offer you better prices.</span></p>\n<p>&nbsp;</p>\n</div>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\">To read the full article, </span><a href=\"https://www.thebalance.com/what-is-insurance-credit-scoring-4156729\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What Is Insurance Credit Scoring?','','inherit','closed','closed','','389-revision-v1','','','2020-05-25 23:10:53','2020-05-25 23:10:53','',389,'http://smartinsurance.tips/389-revision-v1/',0,'revision','',0),(392,1,'2020-05-25 23:09:42','2020-05-25 23:09:42','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 class=\"headline\" itemprop=\"headline\" style=\"text-align: center;\"><strong>5 Trends That Will Reshape Customer Service Over the Next 5 Years</strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"><img src=\"https://www.thebalance.com/thmb/PJYgiqsdb9ifVbC1DeWRfqnSeKw=/2121x1414/filters:fill(auto,1)/InsuranceScorehowitworks-5a42f332494ec90036720943.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\">What makes a person really insurable? Is there a score that can help you understand how to </span><a href=\"https://www.thebalance.com/ways-to-lower-home-insurance-costs-and-save-money-4175276\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">get lower insurance prices</a><span> </span><span style=\"color: #000000;\">or good deals on your insurance premiums?</span></p>\n<p style=\"text-align: justify;\"></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Some companies use Insurance-Credit scoring, but there is no one score used by everyone.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">We review all the factors that go into how an insurance company determines your insurability, as well as provide insight into what kinds of things could help you bring your insurance prices down by understanding insurance scoring with a few simple tips.</span></p>\n<p>&nbsp;</p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Insurance Scoring and How It Works</span></h2>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">For years insurance companies have been experts at coming up with ways to figure out how likely it is that an accident or \"loss\" will happen, or </span><a href=\"https://www.thebalance.com/what-is-insurance-underwriting-2645778\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">analyzing what the risk is</a><span> </span><span style=\"color: #000000;\">in a situation. Based on this assessment and using complex factors, insurance companies determine premiums.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Some companies may use stability rating or micro rating, for example, which may combine aspects of credit rating, zip or postal code rating data (which focuses on location in known claims areas) or risks based on the infrastructure of the district (that impact claims). <span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\">1</span></span></p>\n<p><span style=\"color: #000000;\"><span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"></span></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">These are all very complex, so as a base point, understanding </span><a href=\"https://www.thebalance.com/understanding-what-is-an-insurance-premium-4155239\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">how an insurance premium works</a><span style=\"color: #000000;\">, gives a pretty straightforward insight into your insurability or how an insurance company would score you as a potential client or</span><span> </span><a href=\"https://www.thebalance.com/homeowners-insurance-peril-2645726\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">risk</a><span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What Are the Factors?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Most people think about their basic loss experience, or the number of claims when they think about insurance rates.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Insurance claims are not the only factors that come into play when an insurance company is assessing your insurability and the appropriate pricing for insuring you. Here are several factors that can impact your cost of insurance:</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ol>\n<ol>\n<li><span style=\"color: #000000;\"><strong>Your Insurance History</strong></span><br /><span style=\"color: #000000;\">How long you have been insured, if you have paid your premiums consistently, if you have ever been</span><span> </span><a href=\"https://www.thebalance.com/policy-canceled-for-non-payment-2645553\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">canceled for non-payment</a><span> </span><span style=\"color: #000000;\">by an insurance company. </span><span style=\"color: #000000;\"></span></li>\n<li><span style=\"color: #000000;\"><strong>Your General Financial History and Behavior</strong></span><br /><span style=\"color: #000000;\">Although credit scoring is not used with all insurance companies or in all states, many insurance companies may ask for your permission to check your credit. Having declared a recent bankruptcy or poor credit may affect what kind of policy you qualify for. </span></li>\n<li><strong style=\"color: #000000; font-size: 14px;\">Your Driving Record, and Claims History<br /></strong><span style=\"color: #000000;\">How many tickets or moving violations you have on your driving record can impact your insurability and </span><a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">cost of your car insurance</a><span style=\"color: #000000;\">. Some insurance companies have underwriting guidelines that will not allow them to insure you when you have</span><span> </span><a href=\"https://www.thebalance.com/what-is-a-car-insurance-surcharge-527252\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">too many claims or tickets</a><span style=\"color: #000000;\">, in these cases, you may have to go to a high-risk insurer or pay much higher costs.</span></li>\n<li><strong style=\"color: #000000; font-size: 14px;\">How You Use Your Car<br /></strong>If you do high mileage or use your car for business, this will also play into your <a href=\"https://www.thebalance.com/best-car-insurance-4158710\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"4\" style=\"font-size: 14px;\">car insurance rate</a><span style=\"font-size: 14px; color: #000000;\">. For example, if you have several drivers on one car, the risks of having an accident increases because the car is on the road a lot more than if just one person is driving to and from work every day. Higher mileage may pay higher rates due to increased usage or mileage even though the primary driver is only driving to and from work a very short commute every day; the annual mileage will help the insurance company understand how often the car is on the road. The more a car is on the road, the more likely an accident is to occur.</span></li>\n<li><strong style=\"color: #000000; font-size: 14px;\">Your Personal Information<br /></strong><span style=\"color: #000000;\">Every insurance company has different target clients. For example, if a company is trying to appeal to seniors, then just being a senior may make you \"score higher\" with the insurance company who is trying to appeal to senior-aged clients. Another example is insurance companies who are trying to attract university graduates, professionals or people living in certain neighborhoods.</span></li>\n</ol>\n</ol>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<blockquote>\n<p><span style=\"color: #000000;\">The moment your personal profile falls into what the insurance company is looking to insure, your insurability and \"score\" or appeal with that insurance company increases and your price will be competitive.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</blockquote>\n</div>\n<h2 id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Do All Insurance Companies Use the Same Insurability Criteria?</span></h2>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">No, there is no one \"insurance score\" that all insurance companies use.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CLWZ9JOP0OkCFZ3IYgodfEoDSA\">\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"><span style=\"color: #000000;\"><span style=\"font-size: 14px; text-align: left;\">There are only guidelines and common aspects of factors each insurance company will use depending on their own business strategy. Each insurance company has</span><span style=\"font-size: 14px; text-align: left;\"> </span></span><a href=\"https://www.thebalance.com/what-is-insurance-underwriting-2645778\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px; text-align: left;\">actuaries and underwriters who determine rates</a><span style=\"font-size: 14px; text-align: left; color: #000000;\">. Your \"score\" would be viewed differently with each of them, based on their underwriting criteria. </span></div>\n<div><span style=\"font-size: 14px; text-align: left; color: #000000;\"></span></div>\n<div>\n<p><span style=\"font-size: 14px; text-align: left; color: #000000;\"><br />O</span><span style=\"font-size: 14px; color: #000000;\">ne factor that will help get you a good price with many insurance companies, regardless of their business plan or target clients, is having a high</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.iii.org/article/what-does-my-credit-rating-have-do-purchasing-insurance-1\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"externalLink\" data-ordinal=\"1\" target=\"_blank\" rel=\"noopener noreferrer\" style=\"font-size: 14px;\">insurance credit score</a><span style=\"font-size: 14px; color: #000000;\">. </span></p>\n<p>Studies have shown that having high credit scores are indicators of financial stability, and financial stability has been shown to be a good indicator of how likely a person is to make a claim.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\"></div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Credit-Based</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">According to the Insurance Information Institute, thinking that your credit score has nothing to do with your insurance is a myth. </span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How Do You Figure It Out?</span></h2>\n<p>&nbsp;</p>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">There is no one score that will apply to all insurance companies because they all use different ratings.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Using different rating structures is one-way insurance companies can compete in the marketplace. Each insurance company identifies areas they think they can do well in, and go after that kind of client. You can become familiar with your credit score though.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Determination</span></h2>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The National Association of Insurance Commissioners (NAIC) explains that there are a few different companies that provide Insurance-Credit Scores to insurance companies. For example, according to the NAIC, this is what FICO provides insurers when they are asked for the insurance credit score:</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">Payment History</span></li>\n<li><span style=\"color: #000000;\">Outstanding Debt</span></li>\n<li><span style=\"color: #000000;\">Credit History Length</span></li>\n<li><span style=\"color: #000000;\">New Credit Applications</span></li>\n<li><span style=\"color: #000000;\">Credit Mix (type of loans, credit cards, revolving credit, etc.)</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Those factors can change fairly quickly, so if you are hit with high insurance rates one year, and it happened to be the year you had maxed out all your cards and had to get a new car, so we\'re applying for credit a lot, 6 months to a year later your insurance credit score <em>could change completely</em> when things settle down.</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp theme-experttipwarning mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">If any of your credit score factors change, an insurance premium that uses credit-based insurance scoring may also change as the situation settles down or stabilizes always be sure and follow up on this at the time of your renewal, or anytime you get a chance to revise your rating.</span></p>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\"><br />All of these factors are confusing. If all insurance companies had one way to look at things it would make things much easier for consumers. On the flip side, it might eliminate healthy competition because there would be no competitive advantage. It would also eliminate the opportunity for you to get lower rates when your profile is better than average.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Online Tool: What Is \"Insurability Score\"</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">One company has come up with an easy online tool that gives an \"<strong><em>Insurability Score</em></strong>\", but it is important to note that this is not a rating factor in itself used by insurance companies. It is not the same as the insurance credit score or insurance-credit scoring. The <strong><em>Insurability Score</em></strong> is a tool developed by <strong><em>The Zebra</em></strong> to help consumers understand their general insurance profile on a basic level by asking questions and providing a \"score\". According to <strong><em>The Zebra</em></strong>, this gives users unique insight into behaviors and factors that affect their auto insurance risk.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<h2 id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-heading\" style=\"text-align: justify;\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Different Ways Insurance Companies Score You</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">We\'ve gone over several different ways insurance companies may \"score\" you to:</span></p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<ul>\n<li><span style=\"color: #000000;\">determine your insurability</span></li>\n<li><span style=\"color: #000000;\">give discounts</span></li>\n<li><span style=\"color: #000000;\">use credit score and insurance payment history</span></li>\n<li><span style=\"color: #000000;\">offer better insurance rates and lower prices</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">The most important factor in figuring out how insurable you are is to understand what criteria are important to the insurance company.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\" style=\"text-align: justify;\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><span style=\"color: #000000;\">Once you understand how they will be rating you, you can try and renegotiate rates when the factors are in your favor and improve factors that are hurting you or <a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"color: #000000;\">find another insurance company</a> willing to offer you better prices.</span></p>\n<p>&nbsp;</p>\n</div>\n<p style=\"text-align: justify;\"><span style=\"font-size: 14px; text-align: left; color: #000000;\">To read the full article, </span><a href=\"https://www.thebalance.com/what-is-insurance-credit-scoring-4156729\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','What Is Insurance Credit Scoring?','','inherit','closed','closed','','389-revision-v1','','','2020-05-25 23:09:42','2020-05-25 23:09:42','',389,'http://smartinsurance.tips/389-revision-v1/',0,'revision','',0),(480,1,'2020-06-23 22:18:42','2020-06-23 22:18:42','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-text-block\" style=\"text-align: center;\"><strong>5 Renovations That Can Impact Your Home Insurance</strong></h1>\n[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\">\n<p style=\"text-align: left;\"><span style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\"></div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block finance-sc-block-html mntl-sc-block-html\" style=\"text-align: justify;\">\n<p><img src=\"https://rismedia.com/wp-content/uploads/2020/06/pool_install_1210285606-1080x627.jpg\" style=\"display: block; margin-left: auto; margin-right: auto;\" /><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">(TNS)— Planning a home renovation can involve fun activities, such as designing a new floor plan or picking fixtures and paint colors. Having a heart-to-heart with your home insurance carrier may not be part of your preparations, but it should be.</span></p>\n<p><span style=\"color: #000000;\">Many house improvements that boost your home’s value could render your home insurance coverage inadequate and leave you vulnerable to losses. Other upgrades may trigger lower premiums—savings you don’t want to miss simply because you didn’t think about your home insurance during renovation.</span></p>\n<p><span style=\"color: #000000;\">Some home renovations greatly increase the value of your home and the cost of your home insurance, while others not so much. Here’s what you can expect with the following popular home renovations.</span></p>\n<div class=\"QI7shHAc\"></div>\n<p><span style=\"color: #000000;\"><strong>1. Renovating your roof: Decrease<br /></strong>A new roof may not be the most exciting home improvement, but it sure can save a lot of cash when it comes to homeowners insurance.</span></p>\n<p><span style=\"color: #000000;\">Some homeowners can get even bigger discounts if they live in hurricane-, wind- or hail-prone states and their new roof employs special loss-mitigation measures, such as hurricane straps, waterproofing or the very best shingles.</span></p>\n<p><span style=\"color: #000000;\">While most home policies cover roofs, some insurers use depreciation schedules based on the age of the roof to determine how much protection you get, says Hutchinson. Based on the age of the roof, some policies won’t cover it at all. But the newer the roof, the more the insurer will spend to replace it. Consider adding flood insurance if you live in a flood-prone area as your flood insurance could cover the cost of damage or leaks to your roof.</span></p>\n<div class=\"C6EXxZTb\"></div>\n<p><span style=\"color: #000000;\"><strong>2. Building a pool: Increase<br /></strong>A pool may make you the most popular house on the block, but it means your home is the riskiest from an insurance standpoint.</span></p>\n<p><span style=\"color: #000000;\">The standard policy usually comes with $100,000 in personal liability protection, which would cover medical costs for a person injured in your pool and any legal expenses if you’re sued. However, an insurer may recommend that a pool owner opt for at least $500,000 in liability coverage.</span></p>\n<p><span style=\"color: #000000;\">The insurer also may require a fence around the pool with a lock to cover the newly-built liability. If the pool has a diving board or slide, it will be considered an even greater potential hazard.</span></p>\n<div class=\"u2VPAp6f\"></div>\n<p><span style=\"color: #000000;\"><strong>3. Adding an office for a home business: Increase<br /></strong>Say you want to go full time making reclaimed-wood furniture at home for your Etsy site. Will your home insurance cover the assets of your newfound business?</span></p>\n<p><span style=\"color: #000000;\">Most homeowners policies protect equipment for home-based businesses up to about $2,500. That might not be enough for a business owner who uses specialized machinery or stores large amounts of supplies or inventory. Unfortunately, you may need to bolster your existing policy or purchase an additional business policy.</span></p>\n<p><span style=\"color: #000000;\">This is particularly true if your business is the type that creates heavier foot traffic in your home, such as piano lessons or private yoga sessions.</span></p>\n<p><span style=\"color: #000000;\">However, if your business doesn’t bring visitors to your home and requires little equipment or supplies outside of a basic computer, your existing home policy should do the trick.</span></p>\n<p><span style=\"color: #000000;\">That said, depending on your insurance provider, you may have a few options:</span></p>\n<p><span style=\"color: #000000;\">– Endorsement to your existing homeowners policy: This typically jumps the $2,500 protection amount to $5,000</span><br /><span style=\"color: #000000;\">– Businessowners policy: Combines a wide array of coverages into a single policy</span><br /><span style=\"color: #000000;\">– In-home Business Insurance: Costs about $300 a year, and features the same protection you would get if you were a larger company with smaller policy limits and premiums</span></p>\n<p><span style=\"color: #000000;\"><strong>4. Expanding your space: Increase<br /></strong>Sometimes a home needs to grow to accommodate an expanding family. That can mean adding more livable square footage, such as in a dank basement or humid attic above the garage. In other instances, a new addition may be in order.</span></p>\n<p><span style=\"color: #000000;\">Your insurance will need to be altered to account for the value of the new space.</span><br /><span style=\"color: #000000;\">You may need to consider other types of coverage for the newly built areas of your home. A finished basement with new carpet, drywall and insulation may need water backup coverage if the sump pump is located there, says Towns.</span></p>\n<p><span style=\"color: #000000;\"><strong>5. Upgrading your kitchen or bath: Both<br /></strong>Sometimes nothing can give a house the facelift it needs quite like making over a kitchen into a chef’s dream or a master bathroom into a spa sanctuary. But unless you give your home insurance a makeover, too, the renovation may be at risk.</span></p>\n<p><span style=\"color: #000000;\">For example, say your insurer based your coverage on a kitchen with laminate countertops and generic cabinets. But then you spend $40,000 on granite countertops, custom cabinets and top-of-the-line appliances. Would your existing coverage be sufficient to rebuild your remodeled kitchen after a disaster?</span></p>\n<p><span style=\"color: #000000;\">Not if you don’t update your policy.</span></p>\n<p><span style=\"color: #000000;\">Call your insurer about the renovation and provide records and photos to validate what you’ve done. Your premium most likely will go up because your home is now worth more.</span></p>\n<p><span style=\"color: #000000;\">One small bonus: If your contractor upgrades the home’s electrical or plumbing systems during a kitchen or bath renovation, you could wind up with an insurance discount. Depending on the type of upgrade, it could be as much as 20 percent. However, you will need to ask if you qualify for a discount. It won’t be given to you automatically.</span></p>\n<p><span style=\"color: #000000;\">To protect the full value of your home, you will need to update your home insurance after a renovation. To be on the safe side, you should let your insurer know before you make the renovations in case something goes wrong during the process.</span></p>\n<p><span style=\"color: #000000;\"><strong>Q: Do I need to increase my homeowners insurance after renovating?</strong></span></p>\n<p><span style=\"color: #000000;\">Even though experts estimate that remodeling projects increase home values at least by 25 percent, many homeowners don’t increase their coverage.</span></p>\n<p><span style=\"color: #000000;\">When you chose your insurance provider, part of your premium was established by your home’s square footage and the cost that would be required to fix or rebuild it. This means that when you increase the value of your home, you also need to increase the cost of your coverage. Without increased coverage, should a disastrous event occur, any improvements you’ve made will not be covered.</span></p>\n<p><span style=\"color: #000000;\">Another thing you need to consider is that if you make significant improvements outside of your home, meaning you add structures like a high-end shed or pool, they will not be covered unless you purchase other structures add-on coverage.</span></p>\n<p><span style=\"color: #000000;\"><strong>Q: So do you need homeowners insurance during remodeling?</strong></span></p>\n<p><span style=\"color: #000000;\">Short answer: Yes.</span></p>\n<p><span style=\"color: #000000;\">During renovations you need to protect items in your home that aren’t covered with the typical homeowners insurance policy, so speak to your insurance provider about purchasing the following home renovation insurance:</span></p>\n<p><span style=\"color: #000000;\"><strong><em>Construction Material Coverage<br /></em></strong>This coverage protects any materials you’ve purchased whether they’re on your property or are en route to your property. If they are damaged or stolen, construction material coverage will cover the costs of their replacement.</span></p>\n<p><span style=\"color: #000000;\"><strong><em>Foundation Collapse<br /></em></strong>Should your home’s foundation be damaged during construction, foundation collapse will cover the cost of its repair.</span></p>\n<p><span style=\"color: #000000;\"><strong><em>Vacant Home Insurance<br /></em></strong>If you need to live outside of your home while renovations or remodeling is being done, you should purchase vacant home insurance. This will protect your home should any damage occur to it and you don’t notice it until you’re back home.</span></p>\n<p><span style=\"color: #000000;\">Don’t forget to make copies of your contractor’s insurance.</span></p>\n<p><span style=\"color: #000000;\">Contractors normally have insurance to protect them and you while they’re on the job. To work on your home, they will need liability, property and worker’s compensation. Get copies of each before signing any type of agreement with them.</span></p>\n<p>&nbsp;</p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: justify;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: justify;\"><span><span style=\"color: #000000;\">To read the full article, </span><a href=\"https://rismedia.com/2020/06/08/five-renovations-impact-your-home-insurance/\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','5 Renovations That Can Impact Your Home Insurance','','publish','closed','closed','','5-renovations-that-can-impact-your-home-insurance','','','2020-06-23 22:23:44','2020-06-23 22:23:44','',0,'http://smartinsurance.tips/?page_id=480',0,'page','',0),(396,1,'2020-05-25 23:11:29','2020-05-25 23:11:29','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">How to Negotiate a Change in Your Home Insurance Value</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: left;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"><img src=\"https://www.thebalance.com/thmb/LEyK4WQc6VuD7fvEMMwyJ1CO15U=/2123x1412/filters:fill(auto,1)/when-you-disagree-with-the-insurance-dwelling-value-of-your-home-57eb19053df78c690f204dcc.jpg\" width=\"800\" height=\"532\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\">If you\'re looking at your homeowner\'s insurance policy and the ever-increasing premium, you may be wondering why your home\'s insured value seems high. You would not be the first homeowner to do so. There are several things you can do if you disagree with the listed dwelling\'s value or the estimated reconstruction cost of your home—whether it be too low or too high. You want to make sure that the insurance value—and the associated</span><span> </span>premium<span style=\"color: #000000;\">—is accurate and that you are not over- or under-insuring your property.</span></p>\n<p><span style=\"color: #000000; font-size: 14px;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Adjusting the Home Value of Your Policy</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">That undervalued coverage may be the case, but the only way to know is to review the values listed on your insurance policy every year and make sure that you have the right amount of insurance. When people think the insured values of their home and possessions are a little low, they can easily get their policy adjusted or</span><span> </span>add coverages by endorsement<span style=\"color: #000000;\">.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"1037aa8329a5404eb09f87146b39adb9\" data-auction-floor-value=\"165\" data-google-query-id=\"CI78-72R0OkCFXQA-QAdK68IdA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">On the other side of this dilemma, however, are the owners who feel they are overinsured. The problem arises when you look at your insurance policy and feel like your dwelling\'s value has increased too much over the years, and it now looks like you have more insurance coverage than you need. If you are on this side of the equation, you should know that two out of three homes in America are underinsured, yet people still think their insurance is too high.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Making Sure Your Insurance Is on Target</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">When it comes to a</span><span> </span>major home insurance claim<span style=\"color: #000000;\">, most people who run into problems during the claims process are the ones who have underinsured their home. Despite this, many policyholders look at the cost of insurance and seek places to cut costs.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">New homeowners are often surprised to see what their insurance is costing them. Also, people who have had coverage for a long time get frustrated when they see their homeowner\'s premium increase while the resale value of their home may not be as high.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Many factors—besides the market value of the structure—go into determining your annual premium. These factors include:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Costs to repair or replace the building</span></li>\n<li><span style=\"color: #000000;\">The age of the home</span></li>\n<li><span style=\"color: #000000;\">Its location</span></li>\n<li><span style=\"color: #000000;\">The number of residents</span></li>\n<li><span style=\"color: #000000;\">The size of the home</span></li>\n<li><span style=\"color: #000000;\">Your past claims history</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Insurance providers keep the exact calculation for the setting of premiums private. However, most will use these and other factors.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Before you try to adjust the value of your home down, you need to consider discounts or other ways to reduce the cost of insurance.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Three Ways Your Dwelling Value Increases </span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span style=\"color: #000000; font-size: 14px;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span style=\"color: #000000; font-size: 14px;\">Before we get into what you can do about a dwelling value that you find too high, it\'s important to understand the two main reasons your dwelling value may be at that amount. Your value on your home insurance policy can increase due to one of three factors, inflation, insurance inspection, and the cost of reconstruction.</span></h2>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Inflation</span></h3>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Your home insurance has a clause to protect you from the costs of</span><span> </span>inflation<span style=\"color: #000000;\"> and increases the dwelling insured value every year accordingly by a small percentage. Over five to 10 years, this inflation increase may become significant, and it might be time for you to review if your dwelling value is still accurate to be sure it is not overinflated.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Inspection</span></h3>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You may have had an evaluator come to your house for an</span><span> </span>insurance home inspection<span style=\"color: #000000;\">. The inspector reviewed the condition of the home and calculated the cost of reconstruction and recommended an increase in the dwelling value to your home insurer.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"native-placeholder_2-0\" class=\"comp native-placeholder mntl-block\"></div>\n<div id=\"native_2-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\" data-ad-width=\"fluid\" data-ad-height=\"fluid\">\n<div id=\"native\" class=\"wrapper\" data-type=\"native\" data-pos=\"native\" data-priority=\"4\" data-sizes=\"[[1,3], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-google-query-id=\"CJnp-72R0OkCFfsG-QAdA40H_A\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/native_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Reconstruction</span></h3>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Even if you just bought a new home and are insuring it for the first time, the agent or insurance broker did some calculations. They used a standard cost tool and basic information you provided them with to determine the insured dwelling reconstruction cost.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [4, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"dbff504a20214a7fac3f54f844e2fd3b\" data-auction-floor-value=\"180\" data-google-query-id=\"CP767uWR0OkCFVEC-QAd_d4B3w\">\n<div><span style=\"font-size: 26px; color: #000000;\"></span></div>\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard4_0__container__\"><span style=\"font-size: 26px; color: #000000;\"><br />Disagreeing With the Insured Value</span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">People often think that just because an insurance company sends them something, it is written in stone. However, the insurance estimate for the reconstruction of your home can be wrong.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CPDzjOaR0OkCFYm97AodRnEEdg\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Your insurance is about protecting your assets, so if you feel something is off, you have every right to call your representative and ask questions or request a review. Very often, if you have a good case to present, your insurance broker or agent will submit your request to the insurance underwriter, and your case can be reviewed.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard6-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard6-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard6-dynamic_1-0\" class=\"comp js-billboard-lazy billboard6-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard6\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf5\" data-priority=\"8\" data-sizes=\"[[300, 250], [300, 255], [7, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7dffa7996d214977afbe045cc069d3b1\" data-auction-floor-value=\"175\" data-google-query-id=\"CJqHpOaR0OkCFYiJ7AodSusM3Q\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard6_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Inflation Adjustments</span></h2>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Insurance companies put in place inflation adjustment clauses to protect you when you insure your home. The idea is that if you insure your home and then five years later you have a claim, you won\'t come up short on the amount of money needed to rebuild after a claim because of this inflation adjustment.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\">\n<div id=\"billboard7-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard7-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard7-dynamic_1-0\" class=\"comp js-billboard-lazy billboard7-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard7\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf6\" data-priority=\"9\" data-sizes=\"[[300, 250], [300, 256], [8, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"975521d71a8b475d82b4221a2e340000\" data-auction-floor-value=\"165\" data-google-query-id=\"CKW8v-aR0OkCFcYR-QAdmZQNVA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard7_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Unfortunately, the accuracy of this method relies on the home having been insured at an appropriate value in the first place. It also assumes that the cost of materials and construction has, in fact, increased due to inflation since you first insured your home. In some cases, these factors may be off.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">In the case of standard inflation increases over a long period, it is always a good idea to re-evaluate your dwelling value using current reconstruction rates. Your insurance representative is in a good position to discuss your dwelling value with you, so it\'s a good idea to call and ask if you have any questions. You may be able to get an adjustment simply by calling and having a discussion.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Ways to Negotiate the Insured Value</span></h2>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">If a discussion about the increase does not yield favorable results and you still disagree with the insurance provider\'s numbers, then you can try and negotiate them.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Double-check calculations</span></h3>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Ask your insurance company to double-check their calculations. Verify the square footage they used and compare the cost per square foot they are using with the general standard in your area, according to local builders. You can always try and negotiate with the insurance company on these issues, and sometimes they will offer you a compromise or alternative solution. Remember that your insurance representative is there to help you.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Independent appraiser</span></h3>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Hire an independent appraiser who is accepted by insurance companies for insurance appraisals. Before you do this, make sure your insurance company will accept the report your appraiser will provide. You do not want to waste money on this if your insurance company will not even accept it. The appraiser must be using tools and methods that are insurance company approved.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You may also want to beware that in most cases, these in-house appraisals will be more accurate and therefore, may result in higher appraisal amounts. In some cases, they do result in lower appraisal amounts, but the differences would rarely be substantially different.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You may want to tell an appraiser before you hire them of the estimate you already have, as well as the cost per square foot your insurer used. A good local appraiser will be able to tell you off the bat if that\'s in the normal range and may be able to save you money and time.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Coverage Requirements and Policy Type</span></h2>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Insurance companies often offer several types of insurance coverage for homes. Guaranteed </span>replacement cost<span> </span><span style=\"color: #000000;\">will insure you to the stated replacement value—plus a certain percentage over the insured dwelling value. This added percentage is for if the cost of reconstruction ends up being higher than expected in the event of a claim.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Some companies may cap the guaranteed value at 125% of your insured dwelling value. Others may offer a guaranteed replacement, \"no matter what the cost.\" Ask your insurance representative</span><span> </span>what kind of home insurance coverage you have<span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Guaranteed Replacement coverage usually requires you to insure to 100% of the evaluated reconstruction cost of your dwelling. This coverage is the best kind of coverage because it protects you no matter what, but you also have other less expensive options.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-67\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Understanding Replacement Cost</span></h2>\n<div id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Replacement cost is different than guaranteed replacement cost because it will not pay out in a claim more than the insured value. If you feel your evaluation is too high—and you don\'t think you need guaranteed replacement cost—you still need to take a pause.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-69\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You must be convinced a lesser amount than the evaluated dwelling value will cover you sufficiently in a case of a claim. If you are comfortable, then you can take your chances and ask your insurance company if there is a possibility to lower your insurance cost by getting replacement cost versus guaranteed replacement cost.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Usually, the conditions to get replacement costs are that you insure to a certain percentage of the evaluated dwelling value of your home. Different insurers offer different plans. These plans usually range in the requirement to insure 80% or 85% of the reconstruction value.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Insurance varies by state jurisdiction, so be sure and ask about this from your insurer. This prior knowledge could avoid the entire argument about whether or not the value is correct and allows you to have a safe middle ground if you are comfortable with taking on the risk.<br /><br /></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Changes by Increasing or Reducing Insured Value</span></h2>\n<div id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Many of the coverages on the</span><span> </span>homeowner insurance policy<span> </span><span style=\"color: #000000;\">are allotted as a percentage of the insured dwelling value. For example, your personal belongings and contents may be set at 70% of the building value. Your additional living expenses may be set at 10% or 20% of the total insured value.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Any time your insured dwelling value changes, make sure you review how it will impact the rest of the coverages on your policy—especially where it is related to contents and your personal belongings. Sometimes the value of the items in your home may be worth much more than the average person. In these cases, you want to be careful when you reduce your dwelling value since it will also reduce the related insurance amounts for:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-80\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Additional living expenses</span></li>\n<li><span style=\"color: #000000;\">Personal contents</span></li>\n<li><span style=\"color: #000000;\">Detached and additional structures</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-82\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-83\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Reducing your home insurance dwelling value does not impact the liability coverage on your home policy, </span>riders<span> </span><span style=\"color: #000000;\">or special endorsements, or the special limits within the policy.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-84\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-85\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Other Options to Save on Insurance Costs</span></h2>\n<div id=\"mntl-sc-block_1-0-86\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If after evaluating the factors and options for why your dwelling insured value is as high as it is, you still want to find ways to save on insurance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-87\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-88\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Consider increasing the deductible on your policy; this could save you up to 40% on your insurance costs.</span></li>\n<li><span style=\"color: #000000;\">Bundle your insurance: You can ask for a quote for your home and </span>car insurance<span> </span><span style=\"color: #000000;\">with the same company and take advantage of the cost savings from bundling your insurance. </span></li>\n<li><span style=\"color: #000000;\">Get quotes from other companies. A lot of people worry that if they cancel their policy before the renewal date, they will get hit with a penalty for canceling. What most people don\'t realize is that if you are </span>canceling ​a policy<span style=\"color: #000000;\"> mid-term or before your insurance renewal to save money or get more coverages, then it pays to cancel your policy early.</span></li>\n</ul>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: left;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: left;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.thebalance.com/how-to-negotiate-a-change-in-your-home-insurance-value-4094720\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How to Negotiate a Change in Your Home Insurance Value','','publish','closed','closed','','how-to-negotiate-a-change-in-your-home-insurance-value','','','2020-05-26 23:46:57','2020-05-26 23:46:57','',0,'http://smartinsurance.tips/?page_id=396',0,'page','',0),(397,1,'2020-05-25 23:11:29','2020-05-25 23:11:29','<!-- wp:divi/placeholder /-->','How to Negotiate a Change in Your Home Insurance Value','','inherit','closed','closed','','396-revision-v1','','','2020-05-25 23:11:29','2020-05-25 23:11:29','',396,'http://smartinsurance.tips/396-revision-v1/',0,'revision','',0),(400,1,'2020-05-25 23:20:15','2020-05-25 23:20:15','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">Should You Increase Your Insurance Deductible to Save Money?</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><img src=\"https://www.thebalance.com/thmb/FXmMXUF02v0wUPOt7RnTBYaOdvU=/2121x1414/filters:fill(auto,1)/increasingyourdeductible-5323a5bf65034c1088a260e46ce2dfbc.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>R<span style=\"color: #000000;\">aising your deductible will save some money on your insurance costs, however, the amount of money you save may not be what you think. Your insurance deductible will directly affect how much you get paid in a claim, but you can save thousands of dollars if you increase your deductible using the right strategy.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Here is everything you need to know to figure out if choosing a higher deductible will save you money.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"9c18c86741764c8bada74937076ada9f\" data-auction-floor-value=\"240\" data-google-query-id=\"CMSbqL-T0OkCFVAbYgodXlEKvw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Should You Increase Your Deductible?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">If you have the money on hand and are willing to pay for damages resulting from a claim, then you can increase your deductible to save on costs. If you can afford it, then take the savings your insurance company will give you and start saving money now. However, you don\'t want to make the mistake of increasing your deductible to save a few dollars a month before considering the long-term implications. </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"1037aa8329a5404eb09f87146b39adb9\" data-auction-floor-value=\"165\" data-google-query-id=\"CPz3wL-T0OkCFRHhYgodcNUPSw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">That\'s the short and simple answer, but it may not be enough information to give everyone a conclusive answer on what they should do. This in-depth overview should help you understand the impact of increasing your deductible, including the ways it can save you money (or cost you money) in the short-term and long-term.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Where to Find Your Deductible Information</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">To start with the basics about insurance deductibles, you first need to know how much your deductible is currently. You will be able to find this information on the declaration page of your insurance policy. Sometimes, different coverages have different deductibles. Your earthquake coverage may be different from your water damage or flood insurance, for instance.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">Don\'t forget to explore the opportunities to save money from the different deductibles on endorsements or other areas of your policy as well.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">What You Need to Think About Before Increasing Your Deductible</span></h2>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">The toughest thing about insurance is that the less money you have, the more important it is to have insurance to protect you if something goes wrong. If you are struggling to come up with the money to pay for your insurance, you may want to think twice about increasing your deductible. Here are three things to consider.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">The Actual Cost of Your Insurance</span></h3>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">An increased deductible provides a percentage discount off the cost of the insurance. If you only spend $300 on your insurance, you would need a significant percentage discount to see real savings—especially compared to the cost of making a high-deductible claim.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">For example, do you really want to pay a $1,000 deductible in a claim to save $30 a year? What about if you save $100 in a year? You need to do the math to see if the savings make sense. The higher your insurance costs, the more you will save by increasing the deductible.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span style=\"color: #000000;\"><span class=\"mntl-sc-block-subheading__text\">Why You Have Insurance</span> </span></h3>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">If you are in a stable financial position and would likely take care of small issues yourself (without making a claim), it can make sense to get a higher deductible. If, for instance, you would never make a claim for under $1,000 on your car because you can afford to pay for it yourself, then a higher deductible of $1,000 makes a lot of financial sense.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">On the other hand, if you are worried about your ability to cover any amount of unexpected costs, then you\'re better off paying a few more dollars in insurance every year to get a deductible you could afford. Once you start to build some savings, you can revisit the issue and look into increasing your deductible. </span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">How Often You Make Insurance Claims</span></h3>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">If you think you will never have to make an insurance claim, you can take a risk by increasing your deductible. \"Risk\" is the keyword here. You may have never made a claim in your life, but you never know when you\'ll need to. Remember that the deductible represents the direct financial impact you are willing to personally accept if you need to make a claim. </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"native-placeholder_2-0\" class=\"comp native-placeholder mntl-block\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">If you have a history of making too many insurance claims, there is a good chance you are already paying a lot of money for insurance. Making more claims when it is not necessary will increase your overall insurance costs. Therefore, taking a higher deductible to avoid making smaller claims may pay off. You should always negotiate with the insurance company when you are paying high premiums to see how you can find a better price. </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [4, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"dbff504a20214a7fac3f54f844e2fd3b\" data-auction-floor-value=\"180\" data-google-query-id=\"COy3keKT0OkCFYyFYgodRskN_g\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">If you never make insurance claims and you can afford a higher deductible, then you should consider increasing your deductible. Every year you avoid making a claim, extra money from the higher deductible plan will be in your pocket instead of the insurance company\'s.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CNOIrOKT0OkCFcp2YgodwSEAqA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">For example, say you take a higher deductible of $1000 to save $100 on your annual insurance costs. After five years, you haven\'t made a claim, and you\'ve saved $500. In addition, five years without claims could also make you eligible for a claims-free discount, saving you even more money on your insurance costs.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard6-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard6-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard6-dynamic_1-0\" class=\"comp js-billboard-lazy billboard6-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard6\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf5\" data-priority=\"8\" data-sizes=\"[[300, 250], [300, 255], [7, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7dffa7996d214977afbe045cc069d3b1\" data-auction-floor-value=\"175\" data-google-query-id=\"CMWR0eKT0OkCFQbhYgod5I0Acg\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard6_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\">The reason higher deductibles work better for some than others has to do with individual risks and financial capability. For example, many high-value home insurers have clients with $2,500 to $10,000 deductibles. These deductibles may be high for the average homeowner, but they make a lot of sense for higher valued homes and the relatively wealthier people that own them.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How Much Can Raising the Deductible Lower Your Insurance Costs?</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You\'re looking to reduce the cost of home insurance, condo insurance, or car insurance, but just how much will a higher deductible impact your insurance costs? </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\">\n<div id=\"billboard7-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard7-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard7-dynamic_1-0\" class=\"comp js-billboard-lazy billboard7-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard7\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf6\" data-priority=\"9\" data-sizes=\"[[300, 250], [300, 256], [8, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"975521d71a8b475d82b4221a2e340000\" data-auction-floor-value=\"165\" data-google-query-id=\"CKnL6-KT0OkCFWODfwQdZ_ADew\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard7_0__container__\"><span style=\"font-size: 26px; color: #000000; text-align: left;\"><br />What\'s the Discount for Increasing Your Deductible?</span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Depending on how high you increase the deductible, you could expect to save roughly 5% to 10% on your premiums. The more you increase your deductible, the higher the percentage discount becomes.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">As an example, you can expect to save between 15% and 30% on your car\'s collision and comprehensive coverage by increasing your deductible from $200 to $500.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\">2</span> If you go up to $1,000, you could potentially save 40%<strong>.</strong></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">The same logic applies to home insurance. Depending on your insurance company, increasing your deductible from $500 to $1,000 could reduce your insurance costs by up to 25%.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\">3</span> Over time, you might save thousands by strategically increasing your insurance deductibles and avoiding small claims.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">How Much You Can Afford to Increase Your Deductible?</span></h2>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Increasing your deductible is just one way to save money on home insurance, car insurance, or any other type of insurance. It\'s a popular option for people looking to save because it\'s the easiest to do <em>right now.</em> However, while you will immediately save money on your premium, increasing your deductible may cost you money in the long-term, if you can\'t afford to make a claim.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">If you have set aside an emergency fund specifically for car accidents or similar events, then that makes it easy—the deductible you can afford is the amount of your emergency fund. However, if you have a mixed savings account that includes car accident funds alongside other emergency funds, then it may be more difficult to separate out how much you could afford to pay as a deductible.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-2\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">When you insure your home and car through the same insurer, you may be able to pay a single deductible for a claim that affects both. This can save you money.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Example of High Deductible Savings Gone Wrong</span></h2>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">As an example of how high deductibles can end up costing you more money in the long run, consider this example.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">You take a higher deductible of $1,000 and save $100 a year on your insurance costs. You\'re happy because you see it as saving $100 a year. After five years, you haven\'t made a claim, and you\'ve saved a total of $500.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">Then, in the sixth year, you have to make a claim. You\'ve saved $500, but that\'s only half of the $1,000 deductible you now have to come up with. Not only are you in the middle of a stressful insurance claim, but you\'re worried about how you\'ll afford to pay the deductible. You might have been better off paying more for the lower deductible plan.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Other Ways to Save Money on Your Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">If you are still looking for ways to save money on your home insurance, you may want to check out your home insurance coverage options and see if you have the right policy for your needs. Insurance companies actively compete for customers, so it might pay to shop around for your insurance or negotiate with your car insurance or home insurance company.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Your Insurance Policy Should Change With Your Needs</span></h2>\n<div id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> <span style=\"font-size: 14px;\">An insurance company that was well suited to your needs five years ago may not be the best company to insure you now.</span></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> <span style=\"font-size: 14px;\">Sometimes it\'s worth </span>paying a penalty for canceling<span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">with one insurance company to get a better insurance deal with a new one. You may only need to call your insurance company and tell them you\'re ready to shop around—they may come up with some new ideas on how to save money so they don\'t lose you as a customer.</span></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-67\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Learn About Your Deductible Waivers</span></h2>\n<div id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">The deductible waiver on a home insurance or condo insurance policy is a clause that waives the deductible in the event of a large loss.<span style=\"font-size: 14px;\"> </span></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Every insurance company will take a different approach to whether they offer a deductible waiver, and it may not be easy to tell how it applies to you. Even if your plan includes waivers, it may have been tucked away in some densely worded part of your insurance policy. Better understanding when the deductible waiver will apply may allow you to comfortably sign up for a higher deductible plan. The best way to clear it up is to directly ask your insurance representative if there is a deductible waiver in your insurance policy, and if so, when it kicks in.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"> <span style=\"font-size: 14px;\">For example, some policies might have a deductible waiver for losses of over $10,000. Other policies may have a very high threshold before deductible waivers kick in, like</span><span style=\"font-size: 14px;\"> </span>major claims<span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">or losses over $50,000. If you\'re only insuring yourself for a major loss like a fire, it could make sense to take full advantage of these waivers by seeking a higher deductible.</span></span></p>\n<p><span style=\"font-size: 14px; color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span style=\"color: #000000;\"><span class=\"mntl-sc-block-heading__text\">Deductible Waivers on Car Insurance</span> </span></h2>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Car insurance policies sell deductible waivers, as well. However, unlike with home insurance plans, deductible waivers generally increase the cost of car insurance. While deductible waivers are nice, you\'ve got to ensure that it doesn\'t come with extra costs that outweigh the benefits.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<h2 id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Use Your Increased Deductible to Save Money</span></h2>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">If you decide you can afford to increase your deductible and save 10% or 40% on insurance, consider putting the savings on insurance costs into an emergency fund bank account. As your savings grow, you can increase your deductible accordingly, and then save even more on insurance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-80\" class=\"comp theme-experttipnote mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-3\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p><span style=\"color: #000000;\"> </span></p>\n<p><span style=\"color: #000000;\">If you never have to make a claim and pay that higher deductible, then all that extra money stays in your pocket. On the other hand, if you end up needing to pay your deductible, you\'ve got the money ready. It\'s a win-win for you.</span></p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-82\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You can save hundreds (if not thousands) of dollars on your insurance by developing a strategy that balances your financial situation with deductible amounts. Ask your insurance representative to assess your insurance choices and recommend some options to save money. </span></p>\n<p>&nbsp;</p>\n</div>\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-use-your-insurance-deductible-to-save-money-4075986\" style=\"font-size: 14px; text-align: left;\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Should You Increase Your Insurance Deductible to Save Money?','','publish','closed','closed','','should-you-increase-your-insurance-deductible-to-save-money','','','2020-05-26 23:52:12','2020-05-26 23:52:12','',0,'http://smartinsurance.tips/?page_id=400',0,'page','',0),(401,1,'2020-05-25 23:20:15','2020-05-25 23:20:15','<!-- wp:divi/placeholder /-->','Should You Increase Your Insurance Deductible to Save Money?','','inherit','closed','closed','','400-revision-v1','','','2020-05-25 23:20:15','2020-05-25 23:20:15','',400,'http://smartinsurance.tips/400-revision-v1/',0,'revision','',0),(445,1,'2020-05-26 23:46:12','2020-05-26 23:46:12','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">How to Negotiate a Change in Your Home Insurance Value</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: left;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"><img src=\"https://www.thebalance.com/thmb/LEyK4WQc6VuD7fvEMMwyJ1CO15U=/2123x1412/filters:fill(auto,1)/when-you-disagree-with-the-insurance-dwelling-value-of-your-home-57eb19053df78c690f204dcc.jpg\" width=\"800\" height=\"532\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\">If you\'re looking at your homeowner\'s insurance policy and the ever-increasing premium, you may be wondering why your home\'s insured value seems high. You would not be the first homeowner to do so. There are several things you can do if you disagree with the listed dwelling\'s value or the estimated reconstruction cost of your home—whether it be too low or too high. You want to make sure that the insurance value—and the associated</span><span> </span>premium<span style=\"color: #000000;\">—is accurate and that you are not over- or under-insuring your property.</span></p>\n<p><span style=\"color: #000000; font-size: 14px;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Adjusting the Home Value of Your Policy</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">That undervalued coverage may be the case, but the only way to know is to review the values listed on your insurance policy every year and make sure that you have the right amount of insurance. When people think the insured values of their home and possessions are a little low, they can easily get their policy adjusted or</span><span> </span>add coverages by endorsement<span style=\"color: #000000;\">.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"1037aa8329a5404eb09f87146b39adb9\" data-auction-floor-value=\"165\" data-google-query-id=\"CI78-72R0OkCFXQA-QAdK68IdA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">On the other side of this dilemma, however, are the owners who feel they are overinsured. The problem arises when you look at your insurance policy and feel like your dwelling\'s value has increased too much over the years, and it now looks like you have more insurance coverage than you need. If you are on this side of the equation, you should know that two out of three homes in America are underinsured, yet people still think their insurance is too high.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Making Sure Your Insurance Is on Target</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">When it comes to a</span><span> </span>major home insurance claim<span style=\"color: #000000;\">, most people who run into problems during the claims process are the ones who have underinsured their home. Despite this, many policyholders look at the cost of insurance and seek places to cut costs.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">New homeowners are often surprised to see what their insurance is costing them. Also, people who have had coverage for a long time get frustrated when they see their homeowner\'s premium increase while the resale value of their home may not be as high.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Many factors—besides the market value of the structure—go into determining your annual premium. These factors include:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Costs to repair or replace the building</span></li>\n<li><span style=\"color: #000000;\">The age of the home</span></li>\n<li><span style=\"color: #000000;\">Its location</span></li>\n<li><span style=\"color: #000000;\">The number of residents</span></li>\n<li><span style=\"color: #000000;\">The size of the home</span></li>\n<li><span style=\"color: #000000;\">Your past claims history</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Insurance providers keep the exact calculation for the setting of premiums private. However, most will use these and other factors.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Before you try to adjust the value of your home down, you need to consider discounts or other ways to reduce the cost of insurance.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Three Ways Your Dwelling Value Increases </span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span style=\"color: #000000; font-size: 14px;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span style=\"color: #000000; font-size: 14px;\">Before we get into what you can do about a dwelling value that you find too high, it\'s important to understand the two main reasons your dwelling value may be at that amount. Your value on your home insurance policy can increase due to one of three factors, inflation, insurance inspection, and the cost of reconstruction.</span></h2>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Inflation</span></h3>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Your home insurance has a clause to protect you from the costs of</span><span> </span>inflation<span style=\"color: #000000;\"> and increases the dwelling insured value every year accordingly by a small percentage. Over five to 10 years, this inflation increase may become significant, and it might be time for you to review if your dwelling value is still accurate to be sure it is not overinflated.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Inspection</span></h3>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You may have had an evaluator come to your house for an</span><span> </span>insurance home inspection<span style=\"color: #000000;\">. The inspector reviewed the condition of the home and calculated the cost of reconstruction and recommended an increase in the dwelling value to your home insurer.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"native-placeholder_2-0\" class=\"comp native-placeholder mntl-block\"></div>\n<div id=\"native_2-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\" data-ad-width=\"fluid\" data-ad-height=\"fluid\">\n<div id=\"native\" class=\"wrapper\" data-type=\"native\" data-pos=\"native\" data-priority=\"4\" data-sizes=\"[[1,3], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-google-query-id=\"CJnp-72R0OkCFfsG-QAdA40H_A\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/native_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Reconstruction</span></h3>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Even if you just bought a new home and are insuring it for the first time, the agent or insurance broker did some calculations. They used a standard cost tool and basic information you provided them with to determine the insured dwelling reconstruction cost.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [4, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"dbff504a20214a7fac3f54f844e2fd3b\" data-auction-floor-value=\"180\" data-google-query-id=\"CP767uWR0OkCFVEC-QAd_d4B3w\">\n<div><span style=\"font-size: 26px; color: #000000;\"></span></div>\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard4_0__container__\"><span style=\"font-size: 26px; color: #000000;\"><br />Disagreeing With the Insured Value</span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">People often think that just because an insurance company sends them something, it is written in stone. However, the insurance estimate for the reconstruction of your home can be wrong.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CPDzjOaR0OkCFYm97AodRnEEdg\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Your insurance is about protecting your assets, so if you feel something is off, you have every right to call your representative and ask questions or request a review. Very often, if you have a good case to present, your insurance broker or agent will submit your request to the insurance underwriter, and your case can be reviewed.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard6-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard6-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard6-dynamic_1-0\" class=\"comp js-billboard-lazy billboard6-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard6\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf5\" data-priority=\"8\" data-sizes=\"[[300, 250], [300, 255], [7, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7dffa7996d214977afbe045cc069d3b1\" data-auction-floor-value=\"175\" data-google-query-id=\"CJqHpOaR0OkCFYiJ7AodSusM3Q\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard6_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Inflation Adjustments</span></h2>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Insurance companies put in place inflation adjustment clauses to protect you when you insure your home. The idea is that if you insure your home and then five years later you have a claim, you won\'t come up short on the amount of money needed to rebuild after a claim because of this inflation adjustment.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\">\n<div id=\"billboard7-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard7-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard7-dynamic_1-0\" class=\"comp js-billboard-lazy billboard7-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard7\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf6\" data-priority=\"9\" data-sizes=\"[[300, 250], [300, 256], [8, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"975521d71a8b475d82b4221a2e340000\" data-auction-floor-value=\"165\" data-google-query-id=\"CKW8v-aR0OkCFcYR-QAdmZQNVA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard7_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Unfortunately, the accuracy of this method relies on the home having been insured at an appropriate value in the first place. It also assumes that the cost of materials and construction has, in fact, increased due to inflation since you first insured your home. In some cases, these factors may be off.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">In the case of standard inflation increases over a long period, it is always a good idea to re-evaluate your dwelling value using current reconstruction rates. Your insurance representative is in a good position to discuss your dwelling value with you, so it\'s a good idea to call and ask if you have any questions. You may be able to get an adjustment simply by calling and having a discussion.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Ways to Negotiate the Insured Value</span></h2>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">If a discussion about the increase does not yield favorable results and you still disagree with the insurance provider\'s numbers, then you can try and negotiate them.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Double-check calculations</span></h3>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Ask your insurance company to double-check their calculations. Verify the square footage they used and compare the cost per square foot they are using with the general standard in your area, according to local builders. You can always try and negotiate with the insurance company on these issues, and sometimes they will offer you a compromise or alternative solution. Remember that your insurance representative is there to help you.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Independent appraiser</span></h3>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Hire an independent appraiser who is accepted by insurance companies for insurance appraisals. Before you do this, make sure your insurance company will accept the report your appraiser will provide. You do not want to waste money on this if your insurance company will not even accept it. The appraiser must be using tools and methods that are insurance company approved.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You may also want to beware that in most cases, these in-house appraisals will be more accurate and therefore, may result in higher appraisal amounts. In some cases, they do result in lower appraisal amounts, but the differences would rarely be substantially different.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You may want to tell an appraiser before you hire them of the estimate you already have, as well as the cost per square foot your insurer used. A good local appraiser will be able to tell you off the bat if that\'s in the normal range and may be able to save you money and time.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Coverage Requirements and Policy Type</span></h2>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Insurance companies often offer several types of insurance coverage for homes. Guaranteed </span>replacement cost<span> </span><span style=\"color: #000000;\">will insure you to the stated replacement value—plus a certain percentage over the insured dwelling value. This added percentage is for if the cost of reconstruction ends up being higher than expected in the event of a claim.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Some companies may cap the guaranteed value at 125% of your insured dwelling value. Others may offer a guaranteed replacement, \"no matter what the cost.\" Ask your insurance representative</span><span> </span>what kind of home insurance coverage you have<span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Guaranteed Replacement coverage usually requires you to insure to 100% of the evaluated reconstruction cost of your dwelling. This coverage is the best kind of coverage because it protects you no matter what, but you also have other less expensive options.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-67\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Understanding Replacement Cost</span></h2>\n<div id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Replacement cost is different than guaranteed replacement cost because it will not pay out in a claim more than the insured value. If you feel your evaluation is too high—and you don\'t think you need guaranteed replacement cost—you still need to take a pause.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-69\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You must be convinced a lesser amount than the evaluated dwelling value will cover you sufficiently in a case of a claim. If you are comfortable, then you can take your chances and ask your insurance company if there is a possibility to lower your insurance cost by getting replacement cost versus guaranteed replacement cost.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Usually, the conditions to get replacement costs are that you insure to a certain percentage of the evaluated dwelling value of your home. Different insurers offer different plans. These plans usually range in the requirement to insure 80% or 85% of the reconstruction value.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Insurance varies by state jurisdiction, so be sure and ask about this from your insurer. This prior knowledge could avoid the entire argument about whether or not the value is correct and allows you to have a safe middle ground if you are comfortable with taking on the risk.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Changes by Increasing or Reducing Insured Value</span></h2>\n<div id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Many of the coverages on the</span><span> </span>homeowner insurance policy<span> </span><span style=\"color: #000000;\">are allotted as a percentage of the insured dwelling value. For example, your personal belongings and contents may be set at 70% of the building value. Your additional living expenses may be set at 10% or 20% of the total insured value.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Any time your insured dwelling value changes, make sure you review how it will impact the rest of the coverages on your policy—especially where it is related to contents and your personal belongings. Sometimes the value of the items in your home may be worth much more than the average person. In these cases, you want to be careful when you reduce your dwelling value since it will also reduce the related insurance amounts for:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-80\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Additional living expenses</span></li>\n<li><span style=\"color: #000000;\">Personal contents</span></li>\n<li><span style=\"color: #000000;\">Detached and additional structures</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-82\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-83\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Reducing your home insurance dwelling value does not impact the liability coverage on your home policy, </span>riders<span> </span><span style=\"color: #000000;\">or special endorsements, or the special limits within the policy.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-84\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-85\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Other Options to Save on Insurance Costs</span></h2>\n<div id=\"mntl-sc-block_1-0-86\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If after evaluating the factors and options for why your dwelling insured value is as high as it is, you still want to find ways to save on insurance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-87\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-88\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Consider increasing the deductible on your policy; this could save you up to 40% on your insurance costs.</span></li>\n<li><span style=\"color: #000000;\">Bundle your insurance: You can ask for a quote for your home and </span>car insurance<span> </span><span style=\"color: #000000;\">with the same company and take advantage of the cost savings from bundling your insurance. </span></li>\n<li><span style=\"color: #000000;\">Get quotes from other companies. A lot of people worry that if they cancel their policy before the renewal date, they will get hit with a penalty for canceling. What most people don\'t realize is that if you are </span>canceling ​a policy<span style=\"color: #000000;\"> mid-term or before your insurance renewal to save money or get more coverages, then it pays to cancel your policy early.</span></li>\n</ul>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: left;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: left;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.thebalance.com/how-to-negotiate-a-change-in-your-home-insurance-value-4094720\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How to Negotiate a Change in Your Home Insurance Value','','inherit','closed','closed','','396-revision-v1','','','2020-05-26 23:46:12','2020-05-26 23:46:12','',396,'http://smartinsurance.tips/396-revision-v1/',0,'revision','',0),(399,1,'2020-05-25 23:19:37','2020-05-25 23:19:37','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">How to Negotiate a Change in Your Home Insurance Value</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\" hover_enabled=\"0\"]<div align=\"center\" style=\"text-align: left;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"><img src=\"https://www.thebalance.com/thmb/LEyK4WQc6VuD7fvEMMwyJ1CO15U=/2123x1412/filters:fill(auto,1)/when-you-disagree-with-the-insurance-dwelling-value-of-your-home-57eb19053df78c690f204dcc.jpg\" width=\"800\" height=\"532\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></span></p>\n<p><span style=\"color: #000000;\">If you\'re looking at your homeowner\'s insurance policy and the ever-increasing premium, you may be wondering why your home\'s insured value seems high. You would not be the first homeowner to do so. There are several things you can do if you disagree with the listed dwelling\'s value or the estimated reconstruction cost of your home—whether it be too low or too high. You want to make sure that the insurance value—and the associated</span><span> </span><a href=\"https://www.thebalance.com/understanding-what-is-an-insurance-premium-4155239\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">premium</a><span style=\"color: #000000;\">—is accurate and that you are not over- or under-insuring your property.</span></p>\n<p><span style=\"color: #000000; font-size: 14px;\"> </span></p>\n</div>\n<h2 id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Adjusting the Home Value of Your Policy</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">That undervalued coverage may be the case, but the only way to know is to review the values listed on your insurance policy every year and make sure that you have the right amount of insurance. When people think the insured values of their home and possessions are a little low, they can easily get their policy adjusted or</span><span> </span><a href=\"https://www.thebalance.com/insurance-endorsement-or-rider-2645729\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">add coverages by endorsement</a><span style=\"color: #000000;\">.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"1037aa8329a5404eb09f87146b39adb9\" data-auction-floor-value=\"165\" data-google-query-id=\"CI78-72R0OkCFXQA-QAdK68IdA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">On the other side of this dilemma, however, are the owners who feel they are overinsured. The problem arises when you look at your insurance policy and feel like your dwelling\'s value has increased too much over the years, and it now looks like you have more insurance coverage than you need. If you are on this side of the equation, you should know that two out of three homes in America are underinsured, yet people still think their insurance is too high.</span></p>\n<p><span style=\"color: #000000;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Making Sure Your Insurance Is on Target</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<p><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></p>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">When it comes to a</span><span> </span><a href=\"https://www.thebalance.com/home-insurance-claims-and-rebuilding-4042916\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">major home insurance claim</a><span style=\"color: #000000;\">, most people who run into problems during the claims process are the ones who have underinsured their home. Despite this, many policyholders look at the cost of insurance and seek places to cut costs.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">New homeowners are often surprised to see what their insurance is costing them. Also, people who have had coverage for a long time get frustrated when they see their homeowner\'s premium increase while the resale value of their home may not be as high.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Many factors—besides the market value of the structure—go into determining your annual premium. These factors include:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Costs to repair or replace the building</span></li>\n<li><span style=\"color: #000000;\">The age of the home</span></li>\n<li><span style=\"color: #000000;\">Its location</span></li>\n<li><span style=\"color: #000000;\">The number of residents</span></li>\n<li><span style=\"color: #000000;\">The size of the home</span></li>\n<li><span style=\"color: #000000;\">Your past claims history</span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Insurance providers keep the exact calculation for the setting of premiums private. However, most will use these and other factors.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Before you try to adjust the value of your home down, you need to consider discounts or other ways to reduce the cost of insurance.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Three Ways Your Dwelling Value Increases </span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span style=\"color: #000000; font-size: 14px;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span style=\"color: #000000; font-size: 14px;\">Before we get into what you can do about a dwelling value that you find too high, it\'s important to understand the two main reasons your dwelling value may be at that amount. Your value on your home insurance policy can increase due to one of three factors, inflation, insurance inspection, and the cost of reconstruction.</span></h2>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Inflation</span></h3>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Your home insurance has a clause to protect you from the costs of</span><span> </span><a href=\"https://www.thebalance.com/what-is-inflation-357610\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">inflation</a><span style=\"color: #000000;\"> and increases the dwelling insured value every year accordingly by a small percentage. Over five to 10 years, this inflation increase may become significant, and it might be time for you to review if your dwelling value is still accurate to be sure it is not overinflated.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Inspection</span></h3>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You may have had an evaluator come to your house for an</span><span> </span><a href=\"https://www.thebalance.com/insurance-home-inspections-and-what-to-expect-4171580\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">insurance home inspection</a><span style=\"color: #000000;\">. The inspector reviewed the condition of the home and calculated the cost of reconstruction and recommended an increase in the dwelling value to your home insurer.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"native-placeholder_2-0\" class=\"comp native-placeholder mntl-block\"></div>\n<div id=\"native_2-0\" class=\"comp scads-to-load native mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt dynamic scads-ad-placed\" data-ad-width=\"fluid\" data-ad-height=\"fluid\">\n<div id=\"native\" class=\"wrapper\" data-type=\"native\" data-pos=\"native\" data-priority=\"4\" data-sizes=\"[[1,3], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-google-query-id=\"CJnp-72R0OkCFfsG-QAdA40H_A\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/native_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Reconstruction</span></h3>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Even if you just bought a new home and are insuring it for the first time, the agent or insurance broker did some calculations. They used a standard cost tool and basic information you provided them with to determine the insured dwelling reconstruction cost.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [4, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"dbff504a20214a7fac3f54f844e2fd3b\" data-auction-floor-value=\"180\" data-google-query-id=\"CP767uWR0OkCFVEC-QAd_d4B3w\">\n<div><span style=\"font-size: 26px; color: #000000;\"></span></div>\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard4_0__container__\"><span style=\"font-size: 26px; color: #000000;\"><br />Disagreeing With the Insured Value</span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">People often think that just because an insurance company sends them something, it is written in stone. However, the insurance estimate for the reconstruction of your home can be wrong.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CPDzjOaR0OkCFYm97AodRnEEdg\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Your insurance is about protecting your assets, so if you feel something is off, you have every right to call your representative and ask questions or request a review. Very often, if you have a good case to present, your insurance broker or agent will submit your request to the insurance underwriter, and your case can be reviewed.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard6-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard6-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard6-dynamic_1-0\" class=\"comp js-billboard-lazy billboard6-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard6\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf5\" data-priority=\"8\" data-sizes=\"[[300, 250], [300, 255], [7, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7dffa7996d214977afbe045cc069d3b1\" data-auction-floor-value=\"175\" data-google-query-id=\"CJqHpOaR0OkCFYiJ7AodSusM3Q\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard6_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Inflation Adjustments</span></h2>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Insurance companies put in place inflation adjustment clauses to protect you when you insure your home. The idea is that if you insure your home and then five years later you have a claim, you won\'t come up short on the amount of money needed to rebuild after a claim because of this inflation adjustment.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-39\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\">\n<div id=\"billboard7-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard7-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard7-dynamic_1-0\" class=\"comp js-billboard-lazy billboard7-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard7\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf6\" data-priority=\"9\" data-sizes=\"[[300, 250], [300, 256], [8, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"975521d71a8b475d82b4221a2e340000\" data-auction-floor-value=\"165\" data-google-query-id=\"CKW8v-aR0OkCFcYR-QAdmZQNVA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_home-insurance/billboard7_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Unfortunately, the accuracy of this method relies on the home having been insured at an appropriate value in the first place. It also assumes that the cost of materials and construction has, in fact, increased due to inflation since you first insured your home. In some cases, these factors may be off.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">In the case of standard inflation increases over a long period, it is always a good idea to re-evaluate your dwelling value using current reconstruction rates. Your insurance representative is in a good position to discuss your dwelling value with you, so it\'s a good idea to call and ask if you have any questions. You may be able to get an adjustment simply by calling and having a discussion.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Ways to Negotiate the Insured Value</span></h2>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">If a discussion about the increase does not yield favorable results and you still disagree with the insurance provider\'s numbers, then you can try and negotiate them.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Double-check calculations</span></h3>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Ask your insurance company to double-check their calculations. Verify the square footage they used and compare the cost per square foot they are using with the general standard in your area, according to local builders. You can always try and negotiate with the insurance company on these issues, and sometimes they will offer you a compromise or alternative solution. Remember that your insurance representative is there to help you.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Shop around</span></h3>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Contact another home insurance company or two and ask them to estimate the reconstruction cost of your dwelling and give you a quote. If there is a difference in the cost, they come up with, ask them about it. If all the information is the same as the information your other insurer had, then the prices should be similar because insurers use similar—if not the same—rating tools to determine reconstruction costs.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\" style=\"color: #000000;\">Independent appraiser</span></h3>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Hire an independent appraiser who is accepted by insurance companies for insurance appraisals. Before you do this, make sure your insurance company will accept the report your appraiser will provide. You do not want to waste money on this if your insurance company will not even accept it. The appraiser must be using tools and methods that are insurance company approved.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You may also want to beware that in most cases, these in-house appraisals will be more accurate and therefore, may result in higher appraisal amounts. In some cases, they do result in lower appraisal amounts, but the differences would rarely be substantially different.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">You may want to tell an appraiser before you hire them of the estimate you already have, as well as the cost per square foot your insurer used. A good local appraiser will be able to tell you off the bat if that\'s in the normal range and may be able to save you money and time.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Coverage Requirements and Policy Type</span></h2>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Insurance companies often offer several types of insurance coverage for homes. Guaranteed </span><a href=\"https://www.thebalance.com/replacement-cost-insurance-vs-actual-cash-value-4154015\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">replacement cost</a><span> </span><span style=\"color: #000000;\">will insure you to the stated replacement value—plus a certain percentage over the insured dwelling value. This added percentage is for if the cost of reconstruction ends up being higher than expected in the event of a claim.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Some companies may cap the guaranteed value at 125% of your insured dwelling value. Others may offer a guaranteed replacement, \"no matter what the cost.\" Ask your insurance representative</span><span> </span><a href=\"https://www.thebalance.com/understanding-your-home-owners-insurance-policy-2645388\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">what kind of home insurance coverage you have</a><span style=\"color: #000000;\">.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Guaranteed Replacement coverage usually requires you to insure to 100% of the evaluated reconstruction cost of your dwelling. This coverage is the best kind of coverage because it protects you no matter what, but you also have other less expensive options.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-67\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Understanding Replacement Cost</span></h2>\n<div id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Replacement cost is different than guaranteed replacement cost because it will not pay out in a claim more than the insured value. If you feel your evaluation is too high—and you don\'t think you need guaranteed replacement cost—you still need to take a pause.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-69\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">You must be convinced a lesser amount than the evaluated dwelling value will cover you sufficiently in a case of a claim. If you are comfortable, then you can take your chances and ask your insurance company if there is a possibility to lower your insurance cost by getting replacement cost versus guaranteed replacement cost.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Usually, the conditions to get replacement costs are that you insure to a certain percentage of the evaluated dwelling value of your home. Different insurers offer different plans. These plans usually range in the requirement to insure 80% or 85% of the reconstruction value.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Insurance varies by state jurisdiction, so be sure and ask about this from your insurer. This prior knowledge could avoid the entire argument about whether or not the value is correct and allows you to have a safe middle ground if you are comfortable with taking on the risk.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Changes by Increasing or Reducing Insured Value</span></h2>\n<div id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">Many of the coverages on the</span><span> </span><a href=\"https://www.thebalance.com/best-homeowners-insurance-4158706\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">homeowner insurance policy</a><span> </span><span style=\"color: #000000;\">are allotted as a percentage of the insured dwelling value. For example, your personal belongings and contents may be set at 70% of the building value. Your additional living expenses may be set at 10% or 20% of the total insured value.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Any time your insured dwelling value changes, make sure you review how it will impact the rest of the coverages on your policy—especially where it is related to contents and your personal belongings. Sometimes the value of the items in your home may be worth much more than the average person. In these cases, you want to be careful when you reduce your dwelling value since it will also reduce the related insurance amounts for:</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-80\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Additional living expenses</span></li>\n<li><span style=\"color: #000000;\">Personal contents</span></li>\n<li><span style=\"color: #000000;\"><a href=\"https://www.thebalance.com/remove-other-structures-insurance-coverage-2645713\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"color: #000000;\">Detached and additional structures</a></span></li>\n</ul>\n</div>\n<div id=\"mntl-sc-block_1-0-82\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-83\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\">Reducing your home insurance dwelling value does not impact the liability coverage on your home policy, </span><a href=\"https://www.thebalance.com/adding-to-your-homeowners-insurance-do-you-need-a-rider-2645704\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">riders</a><span> </span><span style=\"color: #000000;\">or special endorsements, or the special limits within the policy.</span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-84\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 id=\"mntl-sc-block_1-0-85\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\" style=\"color: #000000;\">Other Options to Save on Insurance Costs</span></h2>\n<div id=\"mntl-sc-block_1-0-86\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\">If after evaluating the factors and options for why your dwelling insured value is as high as it is, you still want to find ways to save on insurance.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-87\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-88\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<ul>\n<li><span style=\"color: #000000;\">Consider increasing the deductible on your policy; this could save you up to 40% on your insurance costs.</span></li>\n<li><span style=\"color: #000000;\">Bundle your insurance: You can ask for a quote for your home and </span><a href=\"https://www.thebalance.com/car-insurance-put-to-the-test-4021625\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">car insurance</a><span> </span><span style=\"color: #000000;\">with the same company and take advantage of the cost savings from bundling your insurance. </span></li>\n<li><span style=\"color: #000000;\">Get quotes from other companies. A lot of people worry that if they cancel their policy before the renewal date, they will get hit with a penalty for canceling. What most people don\'t realize is that if you are </span><a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">canceling ​a policy</a><span style=\"color: #000000;\"> mid-term or before your insurance renewal to save money or get more coverages, then it pays to cancel your policy early.</span></li>\n</ul>\n<p><span style=\"color: #000000;\"></span></p>\n<p><span style=\"color: #000000;\"></span></p>\n</div>\n</div>\n<div align=\"center\" style=\"text-align: left;\"><span style=\"color: #000000;\"></span></div>\n<div align=\"center\" style=\"text-align: left;\"><span><span style=\"color: #000000;\">To read the full article,</span> <a href=\"https://www.thebalance.com/how-to-negotiate-a-change-in-your-home-insurance-value-4094720\">click here</a><span style=\"color: #000000;\">.</span></span></div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','How to Negotiate a Change in Your Home Insurance Value','','inherit','closed','closed','','396-revision-v1','','','2020-05-25 23:19:37','2020-05-25 23:19:37','',396,'http://smartinsurance.tips/396-revision-v1/',0,'revision','',0),(443,1,'2020-05-26 23:39:31','2020-05-26 23:39:31','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">Should You Increase Your Insurance Deductible to Save Money?</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><img src=\"https://www.thebalance.com/thmb/FXmMXUF02v0wUPOt7RnTBYaOdvU=/2121x1414/filters:fill(auto,1)/increasingyourdeductible-5323a5bf65034c1088a260e46ce2dfbc.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>Raising your<span> </span>deductible<span> </span>will save some money on your insurance costs, however, the amount of money you save may not be what you think. Your insurance deductible will directly affect<span> </span>how much you get paid in a claim, but you can save thousands of dollars if you increase your deductible using the right strategy.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Here is everything you need to know to figure out if choosing a higher deductible will save you money.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"9c18c86741764c8bada74937076ada9f\" data-auction-floor-value=\"240\" data-google-query-id=\"CMSbqL-T0OkCFVAbYgodXlEKvw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Should You Increase Your Deductible?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you have the money on hand and are willing to pay for damages resulting from a claim, then you can increase your<span> </span>deductible<span> </span>to save on costs. If you can afford it, then take the savings your insurance company will give you and start saving money now. However, you don\'t want to make the mistake of increasing your deductible to save a few dollars a month before considering the long-term implications. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"1037aa8329a5404eb09f87146b39adb9\" data-auction-floor-value=\"165\" data-google-query-id=\"CPz3wL-T0OkCFRHhYgodcNUPSw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>That\'s the short and simple answer, but it may not be enough information to give everyone a conclusive answer on what they should do. This in-depth overview should help you understand the impact of increasing your deductible, including the ways it can save you money (or cost you money) in the short-term and long-term.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Where to Find Your Deductible Information</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>To start with<span> </span>the basics about insurance deductibles, you first need to know how much your deductible is currently. You will be able to find this information on<span> </span>the declaration page of your insurance policy. Sometimes, different coverages have different deductibles. Your earthquake coverage may be different from your<span> </span>water damage<span> </span>or flood insurance, for instance.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>Don\'t forget to explore the opportunities to save money from the different deductibles on<span> </span>endorsements<span> </span>or other areas of your policy as well.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What You Need to Think About Before Increasing Your Deductible</span></h2>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>The toughest thing about insurance is that the less money you have, the more important it is to have insurance to protect you if something goes wrong. If you are<span> </span>struggling to come up with the money to pay for your insurance, you may want to think twice about increasing your deductible. Here are three things to consider.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">The Actual Cost of Your Insurance</span></h3>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>An increased deductible provides a percentage discount off the cost of the insurance. If you only spend $300 on your insurance, you would need a significant percentage discount to see real savings—especially compared to the cost of making a high-deductible claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, do you really want to pay a $1,000 deductible in a claim to save $30 a year? What about if you save $100 in a year? You need to do the math to see if the savings make sense. The higher your insurance costs, the more you will save by increasing the deductible.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Why You Have Insurance</span> </h3>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you are in a stable financial position and would likely take care of small issues yourself (without making a claim), it can make sense to get a higher deductible. If, for instance, you would never make a claim for under $1,000 on your car because you can afford to pay for it yourself, then a higher deductible of $1,000 makes a lot of financial sense.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>On the other hand, if you are worried about your ability to cover any amount of unexpected costs, then you\'re better off paying a few more dollars in insurance every year to get a deductible you could afford. Once you start to build some savings, you can revisit the issue and look into increasing your deductible. </p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">How Often You Make Insurance Claims</span></h3>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you think you will never have to make an insurance claim, you can take a risk by increasing your deductible. \"Risk\" is the keyword here. You may have never made a claim in your life, but you never know when you\'ll need to. Remember that the deductible represents the direct financial impact you are willing to personally accept if you need to make a claim. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"native-placeholder_2-0\" class=\"comp native-placeholder mntl-block\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you have a history of<span> </span>making too many insurance claims, there is a good chance you are already paying a lot of money for insurance. Making more claims when it is not necessary will increase your overall insurance costs. Therefore, taking a higher deductible to avoid making smaller claims may pay off. You should always<span> </span>negotiate with the insurance company<span> </span>when you are paying high premiums to see how you can find a better price. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [4, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"dbff504a20214a7fac3f54f844e2fd3b\" data-auction-floor-value=\"180\" data-google-query-id=\"COy3keKT0OkCFYyFYgodRskN_g\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you never make insurance claims and you can afford a higher deductible, then you should consider increasing your deductible. Every year you avoid making a claim, extra money from the higher deductible plan will be in your pocket instead of the insurance company\'s.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CNOIrOKT0OkCFcp2YgodwSEAqA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, say you take a higher deductible of $1000 to save $100 on your annual insurance costs. After five years, you haven\'t made a claim, and you\'ve saved $500. In addition, five years without claims could also make you eligible for a claims-free discount, saving you even more money on your insurance costs.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard6-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard6-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard6-dynamic_1-0\" class=\"comp js-billboard-lazy billboard6-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard6\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf5\" data-priority=\"8\" data-sizes=\"[[300, 250], [300, 255], [7, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7dffa7996d214977afbe045cc069d3b1\" data-auction-floor-value=\"175\" data-google-query-id=\"CMWR0eKT0OkCFQbhYgod5I0Acg\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard6_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>The reason higher deductibles work better for some than others has to do with individual risks and financial capability. For example, many<span> </span>high-value home insurers<span> </span>have clients with $2,500 to $10,000 deductibles. These deductibles may be high for the average homeowner, but they make a lot of sense for higher valued homes and the relatively wealthier people that own them.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Much Can Raising the Deductible Lower Your Insurance Costs?</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>You\'re looking to reduce the cost of home insurance, condo insurance, or car insurance, but just how much will a higher deductible impact your insurance costs? </p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\">\n<div id=\"billboard7-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard7-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard7-dynamic_1-0\" class=\"comp js-billboard-lazy billboard7-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard7\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf6\" data-priority=\"9\" data-sizes=\"[[300, 250], [300, 256], [8, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"975521d71a8b475d82b4221a2e340000\" data-auction-floor-value=\"165\" data-google-query-id=\"CKnL6-KT0OkCFWODfwQdZ_ADew\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard7_0__container__\"><span style=\"font-size: 26px; color: #333333; text-align: left;\"><br />What\'s the Discount for Increasing Your Deductible?</span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Depending on how high you increase the deductible, you could expect to save roughly 5% to 10% on your premiums. The more you increase your deductible, the higher the percentage discount becomes.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>As an example, you can expect to save between 15% and 30% on your car\'s collision and comprehensive coverage by increasing your deductible from $200 to $500.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"><span>2</span></span> If you go up to $1,000, you could potentially save 40%<strong>.</strong></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>The same logic applies to home insurance. Depending on your insurance company, increasing your deductible from $500 to $1,000 could reduce your insurance costs by up to 25%.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\"><span>3</span></span> Over time, you might save thousands by strategically increasing your insurance deductibles and avoiding small claims.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Much You Can Afford to Increase Your Deductible?</span></h2>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Increasing your deductible is just one way to<span> </span>save money on home insurance, car insurance, or any other type of insurance. It\'s a popular option for people looking to save because it\'s the easiest to do <em>right now.</em> However, while you will immediately save money on your premium, increasing your deductible may cost you money in the long-term, if you can\'t afford to make a claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you have set aside an emergency fund specifically for car accidents or similar events, then that makes it easy—the deductible you can afford is the amount of your emergency fund. However, if you have a mixed savings account that includes car accident funds alongside other emergency funds, then it may be more difficult to separate out how much you could afford to pay as a deductible.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-2\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>When you insure your home and car through the same insurer, you may be able to pay a single deductible for a claim that affects both. This can save you money.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Example of High Deductible Savings Gone Wrong</span></h2>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>As an example of how high deductibles can end up costing you more money in the long run, consider this example.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You take a higher deductible of $1,000 and save $100 a year on your insurance costs. You\'re happy because you see it as saving $100 a year. After five years, you haven\'t made a claim, and you\'ve saved a total of $500.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Then, in the sixth year, you have to make a claim. You\'ve saved $500, but that\'s only half of the $1,000 deductible you now have to come up with. Not only are you in the middle of a stressful insurance claim, but you\'re worried about how you\'ll afford to pay the deductible. You might have been better off paying more for the lower deductible plan.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Other Ways to Save Money on Your Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you are still looking for ways to save money on your home insurance, you may want to check out your<span> </span>home insurance coverage options<span> </span>and see if you have the right policy for your needs. Insurance companies actively compete for customers, so it might pay to shop around for your insurance or negotiate with your car insurance or home insurance company.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Your Insurance Policy Should Change With Your Needs</span></h2>\n<div id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">An insurance company that was well suited to your needs five years ago may not be the best company to insure you now.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">Sometimes it\'s worth </span>paying a penalty for canceling<span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">with one insurance company to get a better insurance deal with a new one. You may only need to call your insurance company and tell them you\'re ready to shop around—they may come up with some new ideas on how to save money so they don\'t lose you as a customer.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-67\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Learn About Your Deductible Waivers</span></h2>\n<div id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>The<span> </span>deductible waiver<span> </span>on a home insurance or condo insurance policy is a clause that waives the deductible in the event of a large loss.<span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Every insurance company will take a different approach to whether they offer a deductible waiver, and it may not be easy to tell how it applies to you. Even if your plan includes waivers, it may have been tucked away in some densely worded part of your insurance policy. Better understanding when the deductible waiver will apply may allow you to comfortably sign up for a higher deductible plan. The best way to clear it up is to directly ask your insurance representative if there is a deductible waiver in your insurance policy, and if so, when it kicks in.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">For example, some policies might have a deductible waiver for losses of over $10,000. Other policies may have a very high threshold before deductible waivers kick in, like</span><span style=\"font-size: 14px;\"> </span>major claims<span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">or losses over $50,000. If you\'re only insuring yourself for a major loss like a fire, it could make sense to take full advantage of these waivers by seeking a higher deductible.</span></p>\n<p><span style=\"font-size: 14px;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Deductible Waivers on Car Insurance</span> </h2>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Car insurance policies sell deductible waivers, as well. However, unlike with home insurance plans, deductible waivers generally increase the cost of car insurance. While deductible waivers are nice, you\'ve got to ensure that it doesn\'t come with extra costs that outweigh the benefits.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<h2 id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Use Your Increased Deductible to Save Money</span></h2>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you decide you can afford to increase your deductible and save 10% or 40% on insurance, consider putting the savings on insurance costs into an emergency fund bank account. As your savings grow, you can increase your deductible accordingly, and then save even more on insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-80\" class=\"comp theme-experttipnote mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-3\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>If you never have to make a claim and pay that higher deductible, then all that extra money stays in your pocket. On the other hand, if you end up needing to pay your deductible, you\'ve got the money ready. It\'s a win-win for you.</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-82\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>You can save hundreds (if not thousands) of dollars on your insurance by developing a strategy that balances your financial situation with deductible amounts. Ask your insurance representative to assess your insurance choices and recommend some options to save money. </p>\n<p>&nbsp;</p>\n</div>\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-use-your-insurance-deductible-to-save-money-4075986\" style=\"font-size: 14px; text-align: left;\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Should You Increase Your Insurance Deductible to Save Money?','','inherit','closed','closed','','400-revision-v1','','','2020-05-26 23:39:31','2020-05-26 23:39:31','',400,'http://smartinsurance.tips/400-revision-v1/',0,'revision','',0),(408,1,'2020-05-25 23:29:15','2020-05-25 23:29:15','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">Should You Increase Your Insurance Deductible to Save Money?</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p><img src=\"https://www.thebalance.com/thmb/FXmMXUF02v0wUPOt7RnTBYaOdvU=/2121x1414/filters:fill(auto,1)/increasingyourdeductible-5323a5bf65034c1088a260e46ce2dfbc.jpg\" width=\"800\" height=\"533\" style=\"display: block; margin-left: auto; margin-right: auto;\" /></p>\n<p>Raising your<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible</a><span> </span>will save some money on your insurance costs, however, the amount of money you save may not be what you think. Your insurance deductible will directly affect<span> </span><a href=\"https://www.thebalance.com/what-is-actual-loss-2645738\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">how much you get paid in a claim</a>, but you can save thousands of dollars if you increase your deductible using the right strategy.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Here is everything you need to know to figure out if choosing a higher deductible will save you money.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"9c18c86741764c8bada74937076ada9f\" data-auction-floor-value=\"240\" data-google-query-id=\"CMSbqL-T0OkCFVAbYgodXlEKvw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Should You Increase Your Deductible?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you have the money on hand and are willing to pay for damages resulting from a claim, then you can increase your<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible</a><span> </span>to save on costs. If you can afford it, then take the savings your insurance company will give you and start saving money now. However, you don\'t want to make the mistake of increasing your deductible to save a few dollars a month before considering the long-term implications. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"1037aa8329a5404eb09f87146b39adb9\" data-auction-floor-value=\"165\" data-google-query-id=\"CPz3wL-T0OkCFRHhYgodcNUPSw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>That\'s the short and simple answer, but it may not be enough information to give everyone a conclusive answer on what they should do. This in-depth overview should help you understand the impact of increasing your deductible, including the ways it can save you money (or cost you money) in the short-term and long-term.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Where to Find Your Deductible Information</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>To start with<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">the basics about insurance deductibles</a>, you first need to know how much your deductible is currently. You will be able to find this information on<span> </span><a href=\"https://www.thebalance.com/what-is-an-insurance-declaration-page-2645728\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">the declaration page of your insurance policy</a>. Sometimes, different coverages have different deductibles. Your earthquake coverage may be different from your<span> </span><a href=\"https://www.thebalance.com/how-to-handle-water-damage-claims-3860314\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">water damage</a><span> </span>or flood insurance, for instance.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>Don\'t forget to explore the opportunities to save money from the different deductibles on<span> </span><a href=\"https://www.thebalance.com/insurance-endorsement-or-rider-2645729\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">endorsements</a><span> </span>or other areas of your policy as well.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What You Need to Think About Before Increasing Your Deductible</span></h2>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>The toughest thing about insurance is that the less money you have, the more important it is to have insurance to protect you if something goes wrong. If you are<span> </span><a href=\"https://www.thebalance.com/policy-canceled-for-non-payment-2645553\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">struggling to come up with the money to pay for your insurance</a>, you may want to think twice about increasing your deductible. Here are three things to consider.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">The Actual Cost of Your Insurance</span></h3>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>An increased deductible provides a percentage discount off the cost of the insurance. If you only spend $300 on your insurance, you would need a significant percentage discount to see real savings—especially compared to the cost of making a high-deductible claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, do you really want to pay a $1,000 deductible in a claim to save $30 a year? What about if you save $100 in a year? You need to do the math to see if the savings make sense. The higher your insurance costs, the more you will save by increasing the deductible.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Why You Have Insurance</span> </h3>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you are in a stable financial position and would likely take care of small issues yourself (without making a claim), it can make sense to get a higher deductible. If, for instance, you would never make a claim for under $1,000 on your car because you can afford to pay for it yourself, then a higher deductible of $1,000 makes a lot of financial sense.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>On the other hand, if you are worried about your ability to cover any amount of unexpected costs, then you\'re better off paying a few more dollars in insurance every year to get a deductible you could afford. Once you start to build some savings, you can revisit the issue and look into increasing your deductible. </p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">How Often You Make Insurance Claims</span></h3>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you think you will never have to make an insurance claim, you can take a risk by increasing your deductible. \"Risk\" is the keyword here. You may have never made a claim in your life, but you never know when you\'ll need to. Remember that the deductible represents the direct financial impact you are willing to personally accept if you need to make a claim. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"native-placeholder_2-0\" class=\"comp native-placeholder mntl-block\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you have a history of<span> </span><a href=\"https://www.thebalance.com/insurance-company-cancelling-policy-2645554\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">making too many insurance claims</a>, there is a good chance you are already paying a lot of money for insurance. Making more claims when it is not necessary will increase your overall insurance costs. Therefore, taking a higher deductible to avoid making smaller claims may pay off. You should always<span> </span><a href=\"https://www.thebalance.com/insurance-company-cancelling-policy-2645554\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">negotiate with the insurance company</a><span> </span>when you are paying high premiums to see how you can find a better price. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [4, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"dbff504a20214a7fac3f54f844e2fd3b\" data-auction-floor-value=\"180\" data-google-query-id=\"COy3keKT0OkCFYyFYgodRskN_g\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you never make insurance claims and you can afford a higher deductible, then you should consider increasing your deductible. Every year you avoid making a claim, extra money from the higher deductible plan will be in your pocket instead of the insurance company\'s.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CNOIrOKT0OkCFcp2YgodwSEAqA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, say you take a higher deductible of $1000 to save $100 on your annual insurance costs. After five years, you haven\'t made a claim, and you\'ve saved $500. In addition, five years without claims could also make you eligible for a claims-free discount, saving you even more money on your insurance costs.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard6-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard6-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard6-dynamic_1-0\" class=\"comp js-billboard-lazy billboard6-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard6\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf5\" data-priority=\"8\" data-sizes=\"[[300, 250], [300, 255], [7, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7dffa7996d214977afbe045cc069d3b1\" data-auction-floor-value=\"175\" data-google-query-id=\"CMWR0eKT0OkCFQbhYgod5I0Acg\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard6_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>The reason higher deductibles work better for some than others has to do with individual risks and financial capability. For example, many<span> </span><a href=\"https://www.thebalance.com/what-is-high-value-home-insurance-and-is-it-worth-it-4172828\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">high-value home insurers</a><span> </span>have clients with $2,500 to $10,000 deductibles. These deductibles may be high for the average homeowner, but they make a lot of sense for higher valued homes and the relatively wealthier people that own them.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Much Can Raising the Deductible Lower Your Insurance Costs?</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>You\'re looking to <a href=\"https://www.thebalance.com/the-average-cost-of-home-insurance-4584408\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">reduce the cost of home insurance</a>, <a href=\"https://www.thebalance.com/condominium-and-coop-essential-insurance-guide-4068492\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">condo insurance</a>, or <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">car insurance</a>, but just how much will a higher deductible impact your insurance costs? </p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\">\n<div id=\"billboard7-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard7-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard7-dynamic_1-0\" class=\"comp js-billboard-lazy billboard7-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard7\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf6\" data-priority=\"9\" data-sizes=\"[[300, 250], [300, 256], [8, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"975521d71a8b475d82b4221a2e340000\" data-auction-floor-value=\"165\" data-google-query-id=\"CKnL6-KT0OkCFWODfwQdZ_ADew\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard7_0__container__\"><span style=\"font-size: 26px; color: #333333; text-align: left;\"><br />What\'s the Discount for Increasing Your Deductible?</span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Depending on how high you increase the deductible, you could expect to save roughly 5% to 10% on your premiums. The more you increase your deductible, the higher the percentage discount becomes.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>As an example, you can expect to save between 15% and 30% on your car\'s collision and comprehensive coverage by increasing your deductible from $200 to $500.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"><span>2</span></span> If you go up to $1,000, you could potentially save 40%<strong>.</strong></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>The same logic applies to home insurance. Depending on your insurance company, increasing your deductible from $500 to $1,000 could reduce your insurance costs by up to 25%.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\"><span>3</span></span> Over time, you might save thousands by strategically increasing your insurance deductibles and avoiding small claims.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Much You Can Afford to Increase Your Deductible?</span></h2>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Increasing your deductible is just one way to<span> </span><a href=\"https://www.thebalance.com/getting-your-first-home-insurance-policy-4040509\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">save money on home insurance</a>, <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">car insurance</a>, or any other type of insurance. It\'s a popular option for people looking to save because it\'s the easiest to do <em>right now.</em> However, while you will immediately save money on your premium, increasing your deductible may cost you money in the long-term, if you can\'t afford to make a claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you have set aside an emergency fund specifically for car accidents or similar events, then that makes it easy—the deductible you can afford is the amount of your emergency fund. However, if you have a mixed savings account that includes car accident funds alongside other emergency funds, then it may be more difficult to separate out how much you could afford to pay as a deductible.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-2\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>When you insure your home and car through the same insurer, you may be able to pay a single deductible for a claim that affects both. This can save you money.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Example of High Deductible Savings Gone Wrong</span></h2>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>As an example of how high deductibles can end up costing you more money in the long run, consider this example.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You take a higher deductible of $1,000 and save $100 a year on your insurance costs. You\'re happy because you see it as saving $100 a year. After five years, you haven\'t made a claim, and you\'ve saved a total of $500.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Then, in the sixth year, you have to make a claim. You\'ve saved $500, but that\'s only half of the $1,000 deductible you now have to come up with. Not only are you in the middle of a stressful insurance claim, but you\'re worried about how you\'ll afford to pay the deductible. You might have been better off paying more for the lower deductible plan.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Other Ways to Save Money on Your Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you are still looking for ways to save money on your home insurance, you may want to check out your<span> </span><a href=\"https://www.thebalance.com/how-to-choose-best-home-insurance-coverage-4016846\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">home insurance coverage options</a><span> </span>and see if you have the right policy for your needs. Insurance companies actively compete for customers, so it might pay to shop around for your insurance or <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">negotiate with your car insurance</a> or home insurance company.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Your Insurance Policy Should Change With Your Needs</span></h2>\n<div id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">An insurance company that was well suited to your needs five years ago may not be the best company to insure you now.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">Sometimes it\'s worth </span><a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">paying a penalty for canceling</a><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">with one insurance company to get a better insurance deal with a new one. You may only need to call your insurance company and tell them you\'re ready to shop around—they may come up with some new ideas on how to save money so they don\'t lose you as a customer.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-67\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Learn About Your Deductible Waivers</span></h2>\n<div id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>The<span> </span><a href=\"https://www.thebalance.com/home-insurance-large-loss-deductible-waiver-4119928\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible waiver</a><span> </span>on a home insurance or condo insurance policy is a clause that waives the deductible in the event of a large loss.<span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Every insurance company will take a different approach to whether they offer a deductible waiver, and it may not be easy to tell how it applies to you. Even if your plan includes waivers, it may have been tucked away in some densely worded part of your insurance policy. Better understanding when the deductible waiver will apply may allow you to comfortably sign up for a higher deductible plan. The best way to clear it up is to directly ask your insurance representative if there is a deductible waiver in your insurance policy, and if so, when it kicks in.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">For example, some policies might have a deductible waiver for losses of over $10,000. Other policies may have a very high threshold before deductible waivers kick in, like</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.thebalance.com/home-insurance-claims-and-rebuilding-4042916\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">major claims</a><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">or losses over $50,000. If you\'re only insuring yourself for a major loss like a fire, it could make sense to take full advantage of these waivers by seeking a higher deductible.</span></p>\n<p><span style=\"font-size: 14px;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Deductible Waivers on Car Insurance</span> </h2>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Car insurance policies sell deductible waivers, as well. However, unlike with home insurance plans, deductible waivers generally increase the cost of car insurance. While deductible waivers are nice, you\'ve got to ensure that it doesn\'t come with extra costs that outweigh the benefits.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<h2 id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Use Your Increased Deductible to Save Money</span></h2>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you decide you can afford to increase your deductible and save 10% or 40% on insurance, consider putting the savings on insurance costs into an emergency fund bank account. As your savings grow, you can increase your deductible accordingly, and then save even more on insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-80\" class=\"comp theme-experttipnote mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-3\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>If you never have to make a claim and pay that higher deductible, then all that extra money stays in your pocket. On the other hand, if you end up needing to pay your deductible, you\'ve got the money ready. It\'s a win-win for you.</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-82\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You can save hundreds (if not thousands) of dollars on your insurance by developing a strategy that balances your financial situation with deductible amounts. Ask your insurance representative to assess your insurance choices and recommend some options to save money. Always do your research, and don\'t forget, you may end up paying less and getting more by <a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">switching to a new insurance company</a>.</p>\n<p>&nbsp;</p>\n</div>\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-use-your-insurance-deductible-to-save-money-4075986\" style=\"font-size: 14px; text-align: left;\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Should You Increase Your Insurance Deductible to Save Money?','','inherit','closed','closed','','400-revision-v1','','','2020-05-25 23:29:15','2020-05-25 23:29:15','',400,'http://smartinsurance.tips/400-revision-v1/',0,'revision','',0),(403,1,'2020-05-25 23:25:15','2020-05-25 23:25:15','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">Should You Increase Your Insurance Deductible to Save Money?</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Raising your<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible</a><span> </span>will save some money on your insurance costs, however, the amount of money you save may not be what you think. Your insurance deductible will directly affect<span> </span><a href=\"https://www.thebalance.com/what-is-actual-loss-2645738\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">how much you get paid in a claim</a>, but you can save thousands of dollars if you increase your deductible using the right strategy.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Here is everything you need to know to figure out if choosing a higher deductible will save you money.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"9c18c86741764c8bada74937076ada9f\" data-auction-floor-value=\"240\" data-google-query-id=\"CMSbqL-T0OkCFVAbYgodXlEKvw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Should You Increase Your Deductible?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you have the money on hand and are willing to pay for damages resulting from a claim, then you can increase your<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible</a><span> </span>to save on costs. If you can afford it, then take the savings your insurance company will give you and start saving money now. However, you don\'t want to make the mistake of increasing your deductible to save a few dollars a month before considering the long-term implications. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"1037aa8329a5404eb09f87146b39adb9\" data-auction-floor-value=\"165\" data-google-query-id=\"CPz3wL-T0OkCFRHhYgodcNUPSw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>That\'s the short and simple answer, but it may not be enough information to give everyone a conclusive answer on what they should do. This in-depth overview should help you understand the impact of increasing your deductible, including the ways it can save you money (or cost you money) in the short-term and long-term.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Where to Find Your Deductible Information</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>To start with<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">the basics about insurance deductibles</a>, you first need to know how much your deductible is currently. You will be able to find this information on<span> </span><a href=\"https://www.thebalance.com/what-is-an-insurance-declaration-page-2645728\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">the declaration page of your insurance policy</a>. Sometimes, different coverages have different deductibles. Your earthquake coverage may be different from your<span> </span><a href=\"https://www.thebalance.com/how-to-handle-water-damage-claims-3860314\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">water damage</a><span> </span>or flood insurance, for instance.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>Don\'t forget to explore the opportunities to save money from the different deductibles on<span> </span><a href=\"https://www.thebalance.com/insurance-endorsement-or-rider-2645729\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">endorsements</a><span> </span>or other areas of your policy as well.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What You Need to Think About Before Increasing Your Deductible</span></h2>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>The toughest thing about insurance is that the less money you have, the more important it is to have insurance to protect you if something goes wrong. If you are<span> </span><a href=\"https://www.thebalance.com/policy-canceled-for-non-payment-2645553\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">struggling to come up with the money to pay for your insurance</a>, you may want to think twice about increasing your deductible. Here are three things to consider.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">The Actual Cost of Your Insurance</span></h3>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>An increased deductible provides a percentage discount off the cost of the insurance. If you only spend $300 on your insurance, you would need a significant percentage discount to see real savings—especially compared to the cost of making a high-deductible claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, do you really want to pay a $1,000 deductible in a claim to save $30 a year? What about if you save $100 in a year? You need to do the math to see if the savings make sense. The higher your insurance costs, the more you will save by increasing the deductible.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Why You Have Insurance</span></h3>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you are in a stable financial position and would likely take care of small issues yourself (without making a claim), it can make sense to get a higher deductible. If, for instance, you would never make a claim for under $1,000 on your car because you can afford to pay for it yourself, then a higher deductible of $1,000 makes a lot of financial sense.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>On the other hand, if you are worried about your ability to cover any amount of unexpected costs, then you\'re better off paying a few more dollars in insurance every year to get a deductible you could afford. Once you start to build some savings, you can revisit the issue and look into increasing your deductible. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">How Often You Make Insurance Claims</span></h3>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you think you will never have to make an insurance claim, you can take a risk by increasing your deductible. \"Risk\" is the keyword here. You may have never made a claim in your life, but you never know when you\'ll need to. Remember that the deductible represents the direct financial impact you are willing to personally accept if you need to make a claim. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"native-placeholder_2-0\" class=\"comp native-placeholder mntl-block\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you have a history of<span> </span><a href=\"https://www.thebalance.com/insurance-company-cancelling-policy-2645554\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">making too many insurance claims</a>, there is a good chance you are already paying a lot of money for insurance. Making more claims when it is not necessary will increase your overall insurance costs. Therefore, taking a higher deductible to avoid making smaller claims may pay off. You should always<span> </span><a href=\"https://www.thebalance.com/insurance-company-cancelling-policy-2645554\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">negotiate with the insurance company</a><span> </span>when you are paying high premiums to see how you can find a better price. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [4, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"dbff504a20214a7fac3f54f844e2fd3b\" data-auction-floor-value=\"180\" data-google-query-id=\"COy3keKT0OkCFYyFYgodRskN_g\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you never make insurance claims and you can afford a higher deductible, then you should consider increasing your deductible. Every year you avoid making a claim, extra money from the higher deductible plan will be in your pocket instead of the insurance company\'s.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CNOIrOKT0OkCFcp2YgodwSEAqA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, say you take a higher deductible of $1000 to save $100 on your annual insurance costs. After five years, you haven\'t made a claim, and you\'ve saved $500. In addition, five years without claims could also make you eligible for a claims-free discount, saving you even more money on your insurance costs.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard6-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard6-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard6-dynamic_1-0\" class=\"comp js-billboard-lazy billboard6-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard6\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf5\" data-priority=\"8\" data-sizes=\"[[300, 250], [300, 255], [7, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7dffa7996d214977afbe045cc069d3b1\" data-auction-floor-value=\"175\" data-google-query-id=\"CMWR0eKT0OkCFQbhYgod5I0Acg\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard6_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>The reason higher deductibles work better for some than others has to do with individual risks and financial capability. For example, many<span> </span><a href=\"https://www.thebalance.com/what-is-high-value-home-insurance-and-is-it-worth-it-4172828\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">high-value home insurers</a><span> </span>have clients with $2,500 to $10,000 deductibles. These deductibles may be high for the average homeowner, but they make a lot of sense for higher valued homes and the relatively wealthier people that own them.</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Much Can Raising the Deductible Lower Your Insurance Costs?</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You\'re looking to <a href=\"https://www.thebalance.com/the-average-cost-of-home-insurance-4584408\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">reduce the cost of home insurance</a>, <a href=\"https://www.thebalance.com/condominium-and-coop-essential-insurance-guide-4068492\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">condo insurance</a>, or <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">car insurance</a>, but just how much will a higher deductible impact your insurance costs? </p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\">\n<div id=\"billboard7-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard7-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard7-dynamic_1-0\" class=\"comp js-billboard-lazy billboard7-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard7\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf6\" data-priority=\"9\" data-sizes=\"[[300, 250], [300, 256], [8, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"975521d71a8b475d82b4221a2e340000\" data-auction-floor-value=\"165\" data-google-query-id=\"CKnL6-KT0OkCFWODfwQdZ_ADew\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard7_0__container__\"><span style=\"font-size: 26px; color: #333333; text-align: left;\"><br />What\'s the Discount for Increasing Your Deductible?</span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Depending on how high you increase the deductible, you could expect to save roughly 5% to 10% on your premiums. The more you increase your deductible, the higher the percentage discount becomes.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>As an example, you can expect to save between 15% and 30% on your car\'s collision and comprehensive coverage by increasing your deductible from $200 to $500.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"><span>2</span></span> If you go up to $1,000, you could potentially save 40%<strong>.</strong></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>The same logic applies to home insurance. Depending on your insurance company, increasing your deductible from $500 to $1,000 could reduce your insurance costs by up to 25%.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\"><span>3</span></span> Over time, you might save thousands by strategically increasing your insurance deductibles and avoiding small claims.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Much You Can Afford to Increase Your Deductible?</span></h2>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Increasing your deductible is just one way to<span> </span><a href=\"https://www.thebalance.com/getting-your-first-home-insurance-policy-4040509\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">save money on home insurance</a>, <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">car insurance</a>, or any other type of insurance. It\'s a popular option for people looking to save because it\'s the easiest to do <em>right now.</em> However, while you will immediately save money on your premium, increasing your deductible may cost you money in the long-term, if you can\'t afford to make a claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you have set aside an emergency fund specifically for car accidents or similar events, then that makes it easy—the deductible you can afford is the amount of your emergency fund. However, if you have a mixed savings account that includes car accident funds alongside other emergency funds, then it may be more difficult to separate out how much you could afford to pay as a deductible.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-2\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>When you insure your home and car through the same insurer, you may be able to pay a single deductible for a claim that affects both. This can save you money.</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Example of High Deductible Savings Gone Wrong</span></h2>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>As an example of how high deductibles can end up costing you more money in the long run, consider this example.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You take a higher deductible of $1,000 and save $100 a year on your insurance costs. You\'re happy because you see it as saving $100 a year. After five years, you haven\'t made a claim, and you\'ve saved a total of $500.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Then, in the sixth year, you have to make a claim. You\'ve saved $500, but that\'s only half of the $1,000 deductible you now have to come up with. Not only are you in the middle of a stressful insurance claim, but you\'re worried about how you\'ll afford to pay the deductible. You might have been better off paying more for the lower deductible plan.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Other Ways to Save Money on Your Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you are still looking for ways to save money on your home insurance, you may want to check out your<span> </span><a href=\"https://www.thebalance.com/how-to-choose-best-home-insurance-coverage-4016846\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">home insurance coverage options</a><span> </span>and see if you have the right policy for your needs. Insurance companies actively compete for customers, so it might pay to shop around for your insurance or <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">negotiate with your car insurance</a> or home insurance company.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Your Insurance Policy Should Change With Your Needs</span></h2>\n<div id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>An insurance company that was well suited to your needs five years ago may not be the best company to insure you now.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Sometimes it\'s worth <a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">paying a penalty for canceling</a><span> </span>with one insurance company to get a better insurance deal with a new one. You may only need to call your insurance company and tell them you\'re ready to shop around—they may come up with some new ideas on how to save money so they don\'t lose you as a customer.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-67\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Learn About Your Deductible Waivers</span></h2>\n<div id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>The<span> </span><a href=\"https://www.thebalance.com/home-insurance-large-loss-deductible-waiver-4119928\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible waiver</a><span> </span>on a home insurance or condo insurance policy is a clause that waives the deductible in the event of a large loss.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-69\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Every insurance company will take a different approach to whether they offer a deductible waiver, and it may not be easy to tell how it applies to you. Even if your plan includes waivers, it may have been tucked away in some densely worded part of your insurance policy. Better understanding when the deductible waiver will apply may allow you to comfortably sign up for a higher deductible plan. The best way to clear it up is to directly ask your insurance representative if there is a deductible waiver in your insurance policy, and if so, when it kicks in.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, some policies might have a deductible waiver for losses of over $10,000. Other policies may have a very high threshold before deductible waivers kick in, like<span> </span><a href=\"https://www.thebalance.com/home-insurance-claims-and-rebuilding-4042916\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">major claims</a><span> </span>or losses over $50,000. If you\'re only insuring yourself for a major loss like a fire, it could make sense to take full advantage of these waivers by seeking a higher deductible.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Deductible Waivers on Car Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Car insurance policies sell deductible waivers, as well. However, unlike with home insurance plans, deductible waivers generally increase the cost of car insurance. While deductible waivers are nice, you\'ve got to ensure that it doesn\'t come with extra costs that outweigh the benefits.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Use Your Increased Deductible to Save Money</span></h2>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you decide you can afford to increase your deductible and save 10% or 40% on insurance, consider putting the savings on insurance costs into an emergency fund bank account. As your savings grow, you can increase your deductible accordingly, and then save even more on insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-80\" class=\"comp theme-experttipnote mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-3\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>If you never have to make a claim and pay that higher deductible, then all that extra money stays in your pocket. On the other hand, if you end up needing to pay your deductible, you\'ve got the money ready. It\'s a win-win for you.</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-82\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You can save hundreds (if not thousands) of dollars on your insurance by developing a strategy that balances your financial situation with deductible amounts. Ask your insurance representative to assess your insurance choices and recommend some options to save money. Always do your research, and don\'t forget, you may end up paying less and getting more by <a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">switching to a new insurance company</a>.</p>\n<p>&nbsp;</p>\n</div>\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-use-your-insurance-deductible-to-save-money-4075986\" style=\"font-size: 14px; text-align: left;\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Should You Increase Your Insurance Deductible to Save Money?','','inherit','closed','closed','','400-revision-v1','','','2020-05-25 23:25:15','2020-05-25 23:25:15','',400,'http://smartinsurance.tips/400-revision-v1/',0,'revision','',0),(405,1,'2020-05-25 23:26:56','2020-05-25 23:26:56','[et_pb_section fb_built=\"1\" _builder_version=\"4.0.9\"][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<h1 id=\"article-heading_2-0\" class=\"comp article-heading mntl-block\" style=\"text-align: center;\"><strong><span id=\"article-heading__highlight_2-0\" class=\"comp article-heading__highlight mntl-text-block\">Should You Increase Your Insurance Deductible to Save Money?</span></strong></h1>[/et_pb_text][/et_pb_column][/et_pb_row][et_pb_row _builder_version=\"4.0.9\"][et_pb_column type=\"4_4\" _builder_version=\"4.0.9\"][et_pb_text _builder_version=\"4.0.9\"]<div align=\"center\" style=\"text-align: justify;\">\n<div id=\"mntl-sc-block_1-0\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Raising your<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible</a><span> </span>will save some money on your insurance costs, however, the amount of money you save may not be what you think. Your insurance deductible will directly affect<span> </span><a href=\"https://www.thebalance.com/what-is-actual-loss-2645738\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">how much you get paid in a claim</a>, but you can save thousands of dollars if you increase your deductible using the right strategy.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-2\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Here is everything you need to know to figure out if choosing a higher deductible will save you money.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-3\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_3-0\" class=\"comp mntl-block\">\n<div id=\"billboard2-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard2-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard2-dynamic_1-0\" class=\"comp billboard2-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard2\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf1\" data-priority=\"3\" data-sizes=\"[[300, 250], [300, 600], [300, 601], [160, 600], [300, 251], [2, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"9c18c86741764c8bada74937076ada9f\" data-auction-floor-value=\"240\" data-google-query-id=\"CMSbqL-T0OkCFVAbYgodXlEKvw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard2_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-4\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Should You Increase Your Deductible?</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-5\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you have the money on hand and are willing to pay for damages resulting from a claim, then you can increase your<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible</a><span> </span>to save on costs. If you can afford it, then take the savings your insurance company will give you and start saving money now. However, you don\'t want to make the mistake of increasing your deductible to save a few dollars a month before considering the long-term implications. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-6\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_4-0\" class=\"comp mntl-block\">\n<div id=\"billboard3-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard3-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard3-dynamic_1-0\" class=\"comp billboard3-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard3\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf2\" data-priority=\"5\" data-sizes=\"[[300, 250], [300, 252], [3, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"1037aa8329a5404eb09f87146b39adb9\" data-auction-floor-value=\"165\" data-google-query-id=\"CPz3wL-T0OkCFRHhYgodcNUPSw\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard3_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-7\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>That\'s the short and simple answer, but it may not be enough information to give everyone a conclusive answer on what they should do. This in-depth overview should help you understand the impact of increasing your deductible, including the ways it can save you money (or cost you money) in the short-term and long-term.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-8\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-9\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Where to Find Your Deductible Information</span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<div id=\"mntl-sc-block_1-0-10\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>To start with<span> </span><a href=\"https://www.thebalance.com/insurance-deductible-2645763\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">the basics about insurance deductibles</a>, you first need to know how much your deductible is currently. You will be able to find this information on<span> </span><a href=\"https://www.thebalance.com/what-is-an-insurance-declaration-page-2645728\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">the declaration page of your insurance policy</a>. Sometimes, different coverages have different deductibles. Your earthquake coverage may be different from your<span> </span><a href=\"https://www.thebalance.com/how-to-handle-water-damage-claims-3860314\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">water damage</a><span> </span>or flood insurance, for instance.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-11\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-12\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>Don\'t forget to explore the opportunities to save money from the different deductibles on<span> </span><a href=\"https://www.thebalance.com/insurance-endorsement-or-rider-2645729\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">endorsements</a><span> </span>or other areas of your policy as well.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 id=\"mntl-sc-block_1-0-13\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">What You Need to Think About Before Increasing Your Deductible</span></h2>\n<div id=\"mntl-sc-block_1-0-14\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>The toughest thing about insurance is that the less money you have, the more important it is to have insurance to protect you if something goes wrong. If you are<span> </span><a href=\"https://www.thebalance.com/policy-canceled-for-non-payment-2645553\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">struggling to come up with the money to pay for your insurance</a>, you may want to think twice about increasing your deductible. Here are three things to consider.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-15\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-16\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">The Actual Cost of Your Insurance</span></h3>\n<div id=\"mntl-sc-block_1-0-17\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>An increased deductible provides a percentage discount off the cost of the insurance. If you only spend $300 on your insurance, you would need a significant percentage discount to see real savings—especially compared to the cost of making a high-deductible claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-18\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-19\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, do you really want to pay a $1,000 deductible in a claim to save $30 a year? What about if you save $100 in a year? You need to do the math to see if the savings make sense. The higher your insurance costs, the more you will save by increasing the deductible.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-20\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-21\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">Why You Have Insurance</span></h3>\n<div id=\"mntl-sc-block_1-0-22\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you are in a stable financial position and would likely take care of small issues yourself (without making a claim), it can make sense to get a higher deductible. If, for instance, you would never make a claim for under $1,000 on your car because you can afford to pay for it yourself, then a higher deductible of $1,000 makes a lot of financial sense.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-23\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-24\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>On the other hand, if you are worried about your ability to cover any amount of unexpected costs, then you\'re better off paying a few more dollars in insurance every year to get a deductible you could afford. Once you start to build some savings, you can revisit the issue and look into increasing your deductible. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-25\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h3 class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\"></span></h3>\n<h3 id=\"mntl-sc-block_1-0-26\" class=\"comp mntl-sc-block mntl-sc-block-subheading\"><span class=\"mntl-sc-block-subheading__text\">How Often You Make Insurance Claims</span></h3>\n<div id=\"mntl-sc-block_1-0-27\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you think you will never have to make an insurance claim, you can take a risk by increasing your deductible. \"Risk\" is the keyword here. You may have never made a claim in your life, but you never know when you\'ll need to. Remember that the deductible represents the direct financial impact you are willing to personally accept if you need to make a claim. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-28\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_5-0\" class=\"comp mntl-block\">\n<div id=\"native-placeholder_2-0\" class=\"comp native-placeholder mntl-block\"></div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-29\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you have a history of<span> </span><a href=\"https://www.thebalance.com/insurance-company-cancelling-policy-2645554\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">making too many insurance claims</a>, there is a good chance you are already paying a lot of money for insurance. Making more claims when it is not necessary will increase your overall insurance costs. Therefore, taking a higher deductible to avoid making smaller claims may pay off. You should always<span> </span><a href=\"https://www.thebalance.com/insurance-company-cancelling-policy-2645554\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">negotiate with the insurance company</a><span> </span>when you are paying high premiums to see how you can find a better price. </p>\n</div>\n<div id=\"mntl-sc-block_1-0-30\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_6-0\" class=\"comp mntl-block\">\n<div id=\"billboard4-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard4-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard4-dynamic_2-0\" class=\"comp billboard4-dynamic mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard4\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf3\" data-priority=\"6\" data-sizes=\"[[300, 250], [300, 253], [4, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"dbff504a20214a7fac3f54f844e2fd3b\" data-auction-floor-value=\"180\" data-google-query-id=\"COy3keKT0OkCFYyFYgodRskN_g\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard4_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-31\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you never make insurance claims and you can afford a higher deductible, then you should consider increasing your deductible. Every year you avoid making a claim, extra money from the higher deductible plan will be in your pocket instead of the insurance company\'s.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-32\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_7-0\" class=\"comp mntl-block\">\n<div id=\"billboard5-sticky-dynamic_2-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard5-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard5-dynamic_2-0\" class=\"comp js-billboard-lazy billboard5-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard5\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf4\" data-priority=\"7\" data-sizes=\"[[300, 250], [300, 254], [6, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"null\" data-auction-floor-id=\"59d731bfa4d6478abb345da2b89a89bc\" data-auction-floor-value=\"160\" data-google-query-id=\"CNOIrOKT0OkCFcp2YgodwSEAqA\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard5_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-33\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>For example, say you take a higher deductible of $1000 to save $100 on your annual insurance costs. After five years, you haven\'t made a claim, and you\'ve saved $500. In addition, five years without claims could also make you eligible for a claims-free discount, saving you even more money on your insurance costs.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-34\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_8-0\" class=\"comp mntl-block\">\n<div id=\"billboard6-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard6-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard6-dynamic_1-0\" class=\"comp js-billboard-lazy billboard6-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard6\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf5\" data-priority=\"8\" data-sizes=\"[[300, 250], [300, 255], [7, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"7dffa7996d214977afbe045cc069d3b1\" data-auction-floor-value=\"175\" data-google-query-id=\"CMWR0eKT0OkCFQbhYgod5I0Acg\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard6_0__container__\"></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-35\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-1\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>The reason higher deductibles work better for some than others has to do with individual risks and financial capability. For example, many<span> </span><a href=\"https://www.thebalance.com/what-is-high-value-home-insurance-and-is-it-worth-it-4172828\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">high-value home insurers</a><span> </span>have clients with $2,500 to $10,000 deductibles. These deductibles may be high for the average homeowner, but they make a lot of sense for higher valued homes and the relatively wealthier people that own them.</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-36\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Much Can Raising the Deductible Lower Your Insurance Costs?</span></h2>\n<div id=\"mntl-sc-block_1-0-37\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You\'re looking to <a href=\"https://www.thebalance.com/the-average-cost-of-home-insurance-4584408\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">reduce the cost of home insurance</a>, <a href=\"https://www.thebalance.com/condominium-and-coop-essential-insurance-guide-4068492\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">condo insurance</a>, or <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"3\">car insurance</a>, but just how much will a higher deductible impact your insurance costs? </p>\n</div>\n<div id=\"mntl-sc-block_1-0-38\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\">\n<div id=\"mntl-block_9-0\" class=\"comp mntl-block\">\n<div id=\"billboard7-sticky-dynamic_1-0\" class=\"comp scads-to-load right-rail__item billboard-sticky billboard7-sticky-dynamic billboard-sticky--sc scads-stick-in-parent scads-ad-placed scads-stuck-bottom\" data-height=\"600\">\n<div class=\"spacer\">\n<div id=\"billboard7-dynamic_1-0\" class=\"comp js-billboard-lazy billboard7-dynamic billboard-lazy mntl-lazy-ad mntl-gpt-dynamic-adunit mntl-gpt-adunit gpt billboard dynamic\" data-ad-width=\"300\" data-ad-height=\"250\">\n<div id=\"billboard7\" class=\"wrapper\" data-type=\"billboard\" data-pos=\"btf6\" data-priority=\"9\" data-sizes=\"[[300, 250], [300, 256], [8, 1], &quot;fluid&quot;]\" data-rtb=\"true\" data-targeting=\"{}\" data-auction-floor-id=\"975521d71a8b475d82b4221a2e340000\" data-auction-floor-value=\"165\" data-google-query-id=\"CKnL6-KT0OkCFWODfwQdZ_ADew\">\n<div id=\"google_ads_iframe_/479/thebalance/bal_other-insurance-topics/billboard7_0__container__\"><span style=\"font-size: 26px; color: #333333; text-align: left;\"><br />What\'s the Discount for Increasing Your Deductible?</span></div>\n</div>\n</div>\n</div>\n</div>\n</div>\n</div>\n<div id=\"mntl-sc-block_1-0-40\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Depending on how high you increase the deductible, you could expect to save roughly 5% to 10% on your premiums. The more you increase your deductible, the higher the percentage discount becomes.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-41\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-42\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>As an example, you can expect to save between 15% and 30% on your car\'s collision and comprehensive coverage by increasing your deductible from $200 to $500.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-2\"><span>2</span></span> If you go up to $1,000, you could potentially save 40%<strong>.</strong></p>\n</div>\n<div id=\"mntl-sc-block_1-0-43\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-44\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>The same logic applies to home insurance. Depending on your insurance company, increasing your deductible from $500 to $1,000 could reduce your insurance costs by up to 25%.<span class=\"mntl-inline-citation mntl-dynamic-tooltip--trigger\" data-id=\"#citation-3\"><span>3</span></span> Over time, you might save thousands by strategically increasing your insurance deductibles and avoiding small claims.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-45\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-46\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">How Much You Can Afford to Increase Your Deductible?</span></h2>\n<div id=\"mntl-sc-block_1-0-47\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Increasing your deductible is just one way to<span> </span><a href=\"https://www.thebalance.com/getting-your-first-home-insurance-policy-4040509\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">save money on home insurance</a>, <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">car insurance</a>, or any other type of insurance. It\'s a popular option for people looking to save because it\'s the easiest to do <em>right now.</em> However, while you will immediately save money on your premium, increasing your deductible may cost you money in the long-term, if you can\'t afford to make a claim.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-48\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-49\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you have set aside an emergency fund specifically for car accidents or similar events, then that makes it easy—the deductible you can afford is the amount of your emergency fund. However, if you have a mixed savings account that includes car accident funds alongside other emergency funds, then it may be more difficult to separate out how much you could afford to pay as a deductible.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-50\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-51\" class=\"comp theme-experttiptip mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-2\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>When you insure your home and car through the same insurer, you may be able to pay a single deductible for a claim that affects both. This can save you money.</p>\n<p>&nbsp;</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-52\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Example of High Deductible Savings Gone Wrong</span></h2>\n<div id=\"mntl-sc-block_1-0-53\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>As an example of how high deductibles can end up costing you more money in the long run, consider this example.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-54\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-55\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You take a higher deductible of $1,000 and save $100 a year on your insurance costs. You\'re happy because you see it as saving $100 a year. After five years, you haven\'t made a claim, and you\'ve saved a total of $500.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-56\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-57\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>Then, in the sixth year, you have to make a claim. You\'ve saved $500, but that\'s only half of the $1,000 deductible you now have to come up with. Not only are you in the middle of a stressful insurance claim, but you\'re worried about how you\'ll afford to pay the deductible. You might have been better off paying more for the lower deductible plan.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-58\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-59\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Other Ways to Save Money on Your Insurance</span></h2>\n<div id=\"mntl-sc-block_1-0-60\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>If you are still looking for ways to save money on your home insurance, you may want to check out your<span> </span><a href=\"https://www.thebalance.com/how-to-choose-best-home-insurance-coverage-4016846\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">home insurance coverage options</a><span> </span>and see if you have the right policy for your needs. Insurance companies actively compete for customers, so it might pay to shop around for your insurance or <a href=\"https://www.thebalance.com/car-insurance-prices-up-with-no-claims-3881505\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"2\">negotiate with your car insurance</a> or home insurance company.</p>\n<p>&nbsp;</p>\n</div>\n<div id=\"mntl-sc-block_1-0-61\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-62\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Your Insurance Policy Should Change With Your Needs</span></h2>\n<div id=\"mntl-sc-block_1-0-63\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">An insurance company that was well suited to your needs five years ago may not be the best company to insure you now.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-64\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-65\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">Sometimes it\'s worth </span><a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">paying a penalty for canceling</a><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">with one insurance company to get a better insurance deal with a new one. You may only need to call your insurance company and tell them you\'re ready to shop around—they may come up with some new ideas on how to save money so they don\'t lose you as a customer.</span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-66\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-67\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Learn About Your Deductible Waivers</span></h2>\n<div id=\"mntl-sc-block_1-0-68\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>The<span> </span><a href=\"https://www.thebalance.com/home-insurance-large-loss-deductible-waiver-4119928\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">deductible waiver</a><span> </span>on a home insurance or condo insurance policy is a clause that waives the deductible in the event of a large loss.<span style=\"font-size: 14px;\"> </span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-70\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Every insurance company will take a different approach to whether they offer a deductible waiver, and it may not be easy to tell how it applies to you. Even if your plan includes waivers, it may have been tucked away in some densely worded part of your insurance policy. Better understanding when the deductible waiver will apply may allow you to comfortably sign up for a higher deductible plan. The best way to clear it up is to directly ask your insurance representative if there is a deductible waiver in your insurance policy, and if so, when it kicks in.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-71\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-72\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p> <span style=\"font-size: 14px;\">For example, some policies might have a deductible waiver for losses of over $10,000. Other policies may have a very high threshold before deductible waivers kick in, like</span><span style=\"font-size: 14px;\"> </span><a href=\"https://www.thebalance.com/home-insurance-claims-and-rebuilding-4042916\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\" style=\"font-size: 14px;\">major claims</a><span style=\"font-size: 14px;\"> </span><span style=\"font-size: 14px;\">or losses over $50,000. If you\'re only insuring yourself for a major loss like a fire, it could make sense to take full advantage of these waivers by seeking a higher deductible.</span></p>\n<p><span style=\"font-size: 14px;\"></span></p>\n</div>\n<div id=\"mntl-sc-block_1-0-73\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-74\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Deductible Waivers on Car Insurance</span> </h2>\n<div id=\"mntl-sc-block_1-0-75\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>Car insurance policies sell deductible waivers, as well. However, unlike with home insurance plans, deductible waivers generally increase the cost of car insurance. While deductible waivers are nice, you\'ve got to ensure that it doesn\'t come with extra costs that outweigh the benefits.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-76\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<p><span class=\"mntl-sc-block-heading__text\"></span></p>\n<h2 id=\"mntl-sc-block_1-0-77\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">Use Your Increased Deductible to Save Money</span></h2>\n<div id=\"mntl-sc-block_1-0-78\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>If you decide you can afford to increase your deductible and save 10% or 40% on insurance, consider putting the savings on insurance costs into an emergency fund bank account. As your savings grow, you can increase your deductible accordingly, and then save even more on insurance.</p>\n</div>\n<div id=\"mntl-sc-block_1-0-79\" class=\"comp mntl-sc-block mntl-sc-block-adslot mntl-block\"></div>\n<div id=\"mntl-sc-block_1-0-80\" class=\"comp theme-experttipnote mntl-sc-block mntl-sc-block-callout mntl-block\" data-tracking-id=\"mntl-sc-block-callout\" data-tracking-container=\"true\">\n<div id=\"mntl-sc-block-callout-body_1-0-3\" class=\"comp mntl-sc-block-callout-body mntl-text-block\">\n<p>&nbsp;</p>\n<p>If you never have to make a claim and pay that higher deductible, then all that extra money stays in your pocket. On the other hand, if you end up needing to pay your deductible, you\'ve got the money ready. It\'s a win-win for you.</p>\n</div>\n</div>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\"></span></h2>\n<h2 id=\"mntl-sc-block_1-0-81\" class=\"comp mntl-sc-block mntl-sc-block-heading\"><span class=\"mntl-sc-block-heading__text\">The Bottom Line</span></h2>\n<div id=\"mntl-sc-block_1-0-82\" class=\"comp mntl-sc-block mntl-sc-block-html\">\n<p>&nbsp;</p>\n<p>You can save hundreds (if not thousands) of dollars on your insurance by developing a strategy that balances your financial situation with deductible amounts. Ask your insurance representative to assess your insurance choices and recommend some options to save money. Always do your research, and don\'t forget, you may end up paying less and getting more by <a href=\"https://www.thebalance.com/paying-penalty-for-canceling-insurance-worth-it-2645556\" data-component=\"link\" data-source=\"inlineLink\" data-type=\"internalLink\" data-ordinal=\"1\">switching to a new insurance company</a>.</p>\n<p>&nbsp;</p>\n</div>\n<p>To read the full article, <a href=\"https://www.thebalance.com/how-to-use-your-insurance-deductible-to-save-money-4075986\" style=\"font-size: 14px; text-align: left;\">click here</a><span style=\"font-size: 14px; text-align: left;\">.</span></p>\n</div>[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]','Should You Increase Your Insurance Deductible to Save Money?','','inherit','closed','closed','','400-revision-v1','','','2020-05-25 23:26:56','2020-05-25 23:26:56','',400,'http://smartinsurance.tips/400-revision-v1/',0,'revision','',0),