CHICAGO—September 8, 2009— Cutting costs in today’s economy should not include eliminating insurance coverage. There are a number of ways to control your insurance premiums without assuming undue risk or increasing your financial exposure.
HUB International offers the following general tips on how to save on homeowners and auto insurance.
1. Ask for periodic updates. Like a financial advisor, your insurance broker should know the details of your individual circumstances so that changes in your status are reflected in your coverage. For example, your broker may suggest increasing deductibles in order to decrease your premiums.
2. Consolidate your policies with one insurance company. Many companies offer discounts for multiple policies. Start by purchasing homeowners and car insurance with the same company. When a new need arises, contact the broker you use for those policies first. Avoid duplicating coverage. For example, you may not need towing coverage if you belong to an automobile club.
3. Look for specific discounts. Your broker may be able to decrease your premiums if you have good credit, have a home security system or are a non-smoker. Additional potential discounts are listed on www.hubinternational.com/savings.
4. Maintain a good driving record. Driving safely will help you maintain a preferred rate. Share all safety features of your automobile with your broker for maximum credit and remember that premiums are set by the value of the vehicle. The more expensive your car, the more expensive your premium will be.
5. Improve your home and make it disaster-resistant. Homes with maintained foundations, water heaters and roofs can qualify the owners for reductions in their premiums.
“Obtaining the proper insurance coverage for a good value starts with consulting an insurance broker who has national access to experts in the areas you need coverage,” said James Kane, president, HUB International Personal Insurance. “Insurance brokers -- unlike insurance agents -- work for the client, not the company. Our job is to look for the best comprehensive combination of service, coverage and price.”
Working with a broker who has access to products from multiple carriers, a strong pulse on the local market, and knowledge of coverage options is critical to ensuring you get the best service and price possible. Start by getting a thorough, professional recommendation from a licensed insurance broker who can identify ways to help you save on your insurance. For more information, visit www.hubinternational.com.
Headquartered in Chicago, IL, HUB International Limited is a leading North American insurance brokerage that provides a broad array of property and casualty, reinsurance, life and health, employee benefits, investment and risk management products and services through offices located in the United States and Canada.
This information is provided for general information purposes only. It does not constitute professional advice and does not create a broker-client relationship. Please consult a HUB advisor about your specific needs before taking any action.