As March, 2021 gets underway, now is a good time to review your home safety and insurance plans for the rest of the year.
Make sure this year that you make your home safety a priority, and also ensure that you get the most bang for the buck with your insurance coverage.
You can follow these tips:
Home security system
If you don’t have a home security system, you should seriously consider getting one to protect your hard-earned assets and home investment. The good news is that if you get one that is monitored by a central station, or that is tied directly to a local police station, you don’t only protect your home, as you may also receive a discount on your homeowner’s insurance premium.
Install additional smoke alarms
As with a home security system, you can also reduce your insurance premium by installing smoke alarms, not to mention saving your life in case of a fire. Installing them in older homes can shave 10% or more from your premiums.
Some insurance companies will also give further discounts if you install additional smoke detectors.
Raise your deductible
You can reduce your insurance premium by raising your deductible if you are confident you can absorb the cost of paying that out-of-pocket expense if you incur a claim.
Multiple policy discounts
Many insurance companies will extend a discount of 10% or more to policyholders that have multiple policies with the insurer (such as auto and homeowner’s). Ask us for a quote for other types of insurance from the company that writes your homeowner’s policy.
Plan wisely for expansion
If you plan to build an addition to the home or a structure adjacent to the home, like a gazebo, know that you’ll pay more for your insurance, depending on how it’s built. Wood-framed structures cost more to insure because they are flammable. If you go with cement or steel-framing, you’ll pay less since they are less susceptible to damage from fire and bad weather.
Pools and trampolines can have a significant impact on your insurance costs and add 10% or more to your premium.
Consider coverage type
If you purchase “guaranteed replacement value” homeowner’s insurance, your insurance will cover the entire cost of rebuilding your home after a covered calamity. Coverage limits on such a policy increase as the cost of construction and materials rises.
Make or update a home inventory
A comprehensive home inventory catalogue allows your home and belongings to be recovered, rebuilt and replaced after a loss. While this won’t help you save on your premium, it will prepare you in case you have to file a claim. With a home inventory, you’ll know exactly what you have lost in a fire, for example.
BGES Group’s office, located in Larchmont, NY is a full service insurance agency offering, Property, Liability, Umbrella Liability, Business Auto, Bid & Performance Bonds, Inland Marine, Worker’s Compensation, New York State Disability, Group Health, Life insurance, Personal lines and Identity Theft.
Special Contractor Insurance Programs (NY, NJ, CT) – We we have 50+ insurance companies to market your general liability, umbrella liability, business auto, workers compensation, bid & performance bonds and group health coverages. We help contractors set up proper risk transfer. If you’re a contractor we offer extensive information about insurance markets, coverages, risk transfer, subcontractor screening, ways to lower your insurance costs.
BGES Group are Worker’s Compensation Specialists for the States of New York, New Jersey and Connecticut – Issues we address: 1) Lowering pricing – we have specialty programs that can save you up to 40%; 2) Finding a new company; 3) Replacing policies that are being cancelled or non renewed; 4) Audit disputes; 5) Company creating fictitious payroll at audit time; 6) Lowering high experience modifications factors; 7) Misclassification of payrolls; 8) Lowering or eliminating renewal deposits; 9) Getting coverage when you’ve been without for a few months; 10) Covering multiple states under one policy; 11) Eliminating 10% service or policy fees; 12) Timely issuance of certificates; 13) Always being able to get someone on the phone or by email when you need to.
Company: BGES Group, 216A Larchmont Acres West, Larchmont, NY 10538
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