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Being complacent can cost you, money. Read below for some important money saving tips. We are here to help build your family's financial foundation. We believe having a high performance functional broker that cares about service, your family, and coverage that protects is super important.
Sometimes complacency can be a big mistake.
Sometimes doing nothing can lead to big problems. And when it comes to auto, homeowners, and liability insurance the system makes it very easy for consumers to take the path of least resistance.
In most cases, these types of insurance simply renew each year, and the policyholder probably gets a notice of any changes. But many people don't know what their old rates were, so it's easy enough to miss any increase.
That problem may be even worse with home insurance, which many people pay through an escrow as part of their mortgage bill. That one of the reason's why it's important to have an insurance broker..."cough" "cough" (shameless plug... Yes, like ourselves) that's proactive in our service approach. We review your renewals as we receive them and make sure you are still competitive with your personal, and business policies.
These are bills many people don't check, or they pay them via auto pay. That may be costing you money because they might be able to get better deals if they shopped around, or hired a broker who did that for you.
Despite that, one in three Americans with homeowners or car insurance has never shopped for a better deal, according to a new survey from insurance Property and Casualty 360. In addition, almost half of those who have shopped for alternatives to their current coverage have not done so in the past year.
Money on the table
Insurance rates are not fixed. What you paid last year does not determine what you will pay next year, and insurance companies know that many consumers aren't paying much attention.
It's not uncommon for insurance companies to re-rate on a yearly basis. This is due to tightening profit margins in the industry. Insurers are regularly reevaluating their product to make the most sense in changing markets, making software changes, trying to move business, or pick up business. All this changes year to year.
It's possible that your insurance company will re-rate you and lower your insurance rates. That's a good thing, but it's not an excuse to stay with them. It makes sense -- even when your bill goes down -- to check to see what other companies will charge you, and to make sure you have the proper coverage.
It's worth the hassle
It's easier to just pay the new bill and not look for alternatives. That's a lazy approach that in many cases will result in paying more for insurance. This is like just taking the medication that your doctor prescribes without asking what it is for or seeking out more root cause information with your Functional Medicine practitioner. That's why it's so important to hire and have a brokerage that is proactive and does this for you. When was the last time you heard from you agent or broker?
When consumers do shop around, an average of 42% switch their car or homeowners insurer. In our office that figure is much lower, we find we are keeping clients with the same carriers for 2-3 years before it makes sense to move them. However this does suggest that more than 4 in 10 consumers found better insurance deals just by looking -- and the number is probably higher as some likely found a better price but decided to stay with their current provider for reasons that go beyond cost, such as service, or product offering.
It's important to make sure you're paying a competitive price for home and auto insurance. Checking each year lets you know if your current provider has taken advantage of you or if another company views you as more valuable and offers a much better deal.
However, you should consider that price is not everything. If your current provider has offered great service and helped you through a difficult claim, it may make sense to pay a little more to stay.
But if you don't check, or have someone that's checking for you, how do you know if you're paying a little too much or way too much? You might overlook the first of those two possibilities if you like your current provider. If you could save a lot by switching, though, you should engage your current provider, or broker, to see if it will match or at least come close to the deal. If not, it's probably time to move on.
We are always here to answer questions. So please don't hesitate to call me, or one of my many fine agents.
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Levi Kastner
