Four Ways to Save On Insurance Premiums without Sacrificing Coverage.

Americans spend trillions of dollars on insurance premiums every year,according to the Organization for Economic Co-Operation and Development. Research shows that many believe they are overpaying for at least one insurance policy, which can partly be a result of missed insurance discounts that over a lifetime can equate to thousands of dollars. Columbus, Ohio-based Grange Insurance has identified four easy ways for policyholders to save money through common discounts, making sure they maximize savings.

1. Saving at home.
Renters or homeowners who have not recently filed a claim may qualify for loss-free discounts,depending on their provider. Policyholders can increase their likelihood of qualifying by avoiding filing claims that can be covered out-of-pocket or below deductible. For example, a brokenwindow or a small hole in drywall can often be fixed at a low cost without involving the insuranceprovider. Additionally, homeowners or renters with an alarm system can qualify for a discount.Finally, routine home maintenance such as renovations and inspections can result in additional cost savings on homeowner policies.Many policyholders are already taking steps to prevent damage or theft in their homes without realizing it can save them money,” said Grange Insurance Chief Property & Casualty Officer,John Ammendola. “That’s why it’s so important to talk with your independent agent to uncover which discounts you qualify for. It can add up.”

2. Saving on the road.
Another common but important discount is often available for policyholders with quality driving records. Some providers even offer discounts for policyholders who have completed defensivedriving courses. The features on a policyholder’s car, such as anti-lock brakes and anti-theft systems, can also potentially qualify him or her for additional discounts.

3. Saving with multiple policies.
Nearly all carriers offer multi-policy discounts. Not only does this encourage policyholders to insure multiple policies with the same insurance carrier, but it can save time and money. For example, combining homeowners and auto insurance policies can alleviate the need to contact multiple carriers, while also saving some policyholders as much as 10 percent in premiums.

4. Saving with your agent.
As with everything in insurance, discounts vary by carrier. Ammendola encourages everyone to discuss specific needs with an independent agent to determine every option for saving that is available. “Our independent agents are there to help identify what works for you and what will give you the best insurance experience possible,” said Ammendola. “We strongly encourage anyone shopping for insurance to ask questions and talk openly about their needs with an agent to make sure they’re taking full advantage of all the insurance discount opportunities and coverage options available to them.”



Posted Monday, October 20 2014 6:17 AM

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