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How to lower your insurance rate premiums.

Tips to reduce you insurance rates and premiums for Florida policies.

There are several ways to cut your insurance premiums for different types of coverages. As always we want to give individuals in Boca Raton and Florida sound advice with regard to purchasing insurance and one of the questions that always comes up is “How can I get my rates lower?”
There are several factors you should consider looking into before you renew or obtain a new insurance policy. The first decision is to choose and independent insurance agent for quotes because they can shop several different insurance companies for the best rates.

One such way that home owners or individuals believe will reduce their rates is to shop around every year for the lowest rates with different carriers. This is a misconceived notion and usually results in high premiums. This is because when you switch every year and jump from carrier to carrier these companies will rate you in a different tier than if you stayed loyal to your current company. The result is less competitive premiums being offered to you with higher increases.

how to lower insurance rates in boca raton

Remember that insurance is all about assessing and mitigating your risk. When you show your insurance company that you have taken all the steps possible to reduce the risks the insurer is liable for, your rates will be reduced to reflect the actions you have taken.

For instance your home should have a secure roof that is not past the 15 year time frame that automatically raises premiums. Smoke alarms that are connected to services that respond to an emergency, and automatic sprinkler systems reduce the risk of fire damage and enormous loses that could otherwise been prevented by a timely fire rescue operation. Wind mitigation inspections and hurricane shutters or high impact windows will also save you money on your home insurance policies.

When insurance carriers asses your risk they also look at your lifestyle, education health habits and credit score. These insights show the insurer that you probably are a lower risk to them vs someone with a bad credit score, no college education and a risky lifestyle. To the insurance company, they take everything into consideration to assess how you behave and how responsible you have been in the past and also your current everyday life.

Someone with a high credit score shows that they have a good debt to asset ratio and have been responsible financially. This is a strong indicator to them that you won’t default on a premium and won’t take unnecessary risks that could cause future claims that could have been avoided. Some insurance companies, although rare can give a small credit if your children are receiving high grades in school. And the older you are and longer you have established a responsible lifestyle the lower your premiums will be compared to those who have behaved irresponsibly.

The location of your residence also factors into your auto insurance rates and home insurance rates. Those who live closer to or in a metropolitan area in Florida or East of I-95 will pay more than those who live in western suburbs. You may not be able to control where your live but if you are relocating this is something you should consider especially for home and Florida auto insurance coverage.

For home insurance coverage you should review the replacement cost of your home every few years because insurance companies will automatically increase the value of your home, labor costs and construction costs to replace it. Over the years this assessment can be overvalue your actual replacement cost and result in over insuring your home. Take a look at what you are insuring too. We have found some new clients actually paid for things like “other structures” when they only have one building and not an unattached garage or guest house.

Factors to consider when trying to lower rate premiums:
• Credit Score
• Safety devices
• Wind mitigation
• Security devices
• Age and location of property, structure and vehicles
• Education
• Loyalty
• Annual assessment of coverage and replacement costs
• Deductibles

Other popular ways to reduce insurance rates:
• Safe driving courses
• Higher deductibles
• Select pet breeds that are not high risk
• Don’t file unnecessary claims - Your claim history follows you and can cause higher rates
• Secure the exterior to your pool with fencing and gates
• Avoid risky toys on your property such as trampolines. (Insurance companies will often take birds eye photo of your property to asses risks such as these)

Low insurance rates are important to you and if you follow someone these bits of advice and tips for lowering your rates you can feel good that you have done everything you can to get the best possible rates. But low rates are not always the most important facet you should be looking at.

The first priority is to make sure that you have the proper insurance and are not fooled into thinking you are covered when in fact you are under insured due to exclusions written into your policy.

Find an insurance broker who represents many different carriers. For instance if you select an agent who is employed by one of the major insurance companies and sells only their products, then you will never get a competitive rate vs. an insurance broker who can write policies for 70 or more carriers. So the type of insurance agents you choose can affect how much youu pay.

The broker can select from several carriers with different tiers which gives you options for types of coverage, rates, and how well you are backed by their financial health and the carrier's ability to pay claims in a timely and efficient manner. And always ask your broker if they offer discounts for clean driving records, bundling, claim-free history and more.

A good insurance agency or broker will go through your policy in detail and explain what you are covered for and show you the risks that can be avoided. They will also advise you to bundle your policies for auto, home, life etc to get further discounts. Be wary of agents that try to use the “lowest rates sales pitch” as often these policies leave you exposed to risks and liabilities that a better policy would cover for what amounts to small differences in rates.

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the best customer service,
by putting our clients’ best interest first.

Blue Sky Insurance® Mission Statement “We strive to give our clients the best customer service, putting our clients’ best interest first and foremost.”

Our commitment to you We are committed to providing our clients with comprehensive consultation, dedication, and service by delivering a turnkey insurance solution to meet their specific needs.

Personal service Your coverage is assigned to one of our dedicated customer service representatives. You will always have an agent who is familiar with your file when you need help with claims, additional coverage, or renewal analysis.

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