Reducing Insurance Costs: Investor Strategies & Discounts
Investor Friendly Insurance
3/22/2024
11 min
Master legitimate strategies to reduce insurance costs including deductible selection, bundling, loss prevention, and claims management.
Key Takeaways
- ✓Strategic deductible selection reduces costs without sacrificing protection
- ✓Loss prevention investments generate premium savings
- ✓Bundling multiple policies and properties reduces costs significantly
- ✓Claims history management is critical for controlling costs
Deductible Strategy
Increasing deductibles from $500 to $2,500 reduces premiums 10-15%. Only increase deductibles if you can afford the out-of-pocket cost when claims occur.
Loss Prevention Investments
Fire alarms, security systems, and sprinkler systems reduce premiums 10-20%. These investments often pay for themselves through premium savings.
Bundling and Multi-Policy Discounts
Bundling property insurance with auto and umbrella coverage provides 10-25% discounts. Insuring multiple properties with one company generates additional savings.
Claims History Management
Claims follow you for 3-5 years and increase premiums. Avoid filing small claims. Consider self-insuring minor losses to avoid rate increases.
Related Insurance Types
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