With millions of State Farm Insurance homeowners policy holders in Texas facing an impending rate increase, many people wonder what they should do in order to prepare for the time when rates go up. State Farm is likely to be just the first of many insurance companies to raise their premiums in the coming months. Whether you are satisfied with your current insurance policy and don’t plan to change, or you want an independent agent to help you find a new insurer for your Lufkin home, here are some tips to help you prepare for the increase in rates:
Reassess Your Coverage- Do you really need your land to be insured? Most claims are usually filed due to the house being damaged. Have you sold any big ticket items that you had previously insured through your homeowners policy? If you no longer have the home theater system or the fishing boat, there’s no reason you need to have money to replace them. You’re better off having the extra money stay in your pocket now than paying a higher premium and getting a higher payout if you have to make a claim. Raise Your Deductible- If you can keep enough money set aside to cover a high deductible, you’ll save a decent amount of money, up to 25 percent for many people. Pay for the Whole Year- Insurance companies love to keep things streamlined and will give charge you less if you pay them less often. Of course you’re still paying a similar amount, but if you just need to be billed once a year, rather than monthly, you save the company a lot of work. One final thing you can do is to shop around for another insurance provider. Your local Lufkin insurance agent can help you find the best rates on homeowners insurance. Shopping around for a cheaper policy is easy to do, and usually results in lower premiums. Contact us today to talk about your insurance needs.