Tops Tricks to get a cheap building insurance policy today
When you have a business your want to make sure that the building you are in is insured at all costs. It is never worth the risk to go without building insurance for any period of time.
Naturally it is however always worth shopping around to make sure that you receive the best possible rates and coverage balance. If you feel your rates are too high, then here are a couple great money saving ideas for really cheap building insurance:
Useful cheap building insurance Cost Cutting Methods
1. Make sure you are not paying for coverage you don’t need. Often agents will add in features that although not bad to have, can drive up the cost of the policy, so suddenly it’s not really cheap building insurance any more.
2. Make sure you have the right building rating – different types of buildings have different ratings that will be reflected in the cost of the policy. Make sure that all of the policy has the correct information.
3. Get quotes from other insurance companies – most people have had their policies with someone for a long time and don’t feel comfortable thinking about switching. The termination of a relationship with an agent is hard. Especially if you’ve been with this agent for any significant amount of time.
4. Consider increasing your deductible – to keep cheap building insurance, increasing your deductible amount is a very easy way to lower your building insurance premium and give you cheap building insurance. Make sure that is you do choose to increase your deductible that is there really is a need that the amount won’t be a trouble for you to come up with. If you deductible is $10,000 and you have a $20,000 loss your insurance company will only cover half of the damage. If you won’t be able to come up with the other half, your building will quickly deteriorate and become less valuable. Do not increase your deductible beyond an amount that you can easily cover if there is a loss. (keep that amount in cash on hand/ designated in your bank account in case of emergency) cheap building insurance isn’t worth it if the coverage is not adequate.
5. Consider reducing your contents coverage – are there things that you could store at home and would be covered under your home owners policy that would be easier on your commercial policy? This could really give you cheap building insurance. Take a look around!
6. Ask for a discount. Be honest with your agent. Tell them you would like to stay with them, but are concerned about the increasing costs and that you would like them to consider. Most agents have tricks up their sleeve that will really reduce the fee, without sacrificing any coverage quality of any kind.