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9 Tips to Save Money on Home Insurance | Square One - YouTube
Channel: Square One Insurance Services
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One of the most common questions
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we get from new and long-term
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home insurance customers is
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"how do I lower my home
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insurance premium?"
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There are many steps you can
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take to reduce risk and be
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proactive with choosing your
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coverages that can ultimately
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help you lower your home
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insurance premium.
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In today's video, we're gonna
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be going over nine ways that
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you can potentially use to
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reduce your home insurance
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premium. So let's get started.
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First, you can look to increase
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your deductible.
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Briefly the deductible is the
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portion of your covered loss
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that you will be responsible
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for paying before your
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insurance will pick up the
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rest. Typically,
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insurance is there to cover
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those big losses and not
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maintenance or small claims.
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So if you increase your
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deductible to say twenty five
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hundred or even five thousand,
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you can usually have
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significant savings on your
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home insurance premium.
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We suggest choosing a
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deductible that fits your
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financial scenario.
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One that won't put you in an
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uncomfortable position should
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you have to pay.
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But one where your home
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insurance premium fits your
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budget and is not overwhelming.
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Two: Eliminate unnecessary
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coverages. If you don't have a
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garage, collectibles or any
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jewelry, why bother to insure
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them? Many home insurance
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policies these days will
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include some of these things,
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even if you don't need coverage
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for them.
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That's why at Square One we
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allow you to customize your
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policy completely, so you're
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not paying for unnecessary
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coverages for things you don't
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even own.
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The third tip, don't over
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insure your belongings.
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Complete a household inventory
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checklist. We've included one
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in the description below.
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This will help you make sure
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you've taken inventory of all
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your items, so you really can
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insure it to the correct level.
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Many home insurance policies
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will insist that you insure
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your personal property based on
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an arbitrary amount of your
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home's value.
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This can often lead to over
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insuring your personal property
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and paying for coverage that
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you don't really need.
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In instances like this, you
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should look for a provider that
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can provide you customized
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coverage for your property,
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so you're not over insuring your
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belongings.
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Four: Don't over insure your
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home.
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Make sure you insure your home
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to its rebuild value, not what
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you paid for it.
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What you paid was market value
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for your house and land.
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And in some places, depending
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on when and where you buy your
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home, this could be
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significantly higher than the
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actual cost to rebuild.
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Meaning that you're paying an
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unnecessary amount in insurance
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premium to rebuild to the
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market value, when you only
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need to rebuild to the rebuild
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value of your home.
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Five: Consider future potential
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premium increases before making
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a claim.
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Insurance has always been there
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to help you with those big
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losses that you can't handle
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alone. For this reason,
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when you make multiple small
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claims, you could lose a
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claims-free discount and even
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surcharges may be applied to
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your premium, ultimately
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increasing enough to outweigh
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the event of the small claim.
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For instance, if you had a
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$500 deductible and a covered
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loss to your $600 TV,
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is it worth making that claim
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for one hundred dollars?
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If you have a claims free
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discount, you could lose that,
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which in the long run may cost
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more than that hundred dollar
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claim. Six:
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Keep your home in good shape.
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If you replace that rotting
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deck or fix those dangerous
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stairs, you're going to be
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preventing the risk that
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someone could be injured on
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your property.
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Ultimately helping you reduce
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the risk that you'll ever have
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to pay a deductible or lose any
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claims-free discounts that you
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have with your home insurance
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policy.
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Tip seven: Replace plastic
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plumbing hoses with braided
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steel hoses.
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Water loss is by far the most
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significant category of
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insurance claims for insurance
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companies and providers.
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The rubber and plastic hoses
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attached to these appliances
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quickly wear out, dry,
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bulge and then burst.
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One burst hose can cause
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thousands of dollars in water
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damage in just a few minutes.
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And if you're away from your
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home for a couple of days or
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the afternoon, one burst hose
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in a few hours can cause tens
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of thousands of dollars in
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damage, not to mention the
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disruption to your
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lifestyle while everything is
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sorted out.
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So make sure you look at your
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appliances and see if you can
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replace them with the braided
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steel hosing.
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This will ultimately save your
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claim-free discount as you
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won't need to make a water loss
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claim from the plastic plumbing
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hoses. Tip eight:
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Update your home.
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Is your roof nearing its life
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expectancy? Is the hot water
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tank over 10 years old or
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showing signs of any rust or
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wear? Does the furnace work
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properly or does it continually
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run all the time?
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You want to keep an eye on
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these things and keep them
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updated as well.
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Your insurance provider may
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offer discounts for these
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updates to your home and you
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also reduce your chance of a
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potential claim.
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Tip nine.
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Find a home insurance provider
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that offers free monthly
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billing. In many instances,
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if you'd like to pay for your
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home insurance premium on a
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monthly basis, many home
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insurance providers will charge
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you financing fees and usually
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interest. However, at
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Square One where different,
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you can pay your home insurance
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premium on a monthly basis
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without any financing fees or
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interest. So there you
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have it.
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Nine tips on how you can
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potentially save money on your
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home insurance premium.
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So if you'd like to get a quote
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that you can completely
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customize, you can head over to
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square one insurance Stockholm.
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