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  • Writer's pictureAlan Romero

Fight Back Against Inflation With Lower Insurance Premiums

Updated: Feb 28

Prices continue to rise at their highest rate in 40 years. Gas prices alone are a great example of just how little we have control over but don't despair, our agency is ready to help you fight back.

Your best defense in times of high inflation and rising interest rates is savings. Like the old saying goes "a penny saved, is a penny earned" and $1 saved on insurance premiums is a $1 we can use somewhere else.

We as insurance agents have an unfair advantage when it comes to buying insurance because we live and breathe insurance everyday and our agency believes that it is our duty to share the same cost savings strategies we use in our everyday lives. Below are 4 tips to help you keep inflation in check by lowering your insurance premiums.

  1. Consider raising your deductibles (home and/or auto). Raising your deductibles could save you anywhere from 5% to 20% per month, depending on your carrier. Our agency does something a little different when it comes to out of pocket costs. We can help you determine your out-of-pocket costs before a problem occurs so there are no surprises. This little exercise could help you determine your ability to meet certain deductibles.

  2. Enroll in a telematics program (auto). Enrolling in a telematics program can save you up to 20% just for signing up. In case you're worried about being penalized for bad driving, worst case scenario is you lose your discount at renewal. The information gathered is not shared so you don't need to worry about other insurance carriers using your results to set your rates. You are also allowed to delete the app once the evaluation is done so you don't need to worry about continued monitoring.

  3. Review endorsements (home). Some additional coverages on your homeowners policy are included while some are extra. Reviewing the endorsements on your homeowners policy can help you find coverages that you may not need or want and will usually result in lower premiums. A good example would be Loss Assessment coverage. A shared community, like a condo or homeowners association, will assess homeowners for additional repairs or improvements to share the cost among all the homeowners. If you are no longer part of an HOA for example, there would be no reason to carry Loss Assessment coverage.

  4. Ask. Sometimes just asking about additional discounts you may have missed could save you big! We know our insurance carriers and sometimes carriers will try to set themselves apart with clever discounts. We don't know what we don't know so work with an agent to make sure you leave no stone unturned.

Here at Goosehead Insurance-Alan Romero Agency, we're consumers just like you and when rates go up, we go shopping. We'll shop the largest network of insurance carriers around to find you the best rate on all your insurance needs. For help with these or any other questions, call or text us at 970-372-1116 and let's fight inflation together.

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