Insurance, and why you're wasting money on it...

One of the joys of being a homeowner is having the appropriate insurance coverage to help you take care of significant damage to your home. Kyle Zimpleman, from New Hudson, MI, is the featured local expert who has provided some simple tips to make sure you’re not throwing away your hard earned cash on coverage you don’t need.

The 8 reasons you are most likely paying too much for homeowners insurance:

1. Land value isn’t excluded. It’s unlikely the land beneath your home will be stolen or burned in a fire. Insure the value of the home only.

2. You have a low deductible. Consider a deductible of at least $1000. If you can afford to raise it to $2500, you may save as much as 25-30%.

3. Your policy is outdated and you’re paying for coverage you don’t need. All too often, people pay for coverage they don’t need and even for items they no longer own.

4. You have a low credit score or errors in your credit report. Check your credit scores and make sure they are correct. If your credit has improved then see if you can be re-rated.

5. Your home isn’t safe. It may be lacking deadbolts, a smoke detector, fire extinguishers or a burglar alarm. Make those improvements and you should see a positive change in your premium.

6. You haven’t consolidated your coverages. You could save anywhere from 10-30%! Consider bundling your insurance needs with one provider.

7. You made small claims. Frequent claims can drive up rates. Don’t sweat the small stuff. Insurance is meant to protect from catastrophic loss. The guy sitting in the wal-mart parking lot offering to fix your tiny dent in your windshield for free will ask for your your insurance information. Might be best to skip on that one.

8. You have unnecessary extra coverage. Don’t buy coverage you don’t need. Earthquake coverage is unnecessary in most areas. Don’t schedule jewelry if it’s inexpensive, etc.

Kyle is the owner of the Zimpleman Agency which specializes in homeowners insurance in Michigan. At the Zimpleman Agency the main focus is proper insurance coverage for your situation in life. Therefore, it’s not about providing a quote but protecting you from the risks of everyday life. Their goal is to create a trusted relationship that you can count on as your insurance needs change over time.