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Armour Insurance Blog

Your Home’s Value and Property Insurance

Posted by Rob Stevenson on Apr 29, 2013 10:28:00 AM

property value and insuranceWhile it may seem like a viable option to lower your property insurance coverage to save some money, this may end up costing you big in the long run. If your policy limits are too low, the cost to fix your home may exceed your limits, even if your home’s value has lessened recently. 

Property Insurance Considerations

Though housing prices are declining, home repair costs are escalating. Rebuilding is often more expensive because demolition and removal of damaged property are pricey. Workers must also work around your existing landscape, power lines and other structures. This can make rebuilding difficult and limiting.

Limits on your Homeowners Insurance are established to protect your family in the event that something would go wrong (fire, destruction to your property due to weather, etc.). In an effort to remain protected and save money, consider the following savings tips:

  • Increase your credit score by paying your bills on time, avoiding writing bad checks, etc. Insurance companies believe that having a poor credit score means that you are not responsible and are consequently a greater risk to insure.
  • Avoid filing nuisance claims. Use your coverage to protect against losses that you cannot recover by yourself and take care of minor incidents on your own.
  • Increase your deductible to lower your monthly premium. According to the Insurance Information Institute (III), increasing your deductible from $250 to $500 can cut costs by 12 per cent. If you increase to a $1,000 deductible, you could save as much as 25 per cent or 30 per cent if you increase up to a $2,500 deductible.
  • Consider buying multiple lines of coverage from the same carrier to incur discounts, such as your Homeowners Insurance, Automobile Insurance, Life Insurance, etc.

Safety = Savings Tip

Another way to save on Homeowners Insurance: install a security system and deadbolt locks. These safety measures reduce the likelihood that intruders will be able to successfully enter your home, which would result in an insurance claim.

You can count on us for all your home matters, including Homeowners and Renters Insurance.

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Or call us for more information on our affordable coverage options:
1-855-475-0959

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Topics: home insurance, property insurance, Home Insurance Tips, Home Insurance Tips, Recreational Insurance, home, Homeowners

I'm on a Boat - 2013 Boat Insurance Upgrades

Posted by Rob Stevenson on Apr 11, 2013 10:24:00 AM

Some may describe the boating season in Alberta as short... This is especially true when your coming off of 6 months of winter, like most of us are seeing this year. For boat enthuthiasts though, the saying "absense makes the heart grow fonder" rings true.

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Topics: Boat Insurance, Recreational Insurance