Q: How can I reduce the cost of the insurance on my building?

A:

The first answer is to have your insurance bid by multiple companies. You will be amazed at the difference in prices between firms. You could see 10% to 40% differentials for roughly the same coverage between firms. The second item you may consider is to increase your deductible. It is interesting to me that people will say I would never submit a claim unless the repairs are over $5,000, so that my premiums wont go up forever. If that’s the case then you better well set your deductible at the $5,000 figure or higher. The easy way is to decide how much you are willing to come out of pocket for a problem and use that amount as your deductible. The third and final way you might want to consider is to adjust your coverage. You may not need all the coverage you have. Review your policy with your agent, decide what you really need then price the policy accordingly. I’ll bet that you will be many dollars ahead after your considered and acted upon these things.

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