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Lower premiums
Topic:
Other Key Topics
Inc Prem:
Decrease
You have 2 policies (Other-101 Rue-12 months/Other-David-12 months) that renew on 2/13 and 8/13. The fewer and better aligned the dates, the easier it is to manage your insurance - getting to one or two very close dates greatly simplifies the process. For this purpose, life policies are treated as annual policies and only included if the policy expiration is no more than two years in the future, and non-life policies renewing on the last day of a month are assumed to always renew on the last day of the month.
Topic:
Property
Inc Prem:
Decrease
If there was a fire at 101 Rue De Leon (FL) causing 200,000 of loss of your building/building fixtures, with your current deductible of 250, you would incur an out of pocket expense of 250. If you increased your deductible to 5,000, you'd reduce your annual premium and in the same loss scenario your out of pocket expense would be 5,000.
Topic:
Property
Inc Prem:
Decrease
If there was a fire at 101 Rue De Leon (FL) causing 65,000 of loss of your possessions, with your current deductible you would incur an out of pocket expense of 250. If you increased your deductible to 5,000, you'd reduce your annual premium and in the same loss scenario your out of pocket expense would be 5,000.
Topic:
Property
Inc Prem:
Decrease
Having personal property contents coverage of 120,000 for 101 Rue De Leon which is greater than the cost to replace your possessions of 65,000 isn't usually a good idea, you may wish to reduce it.
More coverage
Topic:
Life
Inc Prem:
Increase
Term life may make sense for you. On the death of Lucy, your future household income would fall from 100,000 to 40,000. If the latter is insufficient or if your household would incur additional expenses, a term life policy could help.
Topic:
Auto
Inc Prem:
Increase
You are legally required to have auto insurance for Ford-2014 in FL.
Topic:
Property
Inc Prem:
Increase
Having coverage of 3,000 which is less than the value of the items of 7,000 isn't usually a good idea. It is probably better to have a bigger limit and perhaps a bigger deductible.
Topic:
Auto
Inc Prem:
Increase
Valentina is a teenage unlicensed driver in your household with an estimated date for getting her drivers license of 2/13/2017. Insurance companies/states vary as to whether learner permit drivers need to be listed on the policy, you should check once this happens. Your premiums are likely to increase substantially once Valentina gets her full license.
Other ideas
Topic:
Liability and Limits
Inc Prem:
Mostly neutral
If there was a slip and fall accident at 101 Rue causing 1,000,000 of medical injuries and other damages, the insurer would pay 100,000 and you would pay 900,000. In this scenario, if you had an umbrella policy with a limit of 500,000, you would have a loss of 400,000 and with a smaller underlying loss, you might have no retained loss at all.
Topic:
Other Key Topics
Inc Prem:
Mostly neutral
You spend 1,250 each year on your various insurance policies. Your total annual premium is significant enough for you to spend some time trying to ensure you are not overpaying. If anything changed on a non-life policy, you only pay for the portion of the policy term for which the endorsement was effective.
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