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Welcome back everybody we appreciate your here.
And I hope this can be helpful as victims of the powerful storms in the mid Atlantic are picking up the pieces this morning hoping to salvage just what -- -- left.
In today's take charge consumer protection segment how do you can protect yourself from disasters like these while saving money on your home insurance policy.
Michael -- insurance analyst with the Insurance Information Institute.
Michael thanks -- beards and there are some discounts we know about you can change your deductible that might reduce your premium but there are some that we don't in the first one.
You you brought -- so many -- wanna run through these pretty quick.
The first one you say is loyalty.
What does that mean right.
It's the loyalty is also known as a multi line discount this is says auto and -- -- insurers and most -- right both auto and home.
They wanna keep you there's anybody watches TV -- looks at billboards knows.
It's a very -- marketplace out there.
One insurer saying I can save you money the other saying I can save you money but.
This -- this means that the the your existing auto and home insurer well one step wants to have both of your business -- awful oftentimes will -- off he would discount.
For having -- what's called a multi line discount this is not only auto insurance and home insurance.
They may even try and say an umbrella liability policy which is coverage that -- an additional layer of coverage of -- beyond what.
Again plus personal articles of -- jewelry yes -- or whatever and I wanna tell for each of these how much you could say I'm now one of potential five to 15% by merging their policies with the same company so shop.
The second one is you say you have to consider choosing your home location.
Well much like the real estate industry the insurance industry looks at location and this is not widely known outside of insurance regulators and and people in the in the fire industry but.
But -- home insurer one underwriting your policy looks to see.
Looks to -- an organization called ISL which is an insurance rating organization they look to see.
-- where is the home near a fire hydrant is there a volunteer or professional firefighting department definitely does save -- more F five to 50% more potentially if you live near fire hydrant or you have -- professional fire -- in your neighborhood.
Let me get to the third one Michael 'cause we we had a lot of news this hour.
He's saying go private what does that mean this affects only about comparatively small percentage of Americans to three million Americans who are in have their home insurer is basically -- there in the state property insurer of last resort.
What's happening Francis in the state of Louisiana you -- you can go to the state property insurer of last resort.
But they mandate that the that the coverage be 10% higher than what you get in the private sector so if you can get coverage in the private sector in a state like Louisiana.
It will oftentimes save you money Florida's a different situation Florida.
Basically the the property insurer of last resort is the largest.
-- there's a lot of reasons for that but the Florida legislature is realized.
Look we we can't have the property insurer of last resort be the largest insurer and -- -- They've taken a couple of steps to have rates raised and now what Floridians may want to look and see if.
Moving to the private sector may well save -- some Monica because her cancer an issue let me just -- what these are the ones and then I have to wrap it up but these are from you.
Seniors should ask for discounts.
Make sure you don't have more insurance than you really need -- reduce your policy limits.
Raise your deductible as we -- and consider a home security system I think that's enough to get folks started.
I hear -- -- -- people's pockets as a result of this thank you so much Michael Barry nice to meet you good to be -- game.
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