The Property Risks You Might Have Overlooked

Homeowners insurance is essential in protecting your valuable investment. It safeguards you from potential financial setbacks resulting from unforeseen events like fires, theft, and natural disasters. While shopping for a homeowners policy, you may come across the term 'deductible.' Let's delve into why choosing a higher deductible might be a smart decision for many homeowners. 1. What is a Deductible? A deductible is the amount of money you pay out-of-pocket for a covered loss before your insurance kicks in. For instance, if your home sustains $10,000 in damages and your deductible is $1,000, you'll pay the first $1,000, and State Fund Insurance will cover the remaining $9,000. 2. The Relationship between Deductible and Premium A crucial point to understand is the inverse relationship between the deductible and the premium. The premium is the amount you pay for your insurance policy, usually monthly or annually. Generally, the higher the deductible you choose, the lower your premium becomes. Conversely, a lower deductible often means a higher premium. 3. Why Consider a Higher Deductible? a. Reduced Premiums: As previously mentioned, a higher deductible can significantly lower your insurance premiums. Over time, these savings can add up, helping you manage your monthly expenses better. b. Fewer Claims: With a higher deductible, you're more likely to cover minor repairs and damages out-of-pocket instead of filing a claim. Fewer claims can mean better rates in the future, as insurance companies often increase premiums after claims. c. Prevents Small Claims: Several small claims can lead to higher insurance rates and even cancellation, or non renewal. By having a higher deductible, you're less likely to file a claim for minor damages, ensuring your rates remain stable. d. Builds Financial Discipline: Knowing you have a higher deductible might motivate you to set aside an emergency fund. This financial discipline is invaluable not just for potential insurance claims but for other unexpected expenses too. 4. Is a Higher Deductible Right for Everyone? While there are clear benefits to choosing a higher deductible, it's essential to evaluate your financial situation. Ensure you can comfortably afford the deductible amount in the event of a claim. If you're living paycheck-to-paycheck, a higher deductible might pose challenges. In Conclusion Taking a higher deductible on your homeowners policy can be a sound financial decision, contact State Fund Insurance for money saving options, especially if you're looking to reduce premiums. However, it's essential to choose a deductible that aligns with your financial capability. Consult with a State Fund Insurance agent to find the perfect balance that suits your needs.

Hurricane activity peaks in the fall, but severe windstorms can occur at any time of year. The following pointers can help you protect your property.

DOWNLOAD PAMPHLET: "Hands-Free While Driving" from mass.gov This pamphlet provides an excellent overview of what the new law means for drivers under and over age 18, and the consequences they’ll face for breaking the law. To summarize the key points… Drivers 18 and over: Can ONLY use electronic devices and mobile phones in hands-free mode CANNOT touch phone except to activate the hands-free mode or enable GPS, and then ONLY if the device is installed or properly mounted to the windshield, dashboard, or center console in a manner that does not impede the operation of the motor vehicle. CANNOT touch the device for texting, emailing, apps, video, or internet use Can use voice-to-text communication to electronic devices ONLY when device is properly mounted; use of headphone (one ear) is permitted. Handheld use is allowed ONLY if the vehicle is both stationary and not located in a public travel lane. Handheld use is NOT allowed at red lights or stop signs Drivers under 18 are not allowed to use any electronic devices. All phone use while driving is illegal, including use in hands-free mode. In an Emergency: Operators may use a cell phone to call 911 to report an emergency. If possible, safely pull over and stop before calling 911. ©2012 SmartsPro Marketing. tel. 877-762-7877 • www.smartspromarketing.com