Three Tips for South Bay Homeowners when shopping for Insurance

We have seen many non-renewals for homes and condos in Redondo, Hermosa, and Manhattan Beach. We're also seeing it happen to homes in Torrance and Palos Verdes. We receive calls daily from homeowners who have been canceled by companies they've been insured with for ten or twenty-plus years. The California Homeowner market is struggling, and unfortunately for consumers, there are not as many choices as there were just three to five years ago.

Here are a few tips as you shop for home insurance:

• Bundling coverage is great: but sometimes you have to think outside the box. Insurance companies love "bundles" because they lock you in for longer. Statistics show massive retention improvement when insurance companies insure two lines of business. Try splitting it up and doing the math—if you save money, do it!

• Home Updates: I like remodeling new bathrooms or kitchens as much as anyone. But the next time you invest in your home, consider a repipe, new roof, or electrical panel if it's an older home. Investing money in the home's infrastructure will save money on insurance and avoid future claims. It gives you more insurance options because home insurance companies love updated piping and roofs.

• Deductibles: Home insurance is not like health insurance. Think of your home insurance for big events. You dont want to submit $2,500 claims because you'll end up paying 2-3x over the next several years from the rate increases and lack of options. Raise those deductibles to at least $2,500. I'd also consider $5,000 or $10,000, depending on the value of the home and how it affects your premium. Don't be afraid of high deductibles. For people with no claims in 10 years, you would've saved thousands if you raised your deductibles ten years ago. Don't fear big deductibles.

We hope that we're at the peak of the madness for homeowners insurance here in California, but we are still determining what will happen. When shopping for Home Insurance, it's good to try some of the direct carriers, but working with an independent agent can save you a lot of time and money.

At Beach Property Insurance, we don't work for any single insurance company; we work for you, the client. We've been insuring Californians since 1991 and hope you'll call us at 310.316.0202 or contact us for a free, no-obligation homeowners insurance quote.