Interior/Dwelling/Possessions unfairly driving up premium - can I have it reduced?

[mattfara]

What is the name of your state (only U.S. law)? New York

I feel that I am paying too high a premium because of the assumption that replacing my possessions inside my home would cost x-amount-of-dollars. Despite living in Mount Sinai, New York, I own very few possessions, most of which are exceedingly modest. I don't own jewelry, big screen TVs, or anything else of exceptional value. My appliances are all fairly old.

Is there some way I can have my home owners insurance premium reduced owing to all this?

 

[quincy]

What is the name of your state (only U.S. law)? New York

I feel that I am paying too high a premium because of the assumption that replacing my possessions inside my home would cost x-amount-of-dollars. Despite living in Mount Sinai, New York, I own very few possessions, most of which are exceedingly modest. I don't own jewelry, big screen TVs, or anything else of exceptional value. My appliances are all fairly old.

Is there some way I can have my home owners insurance premium reduced owing to all this?

I suggest you ask your insurance agent that question.

You can reduce your premium by raising your deductible.

Your insurer might be one that automatically sets personal property coverage based on the housing value. You are generally able to lower this limit to more accurately reflect the value of your personal property and lower your premium this way.

If you have in the past had some special property items insured separately for extra coverage (like valuable jewelry or antiques or artwork),you can eliminate this coverage to reduce your premium.

You can comparison shop to see if another insurance company provides more or equal coverage for less.

With that said, your question is not really a legal question. This forum addresses legal concerns.

Good luck.

 

[adjusterjack]

Your insurance premium is based on the amount of insurance on the dwelling (which is the key coverage and should be as accurate as possible). The amount of the contents coverage is about 70% to 75% of the dwelling coverage on a Replacement Cost policy.

I don't recommend increasing deductibles. If you already have a $500 deductible the few bucks you save going to a $1000 deductible isn't worth the pain of coming up with $1000 if something happens to your house or your stuff.

Better to shop around a month or two before each renewal.

 

[quincy]

Your insurance premium is based on the amount of insurance on the dwelling (which is the key coverage and should be as accurate as possible). The amount of the contents coverage is about 70% to 75% of the dwelling coverage on a Replacement Cost policy.

I don't recommend increasing deductibles. If you already have a $500 deductible the few bucks you save going to a $1000 deductible isn't worth the pain of coming up with $1000 if something happens to your house or your stuff.

Better to shop around a month or two before each renewal.

Hmm. The 75% seems high. I understood the automatic coverage was generally set at 50% of dwelling coverage.

But whatever the percentage used, this can be reduced to reflect actual cash value (depreciated value) instead of replacement cost.

The bottom line is that there are several different ways to reduce one's insurance premium.

And mattfara's question is not a legal question.