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Saving Money on Homeowners Insurance

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Courtesy of iii.org

You’ve heard of preferred providers for health insurance policies. They are considered mutually beneficial because insured people get medical services at a reduced rate and the provider gains business since more patients are directed there. Auto insurers have used that model for decades. They have networks of pre-approved auto body shops to repair cars involved in crashes. Because most people don’t know the best place to unbend a fender bender, this is a proven formula for piecing a car back together. Similar programs also exist when a home or business suffers damage. Many insurers have managed repair programs for filing property claims to get damage repaired promptly and correctly – and to help control claims costs.

The most important thing to understand about controlling claims costs is the consumer benefit. Insurance is the cost of claims. If the cost of claims is controlled, then the price you pay for insurance is controlled. It is NOT about paying less on the settlement amount of the claim; it is about paying what is owed and what is necessary at a fair price.

When a homeowner has a claim and their insurer offers a managed repair program, the repairs are done through a contracting company that has been vetted, approved and overseen by the insurer. Use of a managed repair contractor saves the homeowner time (“Time is money”) and the hassle of taking a chance on an unknown and unproven repair company. Many times, the insurance company also backs up the workmanship of their approved contractors with a stronger guarantee or warranty than what one would find if going directly. It’s about customer satisfaction.

Managed repair programs are optional (although an insurer offering a premium discount for signing up for one may allow you to change your mind only at renewal time – not in the middle of a claim).

There is a lot to like about this managed repair concept, if you understand how it works and whom it benefits. Saving money on homeowners insurance is more than a concept. It’s the goal.

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