11 Steps to Help You
Save Money on Your
Insurance in Greece


1. SHOP AROUND

It'll take some time, but could save you a good sum of money. Ask your friends, check
the Yellow Pages.

Also check consumer guides, insurance agents, companies and online insurance
quote services. This will give you an idea of price ranges and tell you which companies
have the lowest prices. But don't consider price alone. The insurer you select should
offer a fair price and deliver the quality service you would expect if you needed
assistance in filing a claim. So talk to a number of insurers to get a feeling for the type
of service they give. Ask them what they would do to lower your costs.

2. RAISE YOUR DEDUCTIBLE (EXCESS)

Deductibles are the amount of money you have to pay toward a loss before your
insurance company starts to pay a claim, according to the terms of your policy. The
higher your deductible, the more money you can save on your premiums. Nowadays,
most insurance companies recommend a deductible of at least $500. If you can afford
to raise your deductible to $1,000, you may save as much as 25 percent. Remember, if
you live in a disaster-prone area, your insurance policy may have a separate
deductible for certain kinds of damage.

3. BUY YOUR HOME AND AUTO POLICIES FROM THE SAME INSURER

Some companies that sell homeowners, auto and liability coverage will take 5 to 15
percent off your premium if you buy two or more policies from them. But make certain
this combined price is lower than buying the different coverages from different
companies.

4. MAKE YOUR HOME MORE DISASTER RESISTANT

Find out from your insurance agent or company representative what steps you can
take to make your home more resistant to windstorms and other natural disasters. You
may be able to save on your premiums by adding storm shutters, reinforcing your roof
or buying stronger roofing materials. Older homes can be retrofitted to make them
better able to withstand earthquakes. In addition, consider modernizing your heating,
plumbing and electrical systems to reduce the risk of fire and water damage.

5. DON'T CONFUSE WHAT YOU PAID FOR YOUR HOUSE WITH REBUILDING
COSTS

The land under your house isn't at risk from theft, windstorm, fire and the other perils
covered in your homeowners policy. So don't include its value in deciding how much
homeowners insurance to buy.If you do, you will pay a higher premium than you should.

6. IMPROVE YOUR HOME SECURITY

You can usually get discounts of at least 5 percent for a smoke detector, burglar alarm
or dead-bolt locks. Some companies offer to cut your premium by as much as 15 or 20
percent if you install a sophisticated sprinkler system and a fire and burglar alarm that
rings at the police, fire or other monitoring stations. These systems aren't cheap and
not every system qualifies for a discount. Before you buy such a system, find out what
kind your insurer recommends, how much the device would cost and how much you'd
save on premiums.

7. SEEK OUT OTHER DISCOUNTS

Companies offer several types of discounts, but they don't all offer the same discount
or the same amount of discount in all states. That's why you should ask your agent or
company representative about any discounts available to you. For example, since
retired people stay at home more than working people, they are less likely to be
burglarized and may spot fires sooner. Retired people also have more time for
maintaining their homes. If you're at least 55 years old and retired, you may qualify for
a discount of up to 10 percent at some companies.

8. SEE IF YOU CAN GET GROUP COVERAGE

If your employer administers a group insurance program, check to see if a homeowners
policy is available and is a better deal than you can find elsewhere. In addition,
professional, alumni and business groups often work out an insurance package with an
insurance company, which includes a discount for association members. Ask your
association's director if an insurer is offering a discount on homeowners insurance to
you and your fellow graduates or colleagues.

9. STAY WITH THE SAME INSURER

If you've kept your coverage with a company for several years, you may receive a
special discount for being a long-term policyholder. Some insurers will reduce their
premiums by 5 percent if you stay with them for three to five years and by 10 percent if
you remain a policyholder for six years or more. But make certain to periodically
compare this price with that of other policies.

10. REVIEW THE LIMITS IN YOUR POLICY AND THE VALUE OF YOUR
POSSESSIONS AT LEAST ONCE A YEAR

You want your policy to cover any major purchases or additions to your home. But you
don't want to spend money for coverage you don't need. If your five-year-old fur coat is
no longer worth the $5,000 you paid for it, you'll want to reduce or cancel your floater
(extra insurance for items whose full value is not covered by standard homeowners
policies)and pocket the difference.

11. LOOK FOR PRIVATE INSURANCE IF YOU ARE IN A GOVERNMENT PLAN

If you live in a high-risk area -- say, one that is especially vulnerable to coastal storms,
fires, or crime -- and have been buying your homeowners insurance through a
government plan, you should check with an insurance agent or company
representative of insurance for the names of companies that might be interested in
your business. You may find that there are steps you can take that would allow you to
buy insurance at a lower price in the private market.


ABOUT THE AUTHOR

Nick Emmanuel is an International Insurance Broker, representing Clements
International (Global Insurance Solutions).  A leading provider of expatriate auto,
health, property and business insurance in the U.S.A. and internationally. Being an
insurance broker, it gives us the flexibility to offer insurance cover for any insurance
risk, providing the best product at the most competitive price. We cater for international
and local clients, both the private (individuals) and the commercial sector both in life
and non-life insurance. Use the contact details below to request more information or
arrange a free, in person consultation to discuss your insurance needs:

Nick Emmanuel
International Insurance Broker
Tel: (+30) 6944600733
Tel: (+30) 6944500387
Email: n.emmanuel@cleartalk.ca
Clements International
www.clements.com
Copyright (C) of the Author
By Nick Emmanuel, Clements International Broker, Greece