Spend more time enjoying your home

We consider several factors when determining your premiums, including:

• The size and location of your home
• Your home’s age, structure, heating sources, etc.
• How many claims you’ve submitted in the past
• Information about you (e.g., age)

A deductible is the amount that you agree to pay (out of pocket) for claims-related expenses before your insurance company pays for the remaining costs (subject to coverage limits).

Let’s say there’s damage to your home and the total approved cost to repair those damages is $5,000. If you chose a $500 deductible when you purchased your policy, you would need to pay for the first $500 worth of expenses, and Economical would cover the remaining $4,500 in eligible expenses.

Tip: Choosing a higher deductible will lower your insurance premium. Just be prepared to pay for any costs up to that deductible amount if you need to make a claim.

We recommend reviewing your policy at least once a year, but there are certain times when you absolutely need to contact your group’s broker to officially update it:

• When your address has changed
• When you’re renovating or planning a construction project
• If you’re starting a home-based business
• When you acquire valuable belongings that require additional coverage
• If your home becomes vacant