Perspective Newsletter
Spring 2015
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The hidden insurance benefits of downsizing

When you think "downsizing," the joys of spending weekends free from weeding, mowing, raking, and gutter-cleaning probably come to mind. But giving up that big yard in the suburbs for a tidy, low-maintenance condo or rental villa also offers surprising benefits for your wallet.

Smaller homes may translate to smaller insurance premiums. Ask us, and we'll be glad to let you know how insurance costs will change at your new address. Also, be sure to mention any of these lifestyle choices that could put money back in your pocket:

You've pared down your furnishings, "toys," and antique or art collections. Often, moving to a smaller home means getting rid of rooms full of furnishings; saying "so long" to jet skis, motorcycles, boats, and other vehicles taking up garage space; and selling or giving away antiques or collectibles. Why insure them if you no longer own them?

Your driving habits will change. If your new neighborhood is pedestrian-friendly, you'll be more likely to walk to work or the grocery store rather than take the car. Let us know if you'll be driving fewer miles. It could make a difference in your auto insurance premiums. We also can tell you if your new garaging location will change your premium based on traffic density for the area, and how selling an underused car might affect your premium (including any impact on your multi-policy discount).

You're renting rather than buying. Renter insurance protects your personal possessions and guards against liability claims. Its low premiums make it the biggest bargain in insurance and, if you'll be living in a multifamily building, you may want to consider boosting your liability coverage since a fire or flood in your unit could affect more people.

You're newly mortgage-free. If you've been paying your insurance premiums through your mortgage company, please let us know. We'll explain our range of convenient direct-pay options and help you select a plan that suits your budget. And if you haven't yet set up your online account, we'd be glad to help. It will enable you to view and manage your policy 24 hours a day – a convenient free perk to go along with your carefree new lifestyle.

What will you do with your savings?

When you add up all your savings, you may want to put it in savings, donate to your favorite charity, or may we suggest an umbrella policy, which adds at least $1 million in liability protection to your auto and home policies – a wise purchase in an increasingly litigious world. Minimum underlying coverage requirements apply, so you'll want to ask for details. To learn more, request an online quote or call 1-800-GO-PEMCO (1-800-467-3626) or your local PEMCO agent.