When you understand more about the pricing tricks of church insurance, you will be able to keep more money for your ministry. First, understand that even two identical churches in the same town with similar loss histories will have differing premiums because it depends on how they chose their pricing options.
Before starting, you should understand that church insurance is not a ministry. While it can help you with your ministry, companies do not provide coverage as a charitable act. As it is with other insurance companies, their goal is to extract as many dollars as possible while paying out as little in claims as possible. This does not mean that insurance for church is worse than others, but churches tend to place trust in these companies because of that specialization, and that trust could cost you a small fortune.
Second, look at competitive quotes each year and notify your current provider because if you fail to do anything after your renewal time, your costs will almost always rise, even if you had no claims that year. If you do not show signs of shopping for other insurance providers, you could see as high as a five percent increase. Do not be afraid to make your insurance agent nervous because a nervous agent is your best friend. Never fall in love with your agent. While you certainly want a good relationship with them because they will respond more favorably, we have witnessed churches that paid thousands of dollars extra and sometimes for less coverage because they liked their agent. Never forget they are a business.
Finally, review your safety procedures each year. The less accidents that occur on church grounds, the less that you should be paying for church insurance. Remove things that will pose a hazard. You can combine policies to receive a greater discount, and you will then have the ability to redirect the money saved into your faith-based mission.
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