By Travis Christy, White Coat InsuranceWho wouldn’t jump at the chance to lower their insurance costs? Saving money on premiums is something everyone can appreciate, and sometimes, all it takes is a little effort and a reminder to add “check insurance rates” to your to-do list. But as a busy physician, finding the time to ensure you’re getting the best deal can feel impossible.
Are you leaving money on the table by sticking with your current policy? At The White Coat Investor, we’ve partnered with Farmers Insurance Choice, a service that simplifies the process of shopping around. With access to all major carriers, you can quickly compare rates, potentially saving money that could be better spent elsewhere.
This matters because, as a physician, your insurance needs are often more complex than the average homeowner’s. High-income households, like those of many medical professionals, often face higher insurance premiums due to the value of their homes and vehicles or the need for specialized coverage. Yet studies show that 60% of US homes are underinsured by an average of 20%, meaning many homeowners pay premiums without adequate protection. Additionally, auto insurance rates have surged 26% since 2023, with luxury vehicles owned by many physicians further inflating costs. Despite these rising expenses, only a small fraction of high-income households review or adjust their policies regularly.
Between your busy schedule and patient care, it’s easy to assume your current policy is sufficient. However, you may own a higher-value home, need additional liability protection, or require specialized riders for a home office or medical equipment. It may be a good idea to consider taking a moment to review your policies ensuring you have the right coverage. Partnering with Farmers Insurance Choice simplifies this process, and it can help physicians avoid overpaying and ensure every dollar spent goes toward meaningful protection.
Here are some ideas to put more dollars in investments by simply asking for better deals and shopping around.
Bundle Policies for Better Discounts
Bundling your homeowners, auto, and umbrella insurance with the same provider can save money and simplify policy management and claims. Many companies offer multi-policy discounts ranging from 10%-25%. For instance, Farmers Insurance, Progressive, Travelers, and Nationwide all provide discounts when you combine home and auto policies. Combining these policies can also provide additional perks—like a single deductible for claims affecting multiple policies, such as storm damage to both your home and car.
Some insurers even offer discounts or tailored packages specifically for physicians, including higher liability limits or riders for high-value items like medical equipment or luxury vehicles. By bundling, you can save time, reduce costs, and ensure comprehensive coverage without the hassle of juggling multiple insurance providers.
More information here:
I Hadn’t Shopped for Insurance in Decades — Could I Have Been Saving Thousands Every Year?
Increase Your Deductible Strategically
Physicians may be in a great position to consider higher deductibles on homeowners, auto, and umbrella insurance policies. Choosing a higher deductible can lower monthly premiums and lead to significant savings over time. For those who can comfortably “self-insure” a little more and cover a higher out-of-pocket cost in the event of a claim, this strategy can be both practical and cost-effective.
To figure out if a higher deductible is the right choice, start by looking at the potential savings. Ask your insurance provider or the WCI-vetted insurance providers for quotes with different deductible options and calculate how much you’d save each year. Then, consider your financial situation—do you have enough in savings to handle a larger deductible if needed? If you rarely file claims, the savings you gain from a higher deductible could easily outweigh the added risk.
Calculate the break-even point. For example, if increasing the deductible saves $500 a year and adds $2,000 to out-of-pocket costs, it would take four years of premium savings to break even. If that timeline works, it may be a smart move.
Take Advantage of Professional Discounts
Most insurance companies offer exclusive discounts to professionals through organizations and/or associations. For example, the AMA and ADA negotiate group rates for their members, making it easier to find discounted homeowners, auto, and umbrella insurance options. These discounts can help save money while ensuring the coverage fits the need.
Followers of The White Coat Investor have a way to take advantage of group savings. By calling our vetted insurance partner, Farmers Insurance Choice, WCIers can access exclusive discounts and work with agents who understand the unique needs of the community. They’ll help you find policies tailored to unique situations, ensuring you're getting the best rates and the right coverage for your career and lifestyle. Why pay more than what’s needed when these options are available?
More information here:
What to Do When Your Insurance Rates Go Up: A Guide for Physicians
Enhance Your Home’s Security to Lower Premiums
Adding security features to a home is a smart way to protect what matters most while saving money on homeowners insurance. Installing smart home security systems, fire alarms, or water leak detectors can qualify for discounts from many insurance companies. These upgrades lower a home’s risk, which means insurers are often willing to reward with lower premiums.
While the initial cost of these systems might seem like a big investment, the savings over time can quickly add up, making it worth every penny. For physicians with higher-value homes and possessions, it’s an easy way to add an extra layer of protection while keeping more money in your pocket.
Avoid Claims for Small Repairs
Handle minor home repairs without relying on your insurance. Avoiding small claims for things like a leaky faucet or minor roof damage can prevent your premiums from increasing. Insurance providers often raise rates even after a single claim and view those who make claims as a higher risk. By using savings for minor expenses, you can preserve your policy for major events like fires, natural disasters, or significant structural damage. This strategy not only keeps premiums lower in the long run, but it ensures insurance is there when truly needed.
More information here:
What Happens If You Can’t Get Homeowner’s Insurance in Your State?
How Much Umbrella Insurance Coverage Do Doctors Need?
Shop Around and Negotiate
Shopping around for insurance is one of the easiest ways to ensure you’re not overpaying while still getting the needed coverage. Start by comparing rates and policies from insurers specializing in serving physicians and high-income earners. Use competitors' quotes to negotiate with other providers and ask if they can match or beat the rate. Highlight home upgrades, like security systems or roof replacements, to lower premiums. Bundling policies like homeowners, auto, and umbrella is another great way to save.
At The White Coat Investor, we’ve partnered with Farmers Insurance Choice and they understand the unique needs of medical professionals. Quickly get quotes and compare options by calling in.
Consider an Umbrella Policy for Additional Protection
Physicians are at higher risk for lawsuits due to earnings potential and perceived assets. An umbrella insurance policy provides an additional layer of liability protection that extends above the limits of standard homeowners or auto insurance.
For example, if a physician hosts a gathering at their home and a guest sustains a serious injury on the property, the resulting medical expenses and potential legal claims could exceed the liability coverage provided by their homeowner's insurance. In such cases, the owner could be responsible for covering the remaining costs. An umbrella policy would cover these excess amounts, protecting personal assets from being used to satisfy a judgment.
According to the Insurance Information Institute, umbrella policies typically offer $1 million in additional liability coverage at an average annual cost of $150-$300. The cost is low compared to the potential benefit received.
Green and Smart Home Discounts
Energy-efficient upgrades and smart devices can help lower homeowners insurance premiums. Many insurers offer discounts for features such as solar panels, energy-efficient windows, or smart thermostats—which reduce risks and improve home safety. Devices like water leak detectors and security systems can also qualify for additional savings.
Tax incentives, including the federal Residential Clean Energy Credit, provide up to 30% off the cost of renewable energy systems, making eco-friendly improvements more accessible. For physicians, incorporating green and smart technologies is a practical way to reduce insurance costs while increasing a home's value and efficiency.
The Bottom Line
Physicians and others can save money on homeowners insurance while maintaining the needed protection by tailoring coverage, enhancing home security, avoiding small claims, and exploring discounts for green and smart home upgrades. Regularly reviewing and adjusting policies is a simple way to ensure coverage fits changing circumstances without overpaying.
At The White Coat Investor, we’ve partnered with Farmers Insurance Choice to help our readers shop home, auto, and umbrella insurance more easily—and access a WCI-exclusive discount in the process. You can start by viewing quotes online, but with all the moving parts in a physician’s or a professional’s life, we strongly recommend calling 888-805-2001 to speak with a licensed agent. They’ll help you compare options, tailor coverage to your needs, and apply any discounts available. Plan on 30-45 minutes to get the most accurate quote. See how much you could save with Farmers Insurance Choice today!
Which strategies have you employed to lower the cost of your insurance premiums? How much money have you ended up saving?
The White Coat Investor may receive compensation from White Coat Insurance Services, LLC; licensed in all states including MA and DC; CA license #6009217; NY license #1758759 (exp. 6/2025); Registered address: 10610 S. Jordan Gateway, #200 South Jordan, UT 84095. This does not affect the cost or coverage of insurance.
Just wasted 30 minutes of my time completing about 70 questions for this result:.
“No Quotes Found
If you’d like to reach out to an agent directly, please call 888-805-2001 during business hours and a knowledgeable agent will be happy to help.”
Please do not send us to links that are of NO value except for the receiving party to enhance their database!!! I am not calling an insurance agent as anything from an insurance company is worthless except if they are willing to put it in writing. Just look at all the TV ads promising hundreds of dollars of savings which we all know is total fabrication.
I had to call too due to my situation being more complex than most. I suspect you’re in the same category. Having completed the questionnaire DOES reduce the time on the subsequent phone call.
After a 11 company private search, I encountered that agent responses are pretty quick, less than 24hours, and they get right to the quote if they can capture you first.
Many companies are competive. There usually is a small money difference in premium but the agent and company should guide your trust. A tornado came near my area and the complaints of those insured on timing to payout of claim was eye opening. Ask your friends who have made claims.
Just a couple thoughts.
Home: Homes valued over a million and at least one claim (not paid and denied) have less offers by companies. A Workaround can be to choose a lesser home value and add a rider for specific increase for dwelling coverage by percentage to cover the difference.
Auto: If you have a spare vehicle, drop the rental car option to avoid the unnecessary cost to the premium which is applied to each vehicle covered. It adds up.
Allow me to emphasize the warning to avoid claims for “small” repairs. The danger is not only a higher premium, but being cancelled. I had a nationally known company and I claimed a roof repair that was less than $1000, but it was the second claim within two years on that house. I thought I was in good hands, but I was quickly terminated without warning. When I discussed this with them, they stated their policy was to terminate properties with two claims within two years. I asked them to show me where this was written in my policy and they said it was an internal policy. No obvious recourse. If you live in a high risk state like I do (Calif) it is probably not worth claiming anything less than a high dollar repair if you want to keep your policy. Many insurers are leaving the state as it is due to wildfires.
We were overdue to revisit our insurance including auto, umbrella, flood, and home so Jim‘s last post was timely. However, what he is paying for insurance is much less than what we are paying! How I wish I had access to USAA. However, I did spend an hour on the phone with Farmers and unfortunately wanted to switch, but it was just a dealbreaker for me. After spending an hour, giving them all our vital details they could find us cheaper auto policies with Progressive, but unless I had those policies written meaning paid and signed up for they would not provide me an umbrella policy or quote. Apparently they wanted to provide me one through Progressive, but could not provide me those policy limits nor amount unless they were able to write the progressive auto policy. This is a dealbreaker for me because I have no guarantee they will even provide me umbrella insurance after I’ve written an auto insurance policy. Additionally, I should not have been surprised as we live on the coast, but they could provide me absolutely no home coverage so was not very fruitful for me, unfortunately.
However, I write this post to the White Coat Investor staff to make them aware if they can unlink the umbrella and auto policies through Farmers I would certainly reconsider, but having to sign up for an auto policy assuming I’ll be able to get the umbrella for a lesser cost if at all just does not seem to be a great option.
I’ll have Travis our insurance guru look into this issue and see if we can get it resolved. Thanks for letting us know. I agree it’s silly to commit until you have all the info.