5 Ways to Save Money on Insurance

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September is Life Insurance Awareness Month, which reminds consumers of the benefits of having life insurance. For those who do not have insurance, repairs will be costly.

Insurance is a form of protection against loss, damage, or theft. Insurance should not be used as a form of investment or to get extra money. Insurance should provide enough to reimburse for loss or damages. Three benefits to having insurance are:

  • Can be used to reimburse for a loss that occurs
  • Protects against harm to something or someone
  • Saves you money in the future

The three most important types of insurance everyone should have are disability, life, and health. Get a free analysis of your existing coverage to see if you have enough or too little coverage. Many consumers have more coverage than needed. Many consumers sign up for coverage suggested by their insurance agent and don’t bother to answer questions. Here are 5 ways to save money on insurance.

INCREASE DEDUCTIBLES

  • Increase deductibles to lower your monthly premium. This will save you money and prevent you from filing minor claims, which can increase your premium.

ASSESS

  • Assess the replacement value of your insured items – car, home, jewelry, clothing, etc.

RESEARCH

  • Research the insurance company on the Better Business Bureau website or the internet to gather information on any complaints or the quality of customer service.

INSURANCE

  • Consider waving payment of your homeowner’s insurance by your mortgage company and pay it on your own. This can save you anywhere from $50 to $300 a year.
  • Purchase at least basic life insurance. Many consumers go into debt due to high medical bills.
  • Adjust your life insurance policy as needed. Update every 5 years, when a life event occurs and when your children become adults.

COMPARE

  • If you have multiple insurance products with different companies contact each company to bundle services to help you save money.
  • Ask for discounts. Companies always provide discounts but do not always advertise them.
  • Don’t get more coverage than you need.


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