Insurance of all kinds can add up to some of the most expensive bills you pay monthly. There are things you can do to take back control of this expense and save on various insurance coverage costs. Even policies you’ve had for years will have premiums and coverage limits that change over time. For this reason it’s a good idea to periodically review the insurance coverage you have as well as what’s out there. Here are a few things you should consider that can save you money on insurance:
- Multi-Line insurance: One of the fastest and easiest ways to save on your insurance costs is to find out if your insurance company offers various lines of insurance and what discounts are available when you have multiple coverage’s with them. For instance, most auto insurance companies also offer homeowner’s coverage as well. When you insure both your autos and your home with the same carrier you often qualify for multi-line insurance discounts that can quickly add up.
- Deductibles: When comparing insurance coverage whether it is homeowner’s, auto, or medical it’s important to compare premiums as well as deductibles. While you might think that a higher deductible would automatically mean a lower premium, the difference in the coverage amounts may not be worth the small savings. When determining what deductible you should go with be sure that it is an amount you could easily cover if needed. For instance, it’s ok to carry a larger deductible on your auto insurance if you have that difference in a savings account and could quickly access it in the case of an accident. If you would struggle to come up with different amounts it’s much better to go with a slightly higher deductible even if the premium is also slightly higher.
- Coverage Options: Review the coverage you have often. Insurance changes and you want to make sure that you have enough to meet your needs. Read through your policies as they come up for renewal to determine if it is time to add or remove coverage you are currently paying for. Annual open enrollments are a good time to review not only your health care coverage but review other insurance coverage as well.
- Supplemental coverage: In the case of health insurance supplemental coverage can mean the difference between a crippling health cost and one that is manageable. There are also supplements coverage options for homeowner’s and auto as well. These supplemental coverage options include flood damage, rental car insurance, and more.
While initially finding and even reviewing your insurance policies can take some time, a good rule of thumb is to review them once a year to determine that you are still getting the best coverage for the premium amounts you pay. Once you get used to the idea of shopping around you’ll find that it’s not hard to do, and the benefits can add up to hundreds of dollars a year or more.
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