Are you feeling insurance poor? Have you noticed that your insurance premiums are taking a large chunk out of your monthly budget? If so, then it is time to reexamine your policies and use some of the following tips to lower your insurance premiums.
See What You Have
Your first step in your quest to lower your insurance premiums is to take a close look at your current insurance coverage. You likely have home or renter’s insurance, car insurance, health insurance, life insurance, and perhaps other types of personal property insurance. Examine your policies, and know exactly what is covered by each, what your deductibles are, and what extra features you may be paying for.
Figure Out What You Really Need
Your next step is to figure out what you really need. Determine whether all of your current possessions are covered by your home owner’s or renter’s policy and if there is anything covered that you no longer own. Think about whether your policy is up-to-date for current values and about whether it reflects any upgrades you have made to your home.
You can also consider if your car insurance policy reflects the age and condition of your vehicle. Further, look closely to make sure your health insurance policy contains all the features you need and none that you don’t. You should examine your life insurance policy and other policies in the same way. Ask yourself if you really need everything you have and if there are elements you can drop to save some money.
Get Some Advice
After you know what you have and what you need, visit an insurance agent. He or she will be able to go over your policies and give you some tips that could save you money. Your agent might suggest bundling your policies with one insurance company, a practice that usually involves significant discounts. He or she might also advise you to raise your deductible a bit or to drop features you aren’t using. Further, your agent can work out the details of a package and provide you with several quotes so you can decide what best fits your lifestyle and your current needs. Check back with your agent regularly to see if any new options or discounts have come up.
Make Some Improvements
You may be able to lower your insurance premiums by making some improvements to your property, your finances, and yourself. Installing a security system in your home could earn you a discount on your home owner’s policy, for instance. You might save money on your car insurance if you can improve your credit score, as insurance company CEO Basil Mahadeo Medium suggests. This can affect your home owner’s insurance as well. Also, making improvements to your health may reduce health insurance and life insurance costs. If you quit smoking, for instance, you may find that your premium drops, and if your life insurance policy requires a medical exam, working toward a healthier lifestyle can help you pass high and lower your costs.
Insurance is complicated and expensive to be sure, but if you put in a bit of effort and take some advice, you may be able to lower your premiums considerably.