67- Cash Tips: Review Your Car, Home or Renters Insurance
Actualizado: ene 15
One of the regular actions you should take each year is to review your insurance coverage and costs you pay. A key part of managing your money means having the right insurance coverage in place to protect yourself. For example, if you don’t have a personal umbrella liability policy as part of your insurance coverage, you should look into getting one. You need to make sure you have the right coverage in place to avoid having to pay out cash for some very expensive bills in the coming year should you experience an unexpected event.
Re-shopping your auto insurance every year can help you save money, as rates constantly change. Shopping around with different insurance carriers will make sure you have the best rates possible. There are a number of internet services that help you do this. One of them is cheapquotesautoinsurance.com.
On January 6th they posted an article titled, Top Tips for The Best Car Insurance Plan that presents multiple tips and strategies for obtaining lower car insurance premiums.
The post presents the key practical actions you can take to get the right coverage for the right price that include:
Shop around for online quotes
Maximize the available discounts
Drive fewer miles
Install safety devices
Protect the no-claim bonus
Keep a good credit score
Use a garage to protect your car
You can save money on car insurance if you are diligent and know the key things to look after. It can be worth your time and will likely save you money.
Homeowners and Renters Insurance
Like car insurance, you should review your homeowners or renter’s coverage each year to make sure you have the proper coverage and discounts in place to minimize your cash payments for this insurance. Here are some of the key tips to help you save money on coverage. Hopefully at least one of them will apply to your situation.
Get a home security system. There are many positives to getting a home security system, but one often overlooked benefit is saving on homeowners and renters insurance. Most of the time you'll receive about a 15% to 20% discount according to the Insurance Information Institute. To make sure you're getting the largest discount on your insurance, contact your insurance provider before purchasing your security system if possible to find out what discounts they offer.
Secure your home in other ways. For example, consider adding different types of detectors like heat, smoke, fire, flood, and carbon monoxide.
Have a good credit score. Having a good credit score shows that you are responsible with your finances and are likely to pay your premiums in a timely manner. A person with a poor credit score is considered a higher risk, so they get charged higher premiums.
Bundle insurance services. Insurance companies often cover a wide range of products including car, life, health, renters, etc. By using one insurance provider for multiple products you can save by the discount they give for having all your coverage with them. Talk to your insurance provider about this option to find out what other types of insurance they offer.
Get multiple quotes. One way to insure that you are paying the lowest possibly premium is to get quotes from multiple insurance carriers.
Be a loyal customer. If your insurer offers reasonable rates, another way to save money is by sticking with the same insurance provider year after year to show your loyalty and dedication to them. Find out what discounts your insurance provider offers to find out if it's worth staying with them or shopping for a new provider.
Raise your deductible. Raising your deductible can save you as much as 25% on your premium. Most homeowners and renters insurance policies have a $500 deductible, which is the amount you'll pay out-of-pocket for any losses before your insurance company covers the rest. If you can afford it, raise your insurance deductible to save on your monthly premium.
See if an organization affiliation can get you a discount. Many insurers offer discounts for being affiliated with certain organizations. Organizations can range from college fraternities and sororities, owning a specific credit card or being a member of a credit union. Contact your provider and ask for a list of organization affiliations.
You can save money on your home, renters, and car insurance coverage by taking some time once per year to see if you are getting a competitive price for the coverage you need. By doing this on a routine basis you are likely to save yourself valuable cash.
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