I recently saved $354 each year by raising my home insurance deductible from $250 to $1,000. Within two years, I will begin making money on that small adjustment.
Seek Out Specialists for Your Insurance
Some insurance companies specialize in a particular type of insurance or a particular demographic.
For example, if you are looking for mobile home insurance, you may do better with a company that specializes in mobile home insurance. The same is true of life insurance or health insurance.
Specialist companies often employ underwriters that are able to fully examine the extent of your disease or hobbies.
This may help you get better rates than you could get if you were simply lumped into one group.
Ask About Discounts
Discounts are available for every type of insurance. You may be able to get a non-smoker discount, a professional discount, a student discount, a good credit or financial stability discount, renewal and loyalty discounts, and a myriad of other discounts if you simply ask for them.
Consider Group Insurance
There are a lot of different groups and associations that offer special insurance plans or discounts on various types of insurance.
You may already be a member of one of these organizations. If not, you could consider joining to reap the benefits.
The savings you are eligible for may easily cover the cost of membership fees.
Take a Defensive Driving Course
There are a lot of bad drivers on the road. Taking a defensive driving course will help you navigate the dangerous terrain. It can also help you save on your auto insurance premiums.
Embrace Safety Features and Devices
Safety features, such as airbags, anti-lock brake systems, and anti-theft systems, can help you save money on your auto insurance.
Fire alarms, deadbolts, and burglar alarms can help you save on your home insurance. You may already have one or more of these things. If not, they can be installed for a relatively low cost.
Don’t Buy Too Much Insurance
Although you should never skimp on insurance, it pays to be conservative and really think about the type of coverage you need before purchasing a policy.
You don’t need duplicate coverage–for example, a health insurance policy plus an auto insurance policy with health coverage.
You also don’t want to spend an exorbitant amount of money insuring a car or other items that aren’t worth more than a couple of thousand dollars.
Insure these items, but do so conservatively.
Guest post from Bailey Harris, who writes about home owners insurance and other finance topics for www.homeownersinsurance.org.
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