$aving $mart – Insurance


When is the last time you reviewed your insurance bills?  If you answer was more than three years ago, it is time to haul out those policies and get a quote to compare rates.  Your existing agent may be able to meet competitor’s prices or it may be time to choose a new company.  After having been with the same company since our marriage, increasing rates and wind-damage claims being denied forced us to change last year.  Don’t forget to use those discounts for AAA, military service, good grades for students, multi-car discounts, and discounts for having homeowners and auto policies with the same company.

Homeowners Insurance – Review the coverage levels with current property values.  Could you rebuild your existing home for the amount of coverage you have currently?  Make sure you are comfortable with your liability coverage.  Could you save by increasing your deductibles?  Only use that option if you can comfortably put back the amount of your deductible in savings.

Auto Insurance – Review coverage levels.  Make sure your liability coverage is adequate.  Only consider dropping full coverage if a vehicle is paid off and low in resale value.  Does your provider offer discounts for paying annually or semi-annually?  If so, consider setting aside money in your own savings “escrow” account each month so that you can pay that way the next time it comes due.

Health Insurance – So much has changed with the Affordable Care Act in the last year. Many people have the option to obtain a modified premium whole life insurance quote.  Review your policies for any changes that have come along and compare prices if you purchase your own health insurance.

Disability Insurance – This is a policy that many people overlook.  Disability insurance can be invaluable in case a primary breadwinner becomes injured or ill.  It could make all the difference in whether or not your family can stay afloat. 

Life Insurance – Check out your coverage levels.  Does your next of kin know where these policies are kept? 

How have you and your family saved money on insurance?  I would love to hear your personal stories and experiences here.