You can save money on home, auto, or life insurance by being a savvy shopper. Here are the four best tips that an insurance agent may not tell you:
- Raise your deductibles. According to the Insurance Information Institute, raising your homeowner’s deductible from $500 to $1,000 could save up to 25% on your annual premium and 40% savings by raising your car insurance deductible from $200 to $1,000. Put this extra money into a savings account for emergencies.
- Ask for a list of available discounts. For example, tell a home insurer if you've installed a home alarm system or a car insurer if you carpool. Also, see if there's a discount for bundling your home and auto insurance with the same company.
- Shop for insurers when you have a change in your life (marriage, new car, etc.), or a rate hike on your present policy. Search online to compare rates or look at: www.carinsurance.com , www.homeinsurance.com , or www.intelliquote.com for life. Also, there are consumers guides for home, auto, and life insurance under Consumer Resources at www.naic.org. The auto guide, for example, gives you a list of questions to ask an insurer and suggests checking the state insurance department’s website, which has a tool to help you compare specific providers and premiums.
- Make sure you’re not under or over-insured. For example, you need enough insurance to completely rebuild your home and replace all of your belongings in case of a disaster. For $7.95 you can get a rebuilding cost estimate by going to: www.accucoverage.com. Compare this value to your current homeowner’s insurance policy.
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