Finding budget money: Insurance

Finding budget money: Insurance

Over the next few weeks I will be writing some blog articles on sure fire ways to save money within your own budget. Some of these tips you might already be doing. If you aren’t doing them yet this could be saving you hundreds of dollars a year.

The first and most substantial savings may be with your insurance.

Step #1: Make sure you are shopping around!

Talk to different licenced insurance brokers and agents to provide you with a quote for your home and auto insurance. Just because you’ve been with them for 10 years doesn’t always mean they are giving you the best deal. Before you automatically renew with your current provided get quotes from other firms and see if they can compare.

Step #2: Make sure you are getting all of the discounts!

Don’t wait until your policy renews to let your agent know that you got married. Take advantage of all of the discounts available. If something changes significantly in your life let your broker know. Even a transition to a “work from home” job may decrease your payments because of a change in driving distances.

Step #3: Know what you’re getting!

Make sure your insurances are covering all of your needs. You may be paying too much for the value of your items. Full coverage on a car worth $1000 might not be worth the extra premiums. You may want to increase your deductible from $500 to $1000. All of these things can affect your premium payments so do a little research and make sure to get what you need.

Insurance Broker and Owner of Gibb Insurance, Chris Gibb says:

“You should always get your insurance coverage advice from a licensed insurance broker before you sign up for a policy.  A broker will work with you to understand your needs and recommend coverage that is right for you and your family.  A broker is also ethically bound to ensure you are getting the best coverage/price combination available.

If you are not clear about something in your policy, ask your broker for clarification. This will help ensure you have the coverage you need.

Here are some of the questions that you may want to ask when purchasing or renewing your policy:

- Can I save money if I pay for my policy up front each year?
- Am I getting all the discounts I qualify for?
- Can I save money if I raise my deductible?
- Does the coverage vary for different types of occurrences?
- Does my policy include sewer back-up coverage?

- Would it be better to switch to another carrier?

Asking these questions will help you make an informed decision about your coverage.  Insurance coverage is an important investment and you owe it to yourself to be diligent and understand what you are getting for the money you are paying for your policy.”

Happy savings!

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