5 Tips to Cut Your Premium Not Your Coverage
Saving money on home and auto insurance is something that all consumers want to do. Saving a few dollars here and there can add up over the course of a year.
When it comes to insurance premiums, people tend to think that in order to cut their home or auto insurance premium they will have to make concessions. This is not necessarily true.
You can cut your premium without sacrificing the quality of your insurance coverage. But there is a problem.
The problem is most people do not read their policies. They have a general understanding of the coverage that is part of their premium, but fail to dig deeper into their policy to fully understand what they are signing. Most of us simply gloss over our insurance policy, look at the monthly premium, and sign it.
However, a deeper understanding and further investigation into your policy can help you cut your premium without cutting your coverage.
Here are some ways to save money on your home and auto insurance without sacrificing important coverage:
1. Education
Know your policy and know your insurance needs. Educating yourself about what is and is not included in your policy and what level of insurance coverage you need is the key to finding the right balance between premium and coverage.
2. Keep up with insurance news
Insurance industry news can impact your insurance rates and your coverage options. Keep up with the latest news – you may be able to use it to your advantage to save money.
3. Having a conversion with your broker
Who knows more about insurance than your insurance broker, right? When your policy comes up for renewal, in addition to getting an insurance quote, talk with your broker about how you can save money without impacting your level of coverage.
4. Shop regularly
Shop for an insurance quote each time your policy comes up for renewal. Things change year over year and getting a quote ensures you maximize savings without losing out on insurance coverage.
5. Bundle
If you have yet to bundle your home and auto insurance coverage into a single policy, you are missing out on savings. Combining your coverage will instantly save you approximately 10% off your insurance premium.