Week 2 - Insurance: Annual Savings $723
Insurance, like any other business, is competitive. Shopping around for insurance should be something you do on an annual basis (at a minimum). During week two I shopped for both homeowner’s and car insurance.
To do this, I pulled out my current policies and reviewed the coverage. I was very surprised to see that we were definitely over-insured. The mortgage recession had devalued our home and the market as a whole, however and my coverage had not been adjusted. When requesting a quote, make sure the coverage represents the true value of your car, home and personal contents.
Lowering your deductibles is also a way to reduce your insurance rate. Start a savings account for emergencies and add $5 or $10 per week to cover this deductable if you’re concerned with coming up with the cash in an emergency situation.
After working with two agents I found on NetQuote.com, I was able to get an annual rate at approximately half of what I was currently paying!
In terms of car insurance, I also quoted a few companies on-line and worked with the homeowner’s insurance agents on a multi-policy package deal. For me however, I discovered that my current policy was the lowest. Good to know!
Even if you discover your current policy is in good order and competitive, it's a good idea to verify it every year. When the policy is automatically renewed and you receive your new policy, pull out your policy from the previous year and compare the rates. If you find an increase, call the insurance company and ask for an explanation and ask for a reduction.
It's also a good idea to get new quotes each year, but at a minimum - monitor the annual increases.
Insurance, like any other business, is competitive. Shopping around for insurance should be something you do on an annual basis (at a minimum). During week two I shopped for both homeowner’s and car insurance.
To do this, I pulled out my current policies and reviewed the coverage. I was very surprised to see that we were definitely over-insured. The mortgage recession had devalued our home and the market as a whole, however and my coverage had not been adjusted. When requesting a quote, make sure the coverage represents the true value of your car, home and personal contents.
Lowering your deductibles is also a way to reduce your insurance rate. Start a savings account for emergencies and add $5 or $10 per week to cover this deductable if you’re concerned with coming up with the cash in an emergency situation.
After working with two agents I found on NetQuote.com, I was able to get an annual rate at approximately half of what I was currently paying!
In terms of car insurance, I also quoted a few companies on-line and worked with the homeowner’s insurance agents on a multi-policy package deal. For me however, I discovered that my current policy was the lowest. Good to know!
Even if you discover your current policy is in good order and competitive, it's a good idea to verify it every year. When the policy is automatically renewed and you receive your new policy, pull out your policy from the previous year and compare the rates. If you find an increase, call the insurance company and ask for an explanation and ask for a reduction.
It's also a good idea to get new quotes each year, but at a minimum - monitor the annual increases.