As a responsible adult, you know that you need to have auto and home insurance. But that doesn't mean you have to break the bank to get it. In fact, you have many options to keep your rates low.
On average, most homeowners pay over $1,300 a year on insurance. That can be a hefty financial burden. It doesn't have to be, though. Here are some steps you can take to keep your auto and home insurance low:
Consider One Insurer
You can often save money by choosing one insurer for your auto and home insurance. Most insurers offer discounts for having multiple policies with them. You'll also only need to work with one company for both policies when the time comes to make a claim. Loyalty to one company can also prove profitable. Some insurance companies also reduce the rate for customers who have been with them for a long time.
Increase Your Deductibles
Raising your deductibles is a great way to lower your premiums. A higher deductible means you'll pay more when you make a claim, but it also means that your monthly premium will be cheaper. This, of course, is a judgement call that you need to evaluate and investigate. Make sure you choose an amount you can afford in the event of an accident or other incident.
Don't Forget to Account for Home Improvement
Some improvements can reduce the risk of damage and help you save money on your insurance through discounts. This includes deadbolt locks, storm shutters, smoke alarms, and fire extinguishers. Inform your insurer about any improvements you make so that they can adjust your policy accordingly. In fact, it’s always a good idea to foster and maintain a regular dialogue with your insurer.
Take Advantage of All the Discounts
Insurance companies offer a variety of discounts for different things. These can include good driver discounts, multi-policy discounts (Having multiple policies with one company), student or military discounts, and more.
Another source of discounts may come from affinity programs. These may be offered through certain employers, professional organizations, and universities. Ask your insurance provider if you qualify for any of these types of available discounts.
Compare Different Providers
Comparing different providers when shopping for auto and home insurance is a good idea. Some companies may offer lower rates for the same coverage, so it's worth looking around. You can use an online comparison tool or speak to an independent insurance agent who can help you find the best deal.
Although bundling multiple policies with one company is often the most cost-effective option, it doesn't always mean it's the best choice for your situation. Cheaper isn't always better.
By following these steps, you can keep your auto and home insurance costs low while still getting the coverage you need. Check with your insurance provider to ensure you get the best deal possible. With a little effort, you can save money on your insurance premiums without sacrificing the quality of your coverage.