Some types of insurance are required, such as your auto insurance and your homeowner’s insurance. Even without a lender’s requirement for home insurance or your state’s requirement for auto insurance, you may understand the true financial benefits associated with purchasing coverage and maintaining an active policy. Home, auto and health insurance are among the most common types of insurance that people purchase, and they are all designed to help you pay for unexpected expenses. In some cases, coverage can save you thousands of dollars or more. However, the cost of insurance premiums can be substantial, and you must pay your premium regardless of whether you actually use the insurance or not. These are some effective ways to save money on your premiums so that you can get the coverage that you need.

1. How to Trim Your Car, Home and Health Insurance Premiums
Some types of insurance are required, such as your auto insurance and your homeowner’s
insurance. Even without a lender’s requirement for home insurance or your state’s requirement
for auto insurance, you may understand the true financial benefits associated with purchasing
coverage and maintaining an active policy. Home, auto and health insurance are among the most
common types of insurance that people purchase, and they are all designed to help you pay for
unexpected expenses. In some cases, coverage can save you thousands of dollars or more.
However, the cost of insurance premiums can be substantial, and you must pay your premium
regardless of whether you actually use the insurance or not. These are some effective ways to
save money on your premiums so that you can get the coverage that you need.
Choose a Higher Deductible:
When you buy home, health or auto insurance, the decision about the deductible amount is yours.
However, there are usually some upper and lower thresholds provided by the insurance
companies. For example, with a homeowner’s insurance policy, you can usually request a
deductible that equals one to two percent of the replacement value of the home. You could also
set a reasonable fixed dollar amount, such as $2,000. Remember that a higher deductible amount
yields a more affordable premium. When choosing a higher deductible, do so with care. When
your deductible is too high, it is not affordable to file a claim as needed. A smart way to combat
this problem and still enjoy the benefit of a higher deductible is to increase your savings account
balance accordingly.

2. Shop for New Rates Periodically:
There are many factors that can affect the rates that you qualify for. For example, your auto
insurance rates may be based on your credit rating, your age, your driving history and other
factors. While shopping for rates on a new insurance policy is wise, remember that you also
should shop for rates annually in order to avoid paying for your insurance policies.
Look for Discounts:
Another great way to potentially save money on your insurance premiums is through discounts.
Health insurance discounts are not common, but you can usually find numerous discounts for
home and auto coverage. For example, a home insurance discount may be available if you have a
security system. An auto insurance discount may be available if you have a great driving record.
In addition to these and many other common discounts that may be available to you, remember
that some insurance companies offer an additional discount if you bundle coverage together or if
you set up automated payments.
Auto, home and health insurance are veritable necessities, and it is not wise for most people to be
without these coverage types. However, paying for them can be expensive. As you can see, there
are multiple strategies available to save money on the various types of coverage that you need.
Now is a great time to review your existing coverage and to make updates as needed.
Edward Schinik is the Chief Operating Officer with the Investment Manager.