We can Save our money through Insurance
Going hand and hand with an effective household budget is saving money on those things that you truly need. To start saving, take an inventory of your needs to see where you can shave the dollars. Begin with the biggest items first, where the most potential for savings is, and move down the scale to the less expensive items. A moderate savings on one of the big items (houses and cars) combined with savings on the smaller items (food, clothes, etc.) can reap a large reward in your total budget. The following are some thought starters:
Insurance: Most of us pay our automobile and homeowners insurance premiums by habit, rarely if ever making comparisons. With many families insurance costs totaling over $2000 a year, even a 15% savings equates to $300 annually. Some hints from the Insurance Information Institute on saving money on your homeowners insurance include:
* Be sure to shop around. It may take a little time, but it could save you money. The insurer you select should offer both a fair price and excellent service.
* Raise your deductible. Deductibles on homeowners policies typically start at $250. By increasing your deductible to $500, you could save up to 12%.
* Beef up your home security. You can usually get discounts of at least 5% for a smoke detector, burglar alarm or dead-bolt locks.
* Shop around. Prices for the same coverage can vary by hundreds of dollars from company to company, so it pays to shop around. Surf the net, ask your friends or call your state insurance department for ideas about companies and agents to contact.
* Ask for Higher Deductibles. By requesting higher deductibles on collision and comprehensive (fire and theft) coverage, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive cost by 15% to 30%.
* Take Advantage of Low Mileage Discounts. Some companies offer discounts to motorists who drive fewer than a predetermined number of miles a year.
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