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How can you save money on insurance in the next 30 days?
We were moving with five kids 7 and under and Bob went onto the base to fill out the out-processing paperwork. I went to a friend’s house to do laundry since our household goods were already en route.
My friend gave me the code for her garage door. I was so distracted with the kids that I forgot Bob put the travel pod on top of the van. I entered the code, got in the van and drove into the garage.
The pod tore off the garage door, raining glass onto our van. Bad day.
Insurance is something you need, but hope you never use. – Tweet this
Here are seven suggestions for cutting insurance fat and still maintaining the right kind of coverage.
Cut homeowner’s insurance costs.
Many people have their homeowner’s insurance paid as part of the mortgage payment and don’t think to get an annual review on this policy.
Each year, a family should ask its agent how to reduce costs through discounts for non-smokers, fire prevention devices in the home, security systems, or a new tile roof.
Carry only the coverage needed.
Most families should carry only up to 90 percent of the home’s value (don’t include the land in this coverage). – Tweet this
Further reduce premiums by increasing the deductible to $500, $1,000, or 1% of the total amount of coverage.
Reconsider replacement value.
Consider carrying replacement insurance on personal property. It only costs a little more and the additional coverage is worthwhile.
This also helps during military moves, when your goods would be fully covered if they are lost, stolen or damaged.
Remember riders for personal articles.
If a thief steals jewelry, guns, computer equipment, antiques, coin collections and other personal items, the homeowner’s insurance could cover as little as $1,000 unless they are itemized.
The cost of this additional coverage depends upon the total amount of the rider.
Renter’s insurance savings.
Many military families rent or live in base housing. You still need to cover your household goods.
To save money, contact the insurance company that carries your automobile policy—there are often discounts for holding for bundling.
Don’t overestimate the value of your household goods or you’ll overpay premiums and will only be able to collect actual replacement value in the event of loss.
It pays to drive with care.
Each ticket and each accident add surcharge points and additional premiums to the cost of a policy. Consequently, if you were given a ticket unfairly, it pays to fight it.
If another person was at fault in an accident, call the police to the scene to write a police report that proves you are not at fault.
Go for the higher deductibles on comprehensive and collision in order to insure big accidents, not fender benders.
Obtain estimates from at least three major companies before purchasing insurance.
Reduce the cost of insurance on your car by buying the right kind of car. Some vehicles are far more expensive to insure than others, so check with an insurance agent before buying a car.
If possible, use the least expensive car to travel to and from work. SAHM (stay-at-home-moms) have cheaper ratings so let mom drive the most expensive vehicle.
Discounts mean dollars.
Some companies offer discounts if you’ve taken a driver safety course, even if you took one to have a ticket removed from your record.
Other discount possibilities include anti-theft devices, safe-driver discounts, multi-car discounts, and good grades for students.
Ask your company for all the discounts you may have coming your way.
Once a teenager obtains a license, he or she must be listed somewhere on your auto policy.
The best option is to name the teenager as the principal driver of an older vehicle that doesn’t carry full coverage.
In some cases, that youthful driver may need to be named on the title. Consider letting the teen pay a portion (or all) of his insurance premium. It’s an extra incentive to drive safely.
Where are you able to save money on your existing insurance?