This time of year is a great time to re-evaluate your home and auto insurance. First, your personal financial situation has likely changed. And second, there are always new options becoming available and you should be informed about what they are. Below are a few good steps to take.
- Call your insurance company. Tell them you are shopping around for quotes and would like to know what price they could give you for the same coverage. You would be surprised how often you can save money by making this simple call. Surprise, you aren’t always getting their best price!
- Consider raising your deductible. Often times we choose low deductibles because the thought of paying a whole bunch out of pocket seems worse than the higher premiums. But consider your driving record. If you haven’t had any at-fault accidents in a while, the extra cost may not be worth it.
- Review coverage amounts. The amount of coverage and your financial situation may have changed. It’s possible that you could lower these amounts, but often times you need to raise them, which may cause a small increase to your premium. For example, most insurance agents would agree that $100,000 in liability coverage is not sufficient for someone with a net worth many times that amount. You may also need an umbrella policy if you don’t have one already.
- Consider moving to one company – If your home and auto are with different companies, call each and get quotes for bundling them together. Often times this is an easy cost savings.
Disclaimer: Alex Voorhees and Reston Wealth Management do not provide legal, accounting, insurance or tax advice. This information is not intended to be a substitute for specific individualized legal or insurance advice. Reston Wealth Management is not a licensed Property & Casualty agent. We suggest that you discuss your specific situation with a qualified Property & Casualty insurance agent. The opinions voiced in this article are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which strategies may be appropriate for you, consult your financial advisor and other appropriate professionals, such as an insurance agent.