A few tried and true strategies can help you lower your insurance costs without cutting corners. These simple measures include re-examining your policies, bundling, and taking advantage of discounts.
Major life events, like downsizing your home or getting married, and economic changes, such as inflation, call for a policy review.
1. Review Your Policy Regularly
It’s likely that your life looks a bit different than it did five or even two years ago. New jobs, new homes, a growing family and more can mean changes in your insurance needs.
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That’s why it’s essential to review your policy on a regular basis. Not only can this help you save money, but it can also ensure that you’re still adequately protected in the event of an emergency.
A lot can change in the course of a year, so it’s important to talk with your agent about these changes before they affect your policy. In addition, a review can be the perfect time to explore options for saving on your insurance, such as bundling or reducing your deductible.
It’s also a good idea to consider an insurance review any time you experience what is known as an insurance-qualifying event, or a major life milestone. Examples of this include adding a child to your family, buying a new home, sending a child off to college and even receiving an inheritance. In addition, it’s always a great idea to review your policy any time your policies come up for renewal.
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Reviewing your policy on a regular basis can also help you spot overlapping coverages, such as roadside assistance provided by both your auto and credit card companies. Paying for the same feature twice doesn’t add any extra protection and can end up costing you more.
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