An insurance policy protects you financially in case of an accident or unexpected circumstances, so learn about different types of coverage available and how you can shop smart.
Loyalty pays dividends when it comes to insurers. Inform your agent of changes in your home that could reduce premiums. Document your belongings using photos and receipts.
Health Insurance
Before making a final decision when it comes to health insurance plans, consumers should carefully examine all of the details. Each year, every health insurer is mandated to issue an SBC document that clearly outlines costs and coverage options of their plans; consumers can access an SBC by visiting their health insurer’s website or calling the toll-free number listed on their card.
Even if you’ve had the same plan for years and know exactly what it covers, it is a good idea to take an updated look at your coverage on an ongoing basis. Insurance providers periodically change terms of policies; there may be aspects of it that weren’t important before that have become important now; furthermore, healthcare is evolving constantly and customers should keep an open mind as more options emerge for consideration.
If you need assistance in the process of purchasing health insurance, local resources can provide invaluable assistance. They’ll assist in applying to marketplaces, selecting plans and enrolling. Simply search by your city/state/zip code.
Life Insurance
Early investment in life insurance can bring tremendous peace of mind, knowing you are preparing your family for a brighter future. Be sure to utilize all appropriate policy types for your unique circumstances, budget and risk tolerance – be wary of products which appear too good to be true and look for an independent insurance broker who can demonstrate options from top insurers. Also keep important documents safe so they are easy to locate in times of emergency.
Auto Insurance
Auto insurance is required by most states and an integral component of financial security and economic mobility, yet many drivers remain unaware that there are several strategies they can employ to lower rates and enhance coverage.
Compare quotes from several providers and evaluate costs, premiums, deductibles and coverage areas before making a decision on collision and comprehensive insurance for your car based on its value and affordability if an accident or theft occurs.
Request discounts from your agent or broker. Depending on your age, driving record and other criteria, discounts could apply based on various categories: for instance many insurers provide teen driver and good student discounts as well as incentives if you enroll in a telematics program that tracks driving habits.
Investigate any insurer you’re considering carefully, paying particular attention to customer service and financial stability. NerdWallet recommends reviewing an insurer’s complaint levels and ratings; an “A+” rating from AM Best indicates financial strength.
Home Insurance
Homeowner’s insurance is a necessity for most homeowners. It protects both your dwelling and personal belongings against damage or loss, and mortgage companies require this coverage as part of your investment. Unfortunately, premiums can differ widely and the costs add up quickly – here are some strategies to keep homeowner’s premium costs in check without compromising coverage:
1. Bundle Policies. Many insurance providers provide discounts when you bundle auto or health policies with your homeowners policy from them, so check with your agent on how bundling options might help save money.
2. Consider increasing your deductible. Selecting a higher deductible–the amount you must pay before an insurer begins making payments on any claims–can help lower premiums; however, be wary when considering this option as you should ensure you have sufficient funds available to cover it should a loss occur.
3. Review your policy annually. This may seem obvious, but regularly reviewing your homeowner policy can ensure you’re not overpaying or underinsuring yourself. Your property and circumstances could change over time so taking the time to shop around and secure adequate protection is essential.
Notify your agent immediately of any home improvements–like installing a new roof, burglar alarm system or fence–that may lower rates because these improvements indicate reduced risks of damage or loss.
