Reevaluate your Insurance Policies

 

My auto insurance policy renews every July, so I think summer is a good time for me to take a look at what other insurance companies offer when it comes to home and auto insurance coverage. There are a lot of them out there and sometimes you find that you’ll pay way too much for the same coverage at one company. There is no point in paying for unwanted or unused coverage’s. This is why you should reevaluate these policies on a regular bases.

 

1. Auto

It’s always a good idea to review your auto insurance policies on a yearly basis. Make sure the amount you’re paying is the cheapest possible, but you need to make sure you’re getting good coverage as well.

You should also consider the difference between full coverage and liability only as it may or may not be worth it. If your vehicle is broke or parked, consider compensation insurance only until it’s drivable again.

If you have a teen who drives, make sure you get the best rates for them as well. They may qualify for good grade discounts too.

 

2. Home

It’s important to make sure you’re not paying for more than what your home is worth when it comes to your home owners insurance.

It’s also a good idea to check to make sure you’re not paying for unneeded protection, such as flood insurance if you’re not in a flood zone.

Also check to see if adding a fire extinguisher or deadbolt locks to your doors will lower your premiums. You’ll need to talk to your insurance agent to make sure you’re not paying more than you should.

It’s also a good idea to check with other insurance companies to see if they can offer you the same protection for less money.

 

3. Life

While this coverage is pretty cut and dry you may find checking with your agent about discounts or ways to lower your premiums may be there. You’ll want to make sure your policy is giving you everything you want and that you’re not paying for those things you don’t want. The best thing to do is sit down with your agent and ask about ways to lower the premium.

There are more than one type of life insurance – even those with a disability might qualify and some policies offer a savings or 401k style of account.

 

4. Medical

Medical insurance is tricky and a lot of times you have no control over the amount you pay. The important thing to remember is to evaluate your family’s needs. Don’t pay for coverage you won’t use, consider using dr’s on the preferred list, and pay attention to how your claims are paid.

You’ll want to make sure nothing was missed and that everything was paid correctly. While this will take time, it’ll be worth it when you know the amount you’re paying and what you’re getting back from the insurance company is correct.

 

Insurance policies like the ones listed above are important and valuable to your family, but if you’re overpaying you’re wasting your money. It’s important to sit down with your agent and discuss your concerns and ask them to help you check your policies to see if there is anything you can do to lower your premiums or out of pocket money. When you take the time to reevaluate them each quarter or year you’ll find you won’t pay for things you don’t need or want.

 

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