When we say “get the most out of your insurance” most people start thinking about how to save money on their health insurance policies. But that’s just one type of insurance. There are car insurance policies, homeowners insurance policies, renters insurance policies, etc. And it’s likely you’ll need more than one policy depending on your assets. So how do you reduce costs while getting the most out of your policies? It’s easier than you think!
There’s one key trick to cutting costs and also getting the most from the policy in question: ask. Speak to your insurance provider (or a lawyer) about what’s included in the policy you want and whether or not there are ways to cut premiums before you even sign up.
For example, many of us know that taking a simple defensive driving course can reduce car insurance premiums. Using those skills on the road can pay off even more — because accidents mean rate hikes, and safe driving means lower costs. You can also buy a safer car. Anyone who wants a low car insurance rate won’t be driving a sports car, after all — because people think those are meant to be driven fast.
For health insurance, it usually pays to know more about what you need. That means reading the fine print. Do you have very low out of pocket costs and monthly rates? You might have a high deductible, which is the amount you pay for certain other services (such as a visit to the emergency room) before the plan kicks in at all. If you’re older or prone to serious accidents or illness because of lifestyle or your job, then you’ll want the lowest deductible possible. Sometimes, that means paying higher rates. But you’ll save more in the long run.
Do you need homeowners or renters insurance? You should make sure the coverage makes sense based on what you stand to lose. Don’t obtain coverage for $1 million when you only own $10,000 worth of goods. If an accident does occur, authorities and insurance auditors will both be suspicious. And make sure you read over the policy. You don’t need the insurance to cover flood damage if you live on a big hill and your house doesn’t have a cellar, right?
Usually, there are certain types of calamities not covered on these types of premiums. These include rust, mold, wear and tear, termite damage, etc. You can increase the liability on the claim to protect against monetary damages from these types of calamities — or you can try to add them specifically if allowed.
Lastly, when it’s time to call your insurance provider because of an accident, injury, or the destruction of your property, call a qualified lawyer first. Were you the victim of assault? It might actually make sense to ask for a consultation with a criminal defense lawyer before calling a personal lawyer. Our friends at https://www.ronaldfreemanlaw.com/ know a thing or two about how the process works.