Nine different ways to save money on Home Owners, Life and Car insurance. Also ways to save when buying insurance on appliances and credit cards.
Saving money is paramount in the 21st century. It seems everywhere you look someone is trying to sell you something you don't need or could get cheaper somewhere else.
Home Owners Insurance-
1. By putting deadbolt lock on your doors, fire extinguishers, and fire alarms in your home you can save up to 100.00 a year on your insurance bill.
2. Having two policies at the same company(i.e. both your home owners and car insurance policies) can get you a double discount on both policies.
3. A higher deductable on damage repair and the prevention of those damages before they get too costly can lower your costs.
4. Making sure that your home is safe. Repair cracked sidewalk or walk ways, trim trees that block driveways or may cause damage in a storm and making sure that the home is properly maintained. The best way to prevent high insurance costs is to not have insurance claims.
Life Insurance-
1. If you want security and protection buy term life. It is less expensive and can be cancelled.
2. If you absolutely want to buy whole life, universal or cash value then plan on holding the policy for at least 15 years. Shop around for the best rates and ask your employer about group rates. Remember that cancelling one of these policies could double your future insurance costs and with some policies there is a penalty for early payment like with an IRA.
Extra Insurance-
Insurance for cars, usually the standard insurance you get when buying is enough to cover most costs. After 4-5 years the repairr costs are usually not covered in most extended warranties. Again doubling up on policies doubles the discount. Some agencies offer non-smoking or good student rates. It is always a good idea if you are married to put the higher risk car in you wife name. For instance if you own a passanger car and a truck then put the truck in your wifes name and the passanger car in your name. They automatically charge more to males for what they term High Risk vehicles. There are also double car discounts, discounts given to good drivers and in some states if you take a driving course given by the local police department you get a special discount (provided you passed of course). As always raising your deductable or dropping some coverages for older cars will also lower costs.
When buying appliances a typical payment plan lasts 1-3 years where the purchase is normally covered. Buying extended coverage is usually not neccessary. But always make sure to service the appliance regularly and keep up to date records.
As for Credit Cards, unless you plan on carrying a high balance or use your credit cards for everyday purchases this insurance is not needed. Make sure you pay your entire bill each month and don't use one card to pay off another.
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