3014: Cash Tips: Review Your Car, Home or Renters Insurance by Harry N. Stout of FinancialVerse on Saving Money

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[00:00:50] Have you ever noticed how a calm mind can really set the stage for a good night's sleep? That's the idea behind our new podcast, Good Sleep. Greg, our host from Optimal Relationships Daily, is here to help ease you into a peaceful night's rest with some positive affirmations. And these affirmations aren't just comforting. They can help ease anxiety and nurture positive thoughts, setting you up for true good sleep.

[00:01:16] So press play on good sleep. So press play on good sleep tonight, because a good tomorrow starts with a good night's sleep. Just search for good sleep in your podcast app, and be sure to pick the one from Optimal Living Daily. This is Optimal Finance Daily. Cash Tips. Review your car, home, or renter's insurance. By Harry Stout of FinancialVerse.com.

[00:01:41] One of the regular actions you should take each year is to review your insurance coverage and costs you pay. A key part of managing your money means having the right insurance coverage in place to protect yourself. For example, if you don't have a personal umbrella liability policy as part of your insurance coverage, you should look into getting one. You need to make sure you have the right coverage in place to avoid having to pay out cash for some very expensive bills in the coming year,

[00:02:09] should you experience an unexpected event. Car insurance. Reshopping your auto insurance every year can help you save money as rates constantly change. Shopping around with different insurance carriers will make sure you have the best rates possible. There are a number of internet services that help you do this. One of them is CheapQuotesAutoInsurance.com.

[00:02:31] On January 6th, they posted an article titled Top Tips for the Best Car Insurance Plan that presents multiple tips and strategies for obtaining lower car insurance premiums.

[00:02:42] The post presents the key practical actions you can take to get the right coverage for the right price that include shop around for online quotes, maximize the available discounts, drive fewer miles, install safety devices, protect the no claim bonus, keep a good credit score, use a garage to protect your car. You can save money on car insurance if you're diligent and know the key things to look after.

[00:03:10] It can be worth your time and will likely save you money. Homeowners and renters insurance. Like car insurance, you should review your homeowners or renters coverage every year to make sure you have the proper coverage and discounts in place to minimize your cash payments for this insurance. Here are some of the key tips to help you save money on coverage. Hopefully at least one of them will apply to your situation. Get a home security system.

[00:03:37] There are many positives to getting a home security system, but one often overlooked benefit is saving on homeowners and renters insurance. Most of the time, you'll receive about a 15 to 20% discount according to the Insurance Information Institute. To make sure you're getting the largest deduction on your insurance, contact your insurance provider before purchasing your security system, if possible, to find out what discounts they offer. Secure your home in other ways.

[00:04:07] For example, consider adding different types of detectors like heat, smoke, fire, flood, and carbon monoxide. Have a good credit score. Having a good credit score shows that you're responsible with your finances and are likely to pay your premiums in a timely manner. A person with a poor credit score is considered a higher risk, so they get charged higher premiums. Bundle insurance services.

[00:04:33] Insurance companies often cover a wide range of products, including car, life, health, renters, etc. By using one insurance provider for multiple products, you can save by the discount they give you from having all of your coverage with them. Talk to your insurance provider about this option to find out what other types of insurance they offer. Get multiple quotes. One way to ensure that you're paying the lowest possible premium is to get quotes from multiple insurance carriers.

[00:05:03] Be a loyal customer. If your insurer offers reasonable rates, another way to save money is by sticking with the same insurance provider year after year to show your loyalty and dedication to them. Find out what discounts your insurance provider offers to find out if it's worth staying with them or shopping for a new provider. Raise your deductible. Raising your deductible can save you as much as 25% on your premium.

[00:05:29] Most homeowners and renters insurance policies have a $500 deductible, which is the amount you'll pay out of pocket for any losses before your insurance company covers the rest. If you can afford it, raise your insurance deductible to save on your monthly premium. See if an organization affiliation can get you a discount. Many insurers offer discounts for being affiliated with certain organizations.

[00:05:55] Organizations can range from college fraternities and sororities, owning a specific credit card, or being a member of a credit union. Contact your provider and ask for a list of organization affiliations. Summary. You can save money on your home, renters, and car insurance coverage by taking some time once per year to see if you're getting a competitive price for the coverage you need. By doing this on a routine basis, you're likely to save yourself valuable cash.

[00:06:27] You just listened to the post titled, Cash Tips, Review Your Car, Home, or Renters Insurance, by Harry Stout of Financialverse.com. You sign up for something, forget about it after the trial period ends, then you're charged month after month after month. The subscriptions are there, but you're not using them. In fact, I just learned that 85% of people have at least one paid subscription going unused each month.

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[00:07:19] And their new Goals feature makes saving automatic, perfect for building an emergency fund or saving for a house. Cancel your unwanted subscriptions and reach your financial goals faster with Rocket Money. Go to rocketmoney.com slash OFD today. That's rocketmoney.com slash OFD. Rocketmoney.com slash OFD. What a great reminder from Harry today.

[00:07:44] Insurance for my house and car is something I rarely think about because it's only costing me $1,100 per year. However, it doesn't hurt to make sure I'm buying the proper coverage and that my deductibles have been increased to an appropriate amount to help me on the premium costs. And if you were confused, like I was, about Harry's recommendation for personal umbrella liability, I googled it for you.

[00:08:10] Umbrella insurance protects people when they're sued after an event that transpired at their home, in their car, or because of something they did. It's basically a secondary policy with your homeowners, renters, or auto insurance as your primary policy. It provides protection against claims and lawsuits and shields your future income from garnishment. I read that if you don't own a home or you have little to no net worth, you can probably do without umbrella insurance.

[00:08:37] But it does seem to be recommended for most people, and a million dollar policy tends to only cost around $200 per year. I'm going to look at buying some umbrella liability insurance for myself, and I hope you found this as helpful as I did. And that should do it for today. Have a happy rest of your day, and I'll see you on the Thursday show tomorrow, where your optimal life awaits.