subject: Why Are Your Insurance Bills Too High? [print this page] Are various types of insurance cost you a lot of money each month? Many families find that insurance premiums suck up a lot of money. In fact, the total bill for coverage may be more than the total of other types of bills. There may be some simple solutions to this problem.
Your problem can probably be solved if you can just figure out what it is. Most of us have battled with this issue, and it tends to be caused by three basic problems. You may never take the time to compare insurance, so you are not getting a good deal. You may be over-insuring yourself and your property. You may be buying coverage that is not really providing a good benefit for the price.
Start by listing all of the insurance you have right now. It will help to include the price you pay each month and the basic coverage. You should include everything. List everything. Include your car, life, medical, and homeowners insurance. Do you also have warranties on electronics or repairs? List them too.
Now figure out which of these policies you really have control over. For example, you probably have a lot of control over your auto and home policies. If you have a group health plan at work, you may not have much control over it. The policies that you have control over are the ones you want to analyze first.
Be sure you are not buying the same coverage more than once? It is quite easy to get sold on some types of insurance that we do not actually need to protect ourselves. For example, it may seem prudent to insure your fancy new cell phone. However, that phone may already be covered by the home contents coverage in your homeowners policy. Check with your home insurance company to be sure, and then get rid of coverage that you do not really need! The best homeowners insurance companies will be happy to help you understand your policy.
Are you over-insuring yourself? For example, a single man, with no spouse or kids, who makes $45,000 a year and lives in an apartment, may not really need a million dollar life insurance policy. By lowering the face value of the policy, he could cut his premium bill. He may want to keep some life insurance for future use, and also to make sure his parents or siblings get some cash for final expensies, but a million dollars may be overdoing it!
Finally, be sure you really are taking advantage of the best insurance deals. It is so easy to get online insurance quotes these days, and these quote systems can help you compare different companies in your local area. You may be able to take advantage of discounts for multiple policies too.!
You really may be paying too much for your insurance policies. You may not be spending too much because insurers charge a lot. You may just need to figure out which coverage you really need!
by: Marilyn Katz
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