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Making Smart Savings Choices

In today's unsettled economy, many people are looking for ways to stretch their money—but sometimes this includes altering insurance coverage to dangerously low levels or eliminating coverage entirely. If you’re thinking about changing your coverage to save money, consider these key issues below — and give us a call at (847) 680-0888 or email us at chris@rhobbsinsurance.com. We can help make sure you’ve got the right protection at a price you can afford.

Make sure you’re getting the appropriate discounts and credits: 
Most insurers offer a variety of policy credits and account discounts that can translate into significant savings — without endangering the level of protection you need for your home, autos and other valuable property. And often, if you purchase multiple policies through the same insurance company, you’ll receive further discounts. People who own motorcycles or boats and who complete approved safety courses can qualify for discounts, and families with teen drivers who earn good grades in school may qualify for auto policy discounts.

Increase deductibles for cost savings:
  Only a small percentage of homeowners have claims in any given year, so you might consider increasing your deductible.

Specialty lines coverage options: 
Own a classic car or RV?  If their use is seasonal, you can typically reduce your coverage to liability only during the off-season, then add full coverage only when you are actually using the vehicle.

Full payment on policy:  Depending on your financial circumstances, you may be able to make lump-sum payments instead of partial premium payments, such as monthly or quarterly. Partial payments often include small transaction fees, so paying the full amount can eliminate those extra costs.

Some decisions to avoid


It is just as important to understand what not to do as you look for cost savings. Here are some scenarios you should avoid:

It may be unwise to carry only the minimum state-required amount of uninsured/underinsured motorist coverage on auto policies, or to cancel it entirely if it is not required in your state:
According to the Insurance Research Council (IRC)*, the correlation between the percentage of uninsured motorists and the unemployment rate is high — when the economy is struggling, more people go without insurance. You want to make sure you’re protected in this instance.

Ignoring renters insurance: This coverage is often overlooked no matter what shape the economy is in. Landlords’ policies generally only cover the structure, not the individual renters’ contents. Imagine having to replace furniture, clothing and other personal property out of pocket because you excluded this essential, affordable coverage and then suffered a devastating loss from a burglary or other covered event.

Saving money is important, but so is making sure that what you’ve got is protected. If you’re looking for ways to save, or want to review your coverage, give us a call at (847) 680-0888 or send us an email at  chris@rhobbsinsurance.com.

 

*Insurance Research Council, January 21, 2009

Contact Us!

Illinois and Wisconsin residents, at R Hobbs Insurance Agency, we can work with you to make sure you've got the coverage you need, while at the same time using all possible credits and discounts to make that coverage affordable. Just give us a call at (847) 680-0888 or send us a note at chris@rhobbsinsurance.com. We want to help you meet your goals, and make sure what's important to you is protected!
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