Everyone knows that insurance can be quite expensive, especially if you have a whole family to insure. With all the different types of insurance out there, it can be hard to know how to get the quality insurance your family needs for less money. Fortunately there are some things you can do to make insurance less of a financial burden. The following are 8 solid ways you can insure your family for less.
1. Raise Your Deductibles
Regardless of the type of insurance, you can almost always lower the amount you pay by raising your deductibles. The same goes for co-pays. If you raise them, the amount you pay for your insurance premiums will drop. Although this will give you immediate savings on your insurance bills, the costs you encounter should an insurance-related situation come about will be higher. Take the time to compare your premiums and deductibles, and analyze your family’s insurance needs. If your family would benefit from lower premiums and higher deductibles, go ahead and change them.
2. Stay Healthy
A great way to keep health insurance costs down is to be active and physically fit. By showing your health insurance company that you are a family devoted to staying healthy, the costs you pay for health insurance may drop significantly. Make sure your family eats healthy and exercises on a regular basis. Quitting smoking is another way to become healthier, and may cause your health insurance rates to drop as well.
3. Keep Your Home Updated
There are certain things that can be done to lower the amount you pay for homeowners insurance. By keeping your home’s electrical system up to date, you are greatly reducing the risk of a fire taking place. You should also take the time to install storm windows and doors to help prevent damage from any storms and high winds. Reinforcing or replacing your roof will also keep your home protected. Not only can these things lower your home insurance rates, but they will give you and your family peace of mind as well.
4. Get a Health Savings Account
In addition to health insurance coverage, these days it is a good idea to have a health savings account (HSA) as well. An HSA is basically an account you can use to pay your family’s health related costs, such as co-pays and deductibles, medicines, and so on. The money in the HSA is usually contributed by you and your employer. Health savings accounts may also be known as flexible spending accounts (FSA). Ask your employer today if you are eligible for one of these accounts, as they can really help lower the amount your family pays for health insurance.
5. Get all Available Auto Insurance Discounts
There are some things you can do to lower the amount your family pays for automobile insurance. If your family owns more than one vehicle, it is probably in your best interests to insure all of the vehicles on the same policy. This is because most automobile insurance companies offer multi-vehicle discounts to their customers. Another thing you should do is make sure all drivers are as safe as possible. The fewer accidents and tickets on the policy, the cheaper your auto insurance rates will be.
6. Add Security Features to Your Home
By installing certain security features in your home, you can easily reduce the amount pay for homeowners insurance. Security features such as sprinkler systems, burglar alarms, working smoke and carbon monoxide detectors, and advanced window and door locks are all ways of making your home much safer. This will show your insurance company you are serious about keeping your family and home safe, and in return they may drop your rates.
7. Consider Term Life Insurance
If you are thinking about purchasing life insurance, consider term life insurance instead of whole life insurance. Term life insurance is usually much more affordable than whole life because it is paid for and in effect for a certain number of years (the term), instead of building cash value over time. With all the options and terms to choose from, you are bound to find a term life insurance policy to fit your needs and budget.
8. Always Shop Around
In addition to taking the proper steps to insure your family for less, you should always remember to shop around for all of your insurance needs. Shopping around can help you save a lot of money on all types of insurance. Since there are so many insurance companies out there, you should always take the time to get quotes from multiple companies before choosing one. Not only do rates and policies vary from one company to the next, but the levels of customer service as well. You want to make sure you find a company that will give you both great service and competitive rates.
These are all solid ways to insure your family for less. Now that you how simple it can be to lower the amount you pay for all types of insurance, you should be able to provide your family with every type of insurance they need. Once your savings start adding up, you will be so glad you took the time to do these things.
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